According to a study, global sales of electric vehicle batteries surpassed a valuation of US$ 90,700 million in 2018 and are anticipated to register a Y-o-Y growth of approximately 14% in 2019. Growing popularity and demand for electric vehicles (EVs), owing to increasing efforts to reduce emissions and ease pollution, continue to impact the sales of electric vehicle batteries.
The study finds that governments in various regions across the globe are pushing the adoption of EVs that will contribute to an effective reduction in emissions of greenhouse gases. This, coupled with growing consumer concerns regarding negative impact of climate change and alarming rise in pollution levels has influenced growth in EV production, subsequently boosting the sales of electric vehicle batteries. Additionally, around 20 major cities worldwide have announced the plans to ban gasoline and diesel cars by 2030 or sooner, providing potential growth prospects of the electric vehicle battery market.
According to the study, although EVs continue to gain popularity for their lower running cost, increased interior space, and unique exterior styling, many customers still express concerns over their cost premium and lack of charging infrastructure. This has led to introduction of new battery cells and reduction of battery pack mass, resulting in improvements in energy density, charge discharge, and thermal performance. Prospects of the electric vehicle battery market will be promising, as cell manufacturers are also directing their focus towards innovative concepts such as solid-state technology, lithium-air batteries, and alternative metal-ion chemistries.
The electric vehicle battery market is projected to register a value CAGR of 13.6% during the forecast period of 2017-22