The Use Of Lithium-Ion Batteries Is A key Trend In The Electric Vehicle (EV) Batteries Market- By The Business Research Company
LONDON, Nov. 29, 2022 /PRNewswire/ -- The companies operating in electric vehicle (EV) batteries market are adopting lithium-ion batteries because of their advantages such as high energy density in the rechargeable-battery market, making them easier and faster to charge and long-lasting. These batteries also need low maintenance and have no memory effect, which causes batteries to underperform after repeated partial discharge and charge cycles. Lithium-ion batteries are ideal for electric vehicles due to their high performance and long shelf life. For instance, Tesla, the electric vehicle manufacturer, uses lithium-ion batteries in their electric vehicle models.
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The global electric vehicle (EV) batteries market size market grew from $23.74 billion in 2021 to $25.43 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The electric vehicle (EV) batteries market share is expected to grow to $33.26 billion in 2026 at a CAGR of 6.9%.9%.
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Data Security Concerns Inhibit Electric Vehicle (EV) Batteries Market Growth
The growing demand for electric vehicles is a key driver of the electric vehicle (EV) batteries market. Electric vehicles are vehicles that operate with an electric motor instead of an internal combustion engine. EVs have significantly improved to compete with the gasoline-powered vehicles that are the current industry standard. Technologies such as advanced driver-assistance systems are widely used in autonomous and electric cars.
Electric Vehicle (EV) Batteries Market Restraint – High Manufacturing Costs
As per the electric vehicle (EV) batteries market research, the high cost of creating electric cars and related components like batteries and monitoring systems (battery management systems, controller area network (CAN) bus modules) is a key restraint for electric vehicle producers. EV batteries need rare earth metals such as lithium, cobalt, and nickel, which are not readily available. The metals have to be mined and processed to be used in EV batteries. The expense of developing a charging infrastructure for electric vehicles is also very high, hence limiting the growth of the electric vehicle (EV) batteries market.