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In recent years, the EV battery market has grown rapidly. This represents a milestone for the auto industry. Rise of electric cars As environmental concerns mount, and as the world has to curb carbon emissions due out- puts from fossil fuels such as oil and coal increase (leading not only to global warming but also acid rain pollution), advanced battery technology is once again in focus. The steady increase in battery energy density is one market trend: An EV can now go farther on one charge. The most important technology in use today is the lithium-ion battery, and manufacturers are spending huge sums to try to improve its performance.
Another major trend is also falling electric vehicle battery prices. Technical progress, economies of scale and increased efficiency have all dropped the price of batteries like a stone. In particular, this price drop has proved very important to the ability of electric cars to be marketed cheaply enough for a broad consumer base and mass uptake. Given current electric-vehicle subsidy policies around the world, how much cheaper can batteries be made will determine whether or not such incentives are successful.
The growing call for a clean energy supply means that efforts to develop next generation batteries are being redoubled. Many people have come to see today that solid-state batteries are safer than pure lithium devices, or can store greater amounts of energy, or recharge rapidly. Although commercialization of solid-state batteries is still in the early stages, for future electric vehicles around the corner.
Electric vehicle battery markets are witnessing technological improvement, cost reduction, industry cooperation and environmental protection as their main trends. Put together, they send electric vehicles towards common use and write the future in terms of low-carbon green transport. When the electric vehicle battery market takes shape, it's going to change cars. It will also save a large percentage of total C02 emissions--equal to the work of several nations together.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increasing demand for electric cars and growing awareness of eco-friendly vehicle |
| Market Dynamics | Rise in the sales of new electric vehicles |
Electric Vehicles Battery Market Highlights:
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