The Use Of Lithium-Ion Batteries Is A key Trend In The Electric Vehicle (EV) Batteries Market- By The Business Research Company

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Nov 29, 2022, 11:30 ET

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.

Key Players In The Electric Vehicle (EV) Batteries Market

Major players in the electric vehicle (EV) batteries market are Panasonic Corporation, Mitsubishi Motors Corporation, Beijing Pride New Energy Battery Technology Co. Ltd, Automotive Energy Supply Corporation, BYD Company Ltd, Daimler AG, Robert Bosch GmbH, SAMSUNG SDI CO, Tianneng Power International Co. Ltd, and Johnson Controls.

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Check out similar market reports:

Lithium-Ion (Li-Ion) Batteries Global Market Report 2022 – By Power Capacity (0 To 3000 MAh, 3000 To 10000 MAH, 10000 To 60000 MAh, Above 60000 MAh), By Application (Consumer Electronics, Automotive, Marine, Aerospace & Defense, Medical, Industrial, Power), By Component (Cathode, Anode, Separators, Electrolytes, Aluminium Foil, Copper Foil), By Type (Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Titanate Oxide (LTO), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminum Oxide (NCA)), By Chemistry (LFP,LCO, LTO, NMC, NCA, LMO) – Market Size, Trends, And Global Forecast 2022-2026

Electric Vehicle Charger Global Market Report 2022– By Vehicle Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), By Charging Type (On-Board Chargers, Off-Board Chargers), By End-User (Residential, Commercial) – Market Size, Trends, And Global Forecast 2022-2026

Electric Vehicle Global Market Report 2022 – By Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), By Vehicle Type (Two-Wheelers, Passenger Cars, Commercial Vehicles), By Charging Type (Slow Charging, Fast Charging), By Power Output (Less Than 100 KW, 100 KW To 250 KW, More Than 250 KW), By End Use (Private, Commercial Fleets) – Market Size, Trends, And Global Forecast 2022-2026

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