Newly published findings by Fact.MR- market research and competitive intelligence provider- establishes that the global market for electric vehicle batteries exhibited robust Y-o-Y expansion of 14% in 2019, with sales being valued close to US$ 91 Bn.
According to Fact.MR’s analysis, EV batteries for passenger cars are expected to register maximum sales, accounting for more than 50% revenue in forthcoming years. This is majorly due to the widening preference for EVs globally.
Demand for stored electricity-based EV batteries is expected to gain significant traction, attributed to the fact that electric vehicles for travelling larger distances are acquiring popularity. A CAGR above 10% is projected for this segment.
“As vehicular emission regulations tighten, automobile owners are shifting towards hybrid and electric vehicles usage, prompting manufacturers to deploy batteries equipped with greater load-carrying capacity,” says a Fact.MR analyst.
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