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According to a report by Mordor Intelligence, the global electric vehicle battery market is expected to reach USD 218.47 billion by 2027, a CAGR of 31.56%.

The factors supporting the growth of the electric battery market are:

• Government regulations around the world are restricting the use of gasoline-powered vehicles and promoting the use of EVs. Such as the European Union, which set a target of ensuring 100% of new cars sold by 2035 are zero-emission vehicles.
• The demand for EVs is growing steadily as consumers become more aware of the environmental benefits of these vehicles.
• At a rapid pace, battery technology is improving, leading to longer battery ranges and faster charging times. It makes EVs more attractive to consumers because of range anxiety.

The trends attracting market growth for electric batteries are:

• Lithium-ion batteries are increasing in demand for EVs. The batteries offer a high energy density, allowing them to store a lot of energy in a small space.
• The growing research and development effort shows that the new battery chemistries offer even better performance than lithium-ion batteries. Such as solid-state batteries and sodium-ion batteries.
• Battery manufacturing is becoming an increasingly automated process to reduce costs and improve efficiency. The trend is expected to continue in the coming years.

The electric battery market is growing, creating new opportunities for businesses across the globe. The manufacturers are heavily investing in research and development as new companies enter the market.

There is also a growing demand for battery recycling services as the number of EVs on the road increases.

In the future, the EV battery market is predicted to grow with more new information about electric batteries:

• The electric battery price is expected to continue to fall, making EVs more affordable for a wider range of consumers.
• The EV’s range is expected to improve with more practical uses and for long-distance travel.
• The EV charging times are expected to decrease with easy recharge.
• The use of EV batteries will expand beyond EVs for other applications such as grid storage and portable power.

The market for electric batteries is rapidly growing and evolving, with businesses that can adapt to the changing landscape.

Source: Mordor Intelligence