Growing concerns regarding climate change and emission control targets worldwide have propelled the demand for electric vehicles (EV), leading to the growth of the electric vehicle battery market. Furthermore, the growing emphasis by prominent automakers on entering the EV space and increasing consumer interest in electric vehicles are expected to drive the market’s growth in the coming years. The EV battery market is expected to grow at a 31.6% CAGR to $218.47 billion in 2027, with the lithium-ion battery segment expected to dominate the market over the period.
Furthermore, President Biden’s Bipartisan infrastructure bill allocates nearly $7 billion to strengthen the U.S. battery supply chain, which should boost the industry significantly. “As electric cars and trucks continue to grow in popularity within the United States and around the world, we must seize the chance to make advanced batteries—the heart of this growing industry—right here at home,” said U.S. Secretary of Energy Jennifer Granholm.
