The electric vehicle (EV) industry is gaining traction, with governments worldwide increasingly focusing on climate change. This makes the prospects bright for the EV battery industry. However, a significant increase in the prices of nickel and other raw materials used in EV batteries has been curbing the industry’s growth. And considering the potential consequences of the war in Ukraine on the industry, the Biden administration is emphasizing the launch of a homegrown supply chain for batteries. This bodes well for domestic battery makers.
Furthermore, according to analysts, soaring oil prices due to the ban on Russian imports is expected to boost demand for electric vehicles in the coming months. The EV battery market is expected to grow at a 26% CAGR to $175.11 billion by 2028.
