Electric vehicles (EVs) employ chemical energy kept in rechargeable battery packs for power. Thus, EVs aren’t reliant on combustion engines, which emit carbon dioxide emissions that are the primary driver of global climate change.
According to Fortune Business Insights, the global EV battery market is estimated to expand at a CAGR rate of 28.1% during 2021-2028, hitting $154.9 billion in the terminal year. This growth will be driven by growing demand for EVs, advancement in battery performance, and a decrease in the price of Lithium-Ion batteries.
