
With the rising concerns about climate change, the electric vehicle (EV) market is expected to grow exponentially over the long term. Consequently, all auxiliary industries should capitalize on this growth as well, especially the EV batteries market, which is a crucial component of EVs.
Fortune Business Insights reports that the global EV battery market is estimated to grow at a CAGR rate of 28.1% during 2021-2028, reaching $154.9 billion in the terminal year. The increasing demand for EVs, coupled with advancements in battery performance and a decrease in the price of Lithium-Ion batteries, should drive the market’s growth during the forecast period.