As per Future Market Insights, electric vehicles are likely to become the future of automotive. According to the company’s recent research report on the global demand for electric vehicle batteries, the market is expected to gain traction during the next ten years. The report estimates the market for electric vehicle batteries to be worth $36 billion by the end of 2027. Growing inclination towards renewable energy sources is also expected to boost the electric vehicle battery market.
Growing Consumer Preference for Electric Vehicle
Growing concern associated with increasing air pollution has led to acceptance of electric vehicles worldwide. Moreover, a gradual shift in consumer preference from traditional vehicles running on fuel to electric vehicle running on battery is attributed by increasing prices of crude oil and over exploitation of oil reserves. Thus the increasing adoption of electric vehicles is directly proportionate to growing demand for electric vehicle batteries, which includes lead acid, lithium ion, and nickel metal hybrid types. The light weight, improved energy density and low density of lithium ion batteries makes them an excellent choice among electric vehicles like hybrid EV, Plug-in Hybrid EV and battery EV. More details are available at Future Market Insights where you can get a sample of the report.