The future of the automotive industry is in the continuous demand of Electric Vehicle and With increasing production of electric vehicles, the need of Battery pack is rising drastically across the global.
As per the reports of Fortune Business Insight Report, EV battery market volume is estimated to reach at 40.6 million units with a CAGR of 21.1 per cent by the year 2026 from 8.6 million units in 2018 currently.
To cater the demanding needs of automobile industry, ways to increase the productivity and methods to increase the efficiency of the battery pack which is to be used in the upcoming electric vehicles.
A recent report published as “Global Electric Vehicle Battery Market Size, Share & Industry Analysis, By Type (Lead Acid Battery, Nickel-Metal Hydride Battery, Lithium-Ion Battery, Others), By Vehicle Type (PHEV, BEV, HEV), and Regional Forecasts, 2019-2026”, stated that the demand for EV batteries is driven by the growing to reduce dependence on non-renewable energy sources.
This is a matter of fact that the resources we are using today are depleting at a much exponential rate for the future. Hence the report gives a complete review of the EV battery pack, along with all the elements possible to make an efficient battery pack.
EVs are expected to play a central role in the global commitment towards attaining sustainable development goals set by the United Nations.
With the sky demand and minimal rates for production of electric vehicles, the main fact for the consideration is also held with climatic change and the most important on them all “pollution”.
The report pinpoints that Asia-Pacific region is anticipated to dominate the EV battery market share owing to the increasingly stringent regulations to reduce carbon and GHG emissions by various government organisations.
According to a reports published recently, the volume of the market share in Europe was at 3.1 million in 2018 for Electric vehicles which is expected to increase with well-established EV infrastructure.
Currently a collaboration is seen between Samsung SDI and BMW Group signed at USD 3.2 billion contract in November 2019, under which Samsung will supply lithium-ion battery cells to BMW to enable the automaker to release 25 EV models by 2025.
