EV Battery Market Estimates To Hit 40.6 Million Units By 2026

Requirement for EV batteries is encouraged by the fact that people want to reduce the dependency on non-renewable energy sources

With the growing production of electric vehicles, the volume of global EV battery market is predicted to hit 40.6 million units by 2026 with a CAGR of 21.1 per cent from 8.6 million units in 2018. The report with a title "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", declared that the requirement for EV batteries is encouraged by the fact that people want to reduce the dependency on non-renewable energy sources.

Analysts noted in the report, "EVs are expected to play a central role in the global commitment towards attaining sustainable development goals set by the United Nations. This skyrocketing demand and production are further underpinned by the rising concerns regarding rampant pollution and unchecked carbon emissions that are exacerbating the effects of global warming and climate change."

The report supported that Asia-Pacific is expected to take over the market share of EV battery owing to the frequently strict norms that are implemented in the region by governments to decrease GHG and carbon emissions. In addition to that, the market volume in Europe was at 3.1 million in the year 2018 and is anticipated to grow essentially on account of a well-furnished EV plant.

The other factor that plays a major role in the growth in this particular region is the supply of lithium-ion batteries and nickel-metal batteries at aggressive prices by firms. Due to the volatile oil prices, there's a progressive shift towards the electric vehicles, which will be the principal factor pushing the market towards EV in North America.