Chicago, Nov. 01, 2022 (GLOBE NEWSWIRE) — EV Battery Market will grow at a CAGR of 19.0% from $56.4 billion in 2022 to $134.6 billion in 2027, according to a new report by MarketsandMarkets.
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The growth of the EV battery market is attributed to increasing demand for electric vehicles, improvements in battery technology, support for government policies and regulations, and the introduction of new plug-in EV models.
Asia Pacific is expected to be the largest EV battery market in the forecast
China, Japan, India, South Korea and Thailand are included when analyzing the markets in the Asia Pacific region. With a share of over 95%, China makes the largest contribution to the world market. Chinese companies such as Panasonic, LG, Chem, Samsung, CATL and BYD are responsible for the domestic and international EV battery market respectively. Because of their access to more affordable parts and materials, Chinese EV manufacturers can offer their products at lower costs.
With export intentions, China is also investing heavily in the manufacture of electric vehicles for both commercial and passenger transport. To meet local demand, OEMs like BYD intend to set up factories on other continents to produce electric trucks and buses. The nation encourages the use of electric vehicles by providing a subsidy for the purchase of electric vehicles. The nation is also enticing companies to develop better EV technologies that will support the overall growth of EV batteries.
In May 2021, the Government of India announced the Production Linked Incentive (PLI) Scheme National Program on Advanced Chemistry Cell (ACC) Battery Storage to achieve 50 GWh ACC production capacity with USD 35-40 million infrastructure funding. 10 companies submitted their bid proposals under the “Advanced…
