The global market for electric vehicle battery will most likely expand at over 17.1% CAGR through 2030.
The electric vehicle battery market was valued at US$ 14.5 billion in 2019.
Integrated electrification system which will be for all kind of electric vehicles including electric cars, freight delivery vehicles, two wheelers, and public transports is yet to be implemented on a large scale. This in turn, is expected to propel the market growth during the forecast period.
Among all the geographies, Asia Pacific is anticipated to occupy major share in global electric vehicle battery market. This is mainly due to rising demand for electric vehicles across Asian countries including China, South Korea, and India.
Based on type, the electric vehicle battery market is segmented into Plug-In Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV).
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