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Technavio, an international market research institution, recently released a report that from 2022 to 2026, the market share of electric vehicle (EV) batteries is expected to increase by $38.
05 billion, with a compound annual growth rate of 14.
87%.
Over the forecast period, 50% of the market growth will come from Asia Pacific
.
China and Japan are the major markets
for the electric vehicle (EV) battery market in Asia Pacific.
The market growth in this region will be faster than that in other regions
.
The high industrialization rate will boost the growth of the electric vehicle battery market in Asia Pacific during the forecast period
.
Recently, the increasing use of software and sensors for smart BMS is one of the trends driving the growth of
the electric vehicle battery market.
The basic characteristics of a BMS are the accuracy, fault detection and robustness
of the controller integrated into the system.
As a result, the increasing use of software and sensors for smart BMS is trending towards the development and implementation of integrated circuits and sensors
that provide accurate information and help design smart BMS.
This allows sensors to monitor and detect small changes in battery voltage and current with a current accuracy of 0.
5% and a voltage accuracy of 0.
1%
over the entire operating temperature and lifetime.
These factors are expected to increase the use of electric vehicle batteries, which in turn will drive the growth of the market during the forecast period
.
On the other hand, the growing global power crisis is one of the challenges hindering the growth of
the electric vehicle battery market.
For example, electric vehicles in Europe account for nearly 25% of vehicles on the road, which minimizes the consumption of about 13 million barrels of crude oil per day
.
However, it consumes electricity, equivalent to 11% of
global electricity demand.
In addition, India and Japan are among
the Asian countries facing the power crisis.
Currently, Japan meets more than
85% of its primary energy needs through imports.
As a result, the country's dependence on oil imports has increased, which has increased the cost of
electricity.
Therefore, the power crisis along with the increase in the cost of power generation is significantly affecting the sales of electric vehicles and thus the sales of
electric vehicle batteries.
Technavio, an international market research institution, recently released a report that from 2022 to 2026, the market share of electric vehicle (EV) batteries is expected to increase by $38.
05 billion, with a compound annual growth rate of 14.
87%.
Over the forecast period, 50% of the market growth will come from Asia Pacific
.
China and Japan are the major markets
for the electric vehicle (EV) battery market in Asia Pacific.
The market growth in this region will be faster than that in other regions
.
The high industrialization rate will boost the growth of the electric vehicle battery market in Asia Pacific during the forecast period
.
Recently, the increasing use of software and sensors for smart BMS is one of the trends driving the growth of
the electric vehicle battery market.
The basic characteristics of a BMS are the accuracy, fault detection and robustness
of the controller integrated into the system.
As a result, the increasing use of software and sensors for smart BMS is trending towards the development and implementation of integrated circuits and sensors
that provide accurate information and help design smart BMS.
This allows sensors to monitor and detect small changes in battery voltage and current with a current accuracy of 0.
5% and a voltage accuracy of 0.
1%
over the entire operating temperature and lifetime.
These factors are expected to increase the use of electric vehicle batteries, which in turn will drive the growth of the market during the forecast period
.
On the other hand, the growing global power crisis is one of the challenges hindering the growth of
the electric vehicle battery market.
For example, electric vehicles in Europe account for nearly 25% of vehicles on the road, which minimizes the consumption of about 13 million barrels of crude oil per day
.
However, it consumes electricity, equivalent to 11% of
global electricity demand.
In addition, India and Japan are among
the Asian countries facing the power crisis.
Currently, Japan meets more than
85% of its primary energy needs through imports.
As a result, the country's dependence on oil imports has increased, which has increased the cost of
electricity.
Therefore, the power crisis along with the increase in the cost of power generation is significantly affecting the sales of electric vehicles and thus the sales of
electric vehicle batteries.
