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According to Technavio's latest report, the global electric vehicle battery market will grow at a compound annual growth rate of nearly 23% from 2019 to 2023, with a cumulative growth of $15.
7 billion.
Advancements in EV batteries and related technologies are expected to drive the EV battery market in the coming years
.
Some car companies are forming partnerships with other manufacturers to develop batteries
with improved specifications.
Compared to lithium-ion batteries, the new generation of batteries is safer, with high charging rates and low risk of
battery leakage.
At the same time, the increasing popularity of infrastructure such as electric vehicle charging piles is driving the rapid
growth of demand in this market.
However, the report also pointed out that the shortage of lead-acid batteries is also restricting the development of
this market.
From the current point of view, the electric vehicle battery market is highly fragmented, and major battery manufacturers include Panasonic, LG Chem, BYD, CATL, Samsung SDI, GS Yuasa International and others
.
These companies are focused on integrating advanced technologies to increase their market share
.
Commenting on the report, one analyst said: "The latest trend in the market is the development of
electric vehicle charging infrastructure.
”
According to Technavio's latest report, the global electric vehicle battery market will grow at a compound annual growth rate of nearly 23% from 2019 to 2023, with a cumulative growth of $15.
7 billion.
Advancements in EV batteries and related technologies are expected to drive the EV battery market in the coming years
.
Some car companies are forming partnerships with other manufacturers to develop batteries
with improved specifications.
Compared to lithium-ion batteries, the new generation of batteries is safer, with high charging rates and low risk of
battery leakage.
At the same time, the increasing popularity of infrastructure such as electric vehicle charging piles is driving the rapid
growth of demand in this market.
However, the report also pointed out that the shortage of lead-acid batteries is also restricting the development of
this market.
From the current point of view, the electric vehicle battery market is highly fragmented, and major battery manufacturers include Panasonic, LG Chem, BYD, CATL, Samsung SDI, GS Yuasa International and others
.
These companies are focused on integrating advanced technologies to increase their market share
.
Commenting on the report, one analyst said: "The latest trend in the market is the development of
electric vehicle charging infrastructure.
”
