Electric Vehicle Battery Market Set to Witness Huge Growth,Application and Competitive Outlook

The electric vehicle battery Market was worth US$ 14.5 Billion in 2019 and is expected to expand at a CAGR of 17.1% through 2030. Increasing emphasis of leading automakers including Ford Motors, General Motors, and Bayerische Motoren Werke AG to roll out electric vehicles is anticipated to fuel the market growth during the forecast period. Subsequent increase in sales of electric vehicles and continued rollout of EVSE (Electric Vehicle Supply Equipment) is likely to positively influence the market growth. Several policies are implemented such as public private partnerships and direct investments in order to support maximum number of installations of charging stations specially in urban areas.

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