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Battery Materials Innovative Battery Solutions for EVs

From Ahlam Rais 6 min Reading Time

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Electric vehicles are in great demand across the globe as it does not emit any emissions. The significant growth of this sector has encouraged industry players in the supply chain to develop more advanced, sustainable and high-energy density battery solutions in the form of completely new batteries and innovative battery materials for EVs.

EVs primarily operate on batteries and with the growth of the electric vehicle market, the demand for batteries as well as battery materials is also expected to increase.(Source: romaset - stock.adobe.com)
EVs primarily operate on batteries and with the growth of the electric vehicle market, the demand for batteries as well as battery materials is also expected to increase.
(Source: romaset - stock.adobe.com)

The global market for electric vehicles (EVs) estimated at 9.5 million units in the year 2022, is projected to reach a revised size of 80.7 million units by 2030, growing at a CAGR of 30.7 % over the analysis period 2022-2030, shares market research firm Research and Markets. These figures show the significant potential growth of this market.

Another vital factor that supports this growth is the rolling out of government policies by numerous countries to promote the adoption of electric vehicles in the background of achieving net zero emissions by 2050. EVs have the ability to reduce air pollution as compared to the more traditional vehicles which make use of fossil fuels. EVs primarily operate on batteries and hence, with the growth of the electric vehicle market, the demand for batteries as well as battery materials is also expected to increase.

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