Dublin, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle Battery Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle battery market is estimated to prosper at a CAGR of 17.66% over the projected period 2021-2028.
In recent years, electric vehicles have emerged as an integral part of the automotive sector. They help achieve energy efficiency, reducing greenhouse gas emissions. In addition, the rising environmental concerns and government initiatives have accelerated the adoption of electric vehicles. Thus, the surge in the electric vehicle segment fuels the growth of the electric vehicle battery market.
However, issues faced during raw material procurement, high charging time, and safety concerns impede the global electric vehicle battery market's growth.
Regional Outlook
The global electric vehicle battery market comprises Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa regions.
Geographically, Europe is likely to emerge as the fastest-growing region in the electric vehicle battery market over the forecasted period. This growth can be attributed to various initiatives, such as the European Battery Alliance that promote battery manufacturing. Additionally, several companies are setting up battery manufacturing facilities owing to the rise in electric vehicle adoption. Further, closer to automotive production, Li-ion battery production helps reduce supply-chain risk,...
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