Electric Vehicle Battery Market Trends

Growth Drivers

• Rise in the Number of New EV Models - The introduction of new models into the market is likely to boost the interest of people in electric vehicles and thus surge the demand for batteries. According to the International Energy Agency, in 2021, there were five times as many new EV vehicles as there were in 2015, making them more alluring to buyers. Almost 450 different EV models are now on the market.
• Rising Pollution from Vehicles — Electric vehicles have no exhaust emissions, and driving one can help you lessen your carbon footprint. By utilizing renewable energy, you may further lessen the impact that charging your vehicle has on the environment.
• Technological Advancement in Electric Battery— Advancement in technology is expected to bring opportunities for the market. A new battery technology developed by the Swiss start-up Morand can charge EVs in as little as 72 seconds. With this technique, known as eTechnology, an EV may be fully charged in just 2.5 minutes and receive an 80% charge in just 72 seconds.

Challenges

• Risk of Damage to Lithium Batteries - Lithium-ion batteries are sensitive to voltage ranges outside of those considered safe, which are 2.5 to 3.65/41/4.2 or 435V. Due to the reactive components within the cells, exceeding this voltage range puts the user in danger of both premature aging and safety hazards. The modest current draw of the protective circuitry may cause the battery to discharge below the shutdown voltage when kept for extended periods of time.
• The Growth of EVs is Extremely Slow in Under-developed Country
• Raw Material for Batteries Require Mining of Rare Earth Minerals