Impact of materials science on EV battery

The market for battery electric vehicles market has grown substantially over the years, with projected annual growth of 16% from 2019 to 2025, according to a report by Global Market Insights.

- ALYSSA BUENO

Supportive government policies and regulations pertaining to the increasing usage of alternative fuels to power automobiles are expanding the market. The continuous focus of the government on reducing the dependence on conventional fuel automobiles and improve issues related to environmental pollution will drive industry growth. Rising automotive production along with the availability of extensive public transportation across the region based on conventional fuels further contributes towards increasing pollution levels significantly.

In terms of market, Europe is expected to see strong demand for battery electric vehicles owing to increasing R&D projects along with stringent vehicle emission norms. Easily accessible charging infrastructures in conjunction with innovative electric bus technologies are providing potential growth prospects for electric buses. Increasing consumer inclination towards utilization of e-bikes offering economical means of transportation is accelerating the regional demand. North America will also witness significant growth due to stringent emission standards and regulations propelling the adoption of battery electric vehicles. Effective government policies are generating the requirement for electrification of on-road transport vehicles. Moreover, the ining price trend of electric batteries is lowering the ownership cost, further promoting the utilization of electric vehicles.