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Which EV battery should you look out for a while buying Electric Vehicle

 

As sustainable goods, energy consumption & economic growth surround the news, Electric vehicles have become the new future. Renowned vehicle manufacturers such as Tesla, Mercedes-Benz, Audi, Hyundai, Mahindra, Chevrolet, BMW, and Renault manufacture ground-breaking electric vehicles. Along with this comes the part where its prominent hunk EV battery comes into the picture. EV battery is a rechargeable battery used in electric motors of a battery electric vehicle (BEV) or hybrid electric vehicle (HEV).

EV batteries are replacing fossil fuels, like petrol and diesel, in the automotive industry owing to reduced emissions. They can be charged with renewable energy sources to make them eco-friendly, reducing electric costs. 

According to research study, the global EV battery market was valued at USD 50.12 billion in 2021 and is expected to reach USD 225.55 Billion by 2030, growing at a CAGR of 18.9% during the forecast period.

Knowing and understanding the types of batteries will influence your choice to buy majorly. Here are the three main types of batteries you must look out for that are used in Electric vehicles. These are:

1. Lead-acid batteries

These are the oldest rechargeable batteries, invented in 1859 and only used in commercial vehicles as secondary storage. Lead-acid batteries are wet, containing a mild solution of sulphuric acid. These batteries are powerful, inexpensive, safe, and dependable. However, they are challenging to use due to their short calendar life and poor cold-temperature performance.

2. Nickel metal hydride (NiMH) batteries

These batteries paved their way for commercial use in the late 1980s. Nickel metal hydride batteries have captured the hybrid electric vehicle market but do an excellent job in an all-electric vehicle. Compared to the other EV batteries, they have a longer life cycle. What makes them less effective is the high cost, high self-discharge rate & generating significant heat in high temperatures.

3. Lithium-ion (Li-ion) batteries

Some experts believe that Lithium-ion batteries are the closest thing science has ever come to creating a rechargeable battery. They are perfect due to their high power-to-weight ratio, excellent high-temperature performance, and high energy efficiency. They are portable, recyclable & cheaper to produce. These factors make Lithium-ion batteries the best choice for EVs.

There is another type called ultracapacitors, which are not traditionally batteries but are used as secondary storage devices in EVs because ultracapacitors help electrochemical batteries level their load.  Moreover, ultracapacitors can give vehicles more power during acceleration and regenerative braking.

Considering all the above batteries and their factors of efficiency, selecting one becomes a lot easier and a life-saver. Predicted to be an unstoppable market, it is also a relief that these EVs and cost-effective batteries are saving our planet from the wrath of global warming.

 

For More Report Insights, Download a Free Sample PDF Report Here: https://www.polarismarketresearch.com/industry-analysis/electric-vehicle-battery-market/request-for-sample

 

EV Battery Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 50.12 billion

Revenue forecast in 2030

USD 225.55 billion

CAGR

18.9% from 2022 – 2030

Base year

2021

Historical data

2018 – 2020

Forecast period

2022 – 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Battery, By Propulsion, By Vehicle, By Method, By Method, By Battery Capacity, By Battery Form, By Material, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

Atlasbx Co. Ltd., Bb Battery Co., BYD Company Ltd., C&D Technologies, Inc., Contemporary Ampere Technology Co., Ltd, Crown Battery Manufacturing, Duracell, East Penn Manufacturing Company, Enersys, Inc., EV Battery Market, Exide Industries Limited, Gs Yuasa Corp., Hitachi Chemical Co., Ltd, Huanyu New Energy Technology, LG Chem, Narada Power Source Co., Ltd, NEC Corporation, North Star, Panasonic Corporation, Samsung SDI, SK Innovation Co. Ltd, Sony, and TCL Corporation

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