To meet the increasing demand for EV’s, the battery market will need to grow rapidly. According to the Green Finance Institute, the estimated market value in 2030 ranges from $116 billion to $278 billion, while the global market value in 2021 was around $46bn. Some other takes:
Currently, China holds 85% of the battery market and is expected to remain the market leader. However, the sheer scale of demand means other countries will have the opportunity to secure a piece of the market.
Seeing future economies will depend on batteries, the competition for a share of the market is fierce, and often described as a ‘battery arms race’.
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