Electric Vehicle Production Increases Global Battery Market
July 9, 2013—The global advanced battery market is forecasted to grow dramatically because of expanding hybrid-electric and battery-electric vehicles, according to a new report released by research and consulting firm Research and Markets.
The report forecasts the global advanced battery market revenue to surge from $19.9 billion in 2012 to $60.5 billion by 2020, with batteries produced specifically for electric vehicles accounting for 73 percent of that total.
The electric vehicles battery sector has expanded from a value of $3.6 billion in 2008 to $10.3 billion in 2012.
Research and Markets new analysis states that technological advances aimed at increasing battery storage capacity and reducing unit weight, combined with the growing public acceptance of electric vehicles, will continue this trend.
To read the report directly, visit the Research and Markets website.