Electric Vehicle (EV) Battery Housing Market is expected to grow at a CAGR of 36.9% during the forecast period, 2020-2025
The automotive industry is witnessing a massive transformation in terms of technological development as the sales of electric vehicles have increased significantly due to various factors such as rising environmental concerns, availability of technology, and growing demand. The increased sales of electric vehicles have led to various automotive OEMs focusing on designing enhanced and efficient electric vehicle models, which may gradually replace traditional (internal combustion engine) vehicles. The evolution of Lithium-ion batteries has significantly contributed to this growth of the electric vehicles market over the last decades. While initial hybrids used nickel-metal hydride (NiMH) batteries, Li-ion batteries have been the primary solutions for automakers to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). The high energy density and charge retention capacity, along with low maintenance, are some of the benefits that have accelerated t...