With the current changes in the automotive market, the demand for electric vehicle (EV) batteries has resulted in unprecedented growth. Recent projections indicate that the global EV battery market is expected to grow from $21.9 billion in 2020 to $154.9 billion in 2028. According to a recent McKinsey & Co. report, by 2030, ninety percent of automotive demand will be for mobility applications, particularly in electric vehicles. As a result, the EV battery market offers numerous opportunities for investors to consider. Several factors have contributed to the surge in demand for EV batteries. Increased advocacy for carbon footprint reduction is
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