Electric Vehicles Push Development of Utility-Scale Storage Market

Batteries are playing a major role in balancing energy demand and supply. Technological advancements are leading to substantial cuts in EV battery prices, says new report by GlobalData.

Official Press Release GlobalData:

Electric vehicles pick up at a rapid pace with five million on the road worldwide, says GlobalData

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We are at the very beginning of the era of electric vehicles (EVs). Today, there are five million EVs on the world’s roads, which is up two million from 2018. China is in the leading position, in terms of the largest EV market, followed by Europe and the US. However, large-scale commercial production of EVs by the big car makers is unlikely to take off until 2025, according to GlobalData, a leading data and analytics company.

Technological advancements are leading to substantial cuts in EV battery prices, with major enablers being research and development (R&D) in battery chemistry and scaling up of battery production for EVs in manufacturing plants. The fall in battery prices is essentially due to the increased economies of scale created by a booming EV... ... More: Official Press Release GlobalData