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A battery is used as a secondary power source in automobiles. An electric vehicle battery is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery or traction battery powers the propulsion of battery electric vehicles. Consumers are more inclined toward battery electric/plug-in vehicles, because these vehicles run without fuel. Some are petrol, diesel, and gasoline and have lower maintenance cost, which eventually reduces consumers expenses. Moreover, batteries are environmentally friendly in nature and leads to the growth of electronic vehicle cell market in forecast period.
Covid-19 Scenario Analysis
The significant factors impacting the growth of the electronic vehicle (EV) cells market are enhanced demand for zero emission vehicles and production of lower cost batteries. However, high cost and lack of appropriate infrastructure is expected to hinder the growth of the electronic vehicle (EV) cells market. On the other hand, investment by government and development of cost-effective technologies have a positive impact on the growth of this market.
Automobile companies focus on the production of advanced electric vehicle battery systems. These are expected to have lower emission at relatively lower costs as compared to heavier and larger engines. Compactness and cost-effectiveness are other useful features of this battery. This leads to the development of technological advancement in the electric vehicle cell market.
Widespread global concerns regarding the negative effect of climate change recorded in major cities have created a significant demand for electric vehicles. The rise in petrol and diesel prices has added to the demand for fuel-efficient vehicles. This rise in fuel prices is due to depletion of fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. All these factors have cumulatively shot up the need for advanced fuel-efficient technologies. Leading to a surge in demand for electrically powered vehicles for travel.
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