NCPOWER, Spanish manufacturer of customised high-performance lithium batteries, highlights this with the end of COP28
NCPOWER, Spanish manufacturer of customised high-performance lithium batteries, highlights this with the end of COP28
The electric vehicle battery market will reach $175.11 billion by 2028 with a compound annual growth rate (CAGR) of 26%, according to data provided by NCPOWER, a Spanish manufacturer of customised high-performance lithium batteries for electric vehicles. The decarbonisation of road transport is one of the objectives of the United Nations, responsible for around 10 % of global greenhouse gas emissions.
The adoption of electric vehicles is experiencing significant growth around the world, and several factors are driving this development. These include, the increase in the use of electric mobility in emerging economies, the reduction in battery prices y increasing investment by major car manufacturers in the battery supply chain for its future electric vehicles.
In this context, Europe is expected to be one of the fastest growing regions in the electric vehicle market due to the increasing adoption of electric mobility in the region and the commissioning of numerous gigafactories. Europe is projected to account for approximately one third of global EV battery production capacity by 2030.
The Asia-Pacific region leads the adoption of electric vehicles in terms of sales volume and production. China is the largest EV market in the region and is also the world leader in the manufacture and sale of electric cars. The Chinese government has implemented favourable policies to boost the adoption of electric vehicles.. Japan and South Korea are also major players in the electric vehicle market in the Asia-Pacific region, with companies such as Toyota, Nissan, Hyundai and Kia.
In North America, the United States is one of the leaders in the adoption of electric vehicles. Companies such as Tesla have pioneered the development and production of high-end, technologically advanced electric vehicles. In addition, traditional automakers such as General Motors, Ford and Chrysler are also increasing their focus on electric vehicles and plan to launch a number of electric models in the coming years. The US government has also been implementing proactive policies to encourage the adoption of electric vehicles, including tax incentives and charging infrastructure investment programmes.
In Latin America, the adoption of electric vehicles is growing, but still faces challenges, such as the lack of adequate charging infrastructure and the relatively high initial cost of electric vehicles. However, several countries have been implementing policies to encourage them. For example, Colombia has implemented tax exemptions for electric vehicles.
COP28 target: All new car and van sales to be zero-emission vehicles by 2040
NCPOWER wanted to highlight these data on the occasion of the COP28, which has just taken place in Dubai, with the commitment to eliminate fossil fuels.
One of the UN's goals is to reach net zero emissions. Put simply, "net zero" means cutting greenhouse gas emissions to as close to zero as possible, with some residual emissions being reabsorbed in the atmosphere, by the ocean and forests, for example. To keep global warming below 1.5°C, as called for in the Paris Agreement, emissions need to be reduced by about 45 % by 2030 and to reach net zero by 2050.
To do this, coal, oil or gas must be replaced by renewable energy sources. And, as we have said, the transport sector is already working on this and this is seen with the growth of the battery market. In addition, more than 30 countries, six major vehicle manufacturers and other actors, such as cities, have expressed their determination that all new car and van sales to be zero-emission vehicles by 2040 internationally and by 2035 in lead marketsemissions, which will accelerate the decarbonisation of road transport, currently responsible for around 10 % of global GHG emissions.
NCPOWER is a Spanish manufacturer of Sustainable Lithium-ion batteries with Innovative and Customised Technology. It designs, develops and manufactures advanced lithium-ion energy storage solutions for electromobility in a wide variety of markets: Light Commercial Electric Vehicles, Electric Utility Vehicles, Industrial Machinery and Energy Storage. It has a consolidated international presence and continues its expansion process, with a presence on 3 continents.
