NCPOWER, Spanish manufacturer of customized high-performance lithium batteries, highlights this fact with the completion of COP28
NCPOWER, Spanish manufacturer of customized high-performance lithium batteries, highlights this fact with the completion 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 customized high-performance lithium batteries for electric vehicles. The decarbonization of road transport is one of the objectives of the United Nations, responsible for around 10% of global greenhouse gas emissions.
La adopción de vehículos eléctricos está experimentando un crecimiento significativo en todo el mundo, y diversos factores están impulsando este avance. Among them, the increased use of electric mobility in emerging economies, the reduction in battery prices and the growing investment by major automobile manufacturers in the battery supply chain for their future electric vehicles stand out.
In this context, Europe is expected to be one of the fastest growing regions in the electric vehicle market due to the growing adoption of electric mobility in the region and the launch 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 market for electric vehicles in the region and is also the world leader in the manufacture and sale of electric cars. The Chinese government has implemented favorable policies to drive 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 like Tesla have been pioneers in the development and production of high-end electric vehicles with advanced technology. 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 investment programs in charging infrastructure.
In Latin America, electric vehicle adoption is growing, but still faces challenges, such as a 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 sales of new cars and vans must be zero-emission vehicles by 2040
Precisely, NCPOWER wanted to highlight these data on the occasion of COP28, which has just been held in Dubai, with the commitment to eliminate fossil fuels.
One of the United Nations' goals is to reach net zero emissions. Simply put, "net zero" means cutting greenhouse gas emissions as close to zero as possible, with some residual emissions being reabsorbed into the atmosphere, by the ocean and forests, for example. To keep global warming below 1.5°C, as required by the Paris Agreement], emissions need to be reduced by around 45% by 2030 and net zero reached by 2050.
To do this, coal, oil or gas must be replaced with renewable energy sources. And, as we have said, the transportation sector is already working on it and this is seen with the increase in the battery market. In addition, more than 30 countries, six major vehicle manufacturers and other actors, such as cities, expressed their determination that all sales of new cars and vans will be zero-emission vehicles by 2040 internationally and by 2035 in leading markets, which will accelerate the decarbonization of road transport, currently responsible for around 10% of global GHG emissions.NCPOWER is a Spanish manufacturer of Sustainable lithium batteries with Innovative and Personalized Technology. It designs, develops and manufactures advanced lithium-ion energy storage solutions for electromobility for 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, having a presence on 3 continents.
#12 NP Global EV battery market to reach $175 billion by 2028 copyDownload