Increasing demand for electric vehicles, improvement in battery technology, supporting government policies and regulations, and the launch of new plug-in EV models are factors responsible to drive the EV battery market. Today, with the increasing concerns raised over the environmental impact of conventional vehicles, governments around the world are encouraging the adoption of vehicles using alternative sources of fuel.
EVs are zero-emission vehicles and are gaining preference for clean public transport across countries. Several national governments offer financial incentives, such as tax exemptions and rebates, subsidies, reduced parking/toll fees for EVs, and free charging, to encourage the adoption of EVs. Thus, globally the requirement for EV batteries is gaining fast pace.
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