UK Government Backs Britishvolt Plans For Gigafactory To Build Electric Vehicle Batteries, Boosting The Growing Market

Electric Vehicle (EV) Batteries Global Market Report 2021 – COVID-19 Growth And Change

The Business Research Company’s Electric Vehicle (EV) Batteries Global Market Report 2021 – COVID-19 Growth And Change

LONDON, GREATER LONDON, UK, January 31, 2022 /EINPresswire.com/ -- Britishvolt, Britain’s foremost investor in battery technologies, has secured UK government funding to build the UK's first battery gigaplant at a specially selected site in Northumberland, Northeast England. This reportedly represents a total investment of £2.6bn, one of the UK’s largest-ever industrial investments, with the UK government committing about £100m through its Automotive Transformation Fund. Britishvolt also announced backing from private investors that should unlock about £1.7bn in

private funding. The site has been selected because of its excellent transport links and access to renewable energy and will provide 3000 jobs and up to a further 5000 more in the wider supply chain. Construction work is set to commence in Summer 2021 and the world-class lithium-ion batteries will begin production at the end of 2023.

The electric vehicles batteries market consists of sales of electric vehicles batteries. Electric vehicles batteries are used to power the electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they don’t emit any harmful gases which causes damage to the environment. TBRC’s global electric vehicle (EV) batteries market report covers Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Sodium-Ion, and other battery types.

As per data on the Global Market Model, the global EV batteries market size is expected grow from $19.78 billion in 2020 to $22.99 billion in 2021 at a compound annual growth rate (CAGR) of 16.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $38.32 billion in 2025 at a CAGR of 14%.

Advances in electric vehicles (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly. Such advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers, driving the electronic battery market.

Electric Vehicle (EV) Batteries Global Market Report 2021 - By Battery Type (Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Sodium-Ion), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Propulsion (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides EV batteries market overviews, analyzes and forecasts EV batteries market size, share, EV batteries market players, EV batteries market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

Here are some related reports:
Electric Commercial Vehicles Global Market Report 2021 - By Propulsion Type, By Vehicle Type, By Battery Type, By Technology, COVID-19 Growth And Change
https://www.thebusinessresearchcompany.com/report/electric-commercial-vehicles-market-global-report-2020-30-covid-19-growth-and-change

Electric Car Charger Global Market Report 2021 - By Type, By Application, COVID-19 Growth And Change
https://www.thebusinessresearchcompany.com/report/electric-car-charger-global-market-report

Electric Bikes Global Market Report 2021 - By Class, By Motor Type, By Battery Type, By Application, COVID-19 Implications And Growth
https://www.thebusinessresearchcompany.com/report/electric-bikes-global-market-report

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