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Developing Batteries for Electrified Heavy-Duty Fleets
Worldwide electric vehicle (EV) battery demand is experiencing exponential growth; industry analysts forecast growth rates from 20% to over 30% from 2022 to 20301,2. The forecast places the EV battery market at well over half a trillion dollars by the end of this decade.
Apart from private cars, more electrified public buses, light-duty delivery vans, trucks, and even taxis are helping to power the transition to e-mobility. In addition, the electrification of transportation offers a significant opportunity to lower carbon emissions.
Data from the International Energy Agency (IEA) show that zero-emission trucks and buses continue to gain market share in the US and Europe, with China leading via early adoption (Figure 1).
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