Battery Module Market Expected to Reach $47 Billion by 2020
The battery module market for hybrid and electric vehicles is expected to grow from about $5bn in 2010 to $47bn in 2020, representing a compounded annual growth rate of (CAGR) of 25% over 10 years, according to ABI research.
The report said continued demand for cleaner, more efficient vehicles, led by governments dealing with goals to cut emissions, means that financial incentives will be around for a long time.
Urban areas are being targeted as prime regions for electric vehicle adoption, as the recharging infrastructure is also developing rapidly in these areas.
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