Estimated read time 2 min read
Technology

The Battery Gold Rush: Tesla, CATL, and LG Compete for a $300 Billion Market

The rise of electric vehicles (EVs) and hybrids is causing the automotive electrification components sector to flourish rapidly. With governments pushing towards carbon neutrality, like the EU’s 2035 ban on new petrol and diesel cars, the demand is soaring. Predictions from IHS Markit suggest that by 2030, EVs will make up 30% of all vehicle sales. The battery market is leading this charge, with estimates showing it’s on track to reach a whopping $300 billion by 2025.