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Electric Vehicle Battery Market Size Worth USD 154.90 Billion, Globally, by 2028 at 28.1% CAGR

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Pune, Jan. 16, 2023 (GLOBE NEWSWIRE) — The global electric vehicle battery market size was valued USD 21.95 billion in 2020. The market is projected to grow from USD 27.30 billion in 2021 to USD 154.90 billion in 2028 at a CAGR of 28.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Electric Vehicle Battery Market, 2021-2028.” According to our expert analysts, the increasing focus of crucial vehicle manufacturers, involving Ford Motors, General Motors (GM), as well as BMW AG on developing and presenting Electric Vehicles (EVs) is projected to fuel the market growth.

The vital element for declining the price of EVs and elevating the driving range behind every recharge is the progression of EV batteries. In order to make EV batteries compacter and lower its weight, as well as to preserve more energy, novel cell chemistries are under development. This would further empower electric vehicles to contest with the conservative fuel-grounded automobiles.

The demand for electric vehicle batteries is driven by the growing to reduce dependence on non-renewable energy sources. Electric vehicles are expected to play a central role in the global commitment towards attaining sustainable development goals set by the United Nations. This skyrocketing demand and production is further underpinned by the rising concerns regarding rampant pollution and unchecked carbon emissions that are exacerbating the effects of global warming and climate change. With increasing demand for electric vehicles, the demand for their batteries is expected to rise in tandem, expanding the electric vehicle battery market size in the process.

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Industry developments:

  • May 2019: Panasonic Corporation launched Nymbus, a first of its kind smart EV charging service, in India. This next-gen charging system is equipped with charging stations, swap stations, and telematics, along with cloud analytics and artificial intelligence solutions.
  • November 2019: Samsung SDI and BMW Group signed a USD 3.2 billion contract under which Samsung will supply lithium-ion battery cells to BMW to enable the carmaker to release 25 new green car models by 2025.
  • June 2021: Nissan Motor Co. Ltd., declared its strategy to construct the U.K.’s first ever battery gigafactory, in collaboration with Envision AESC, which is a China-based battery technology firm.

Market Drivers & Restraints-

Dropping Cost of Lithium-Ion Batteries to Thrust Market Growth

Currently, the prime foundation of power for electric vehicles is lithium-ion batteries. According to an assessment report presented by the U.S. International Trade Commission (USITC) in 2018, Li-ion batteries are responsible for more than 70% of the rechargeable battery market.

Additionally, the battery costs per kilowatt-hour (kWh) have plummeted to less than USD 200 in 2019 from that of 2010, which was USD 1000. This is projected to bolster the electric vehicle battery market growth during the mentioned timeframe.

Report Coverage

The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the electric vehicle battery market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/electric-vehicle-battery-market-101700

Segments-

Based on the battery type, the global market is segregated into nickel-metal hydride (Ni-MH) battery, lithium-ion (Li-ion) battery (Li-Ion), lead-acid battery, and others.

On the basis of vehicle type, the electric vehicle battery market is classified into the hybrid electric vehicle (HEV), battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). The BEV segment is expected to display a higher CAGR, in comparison to the PHEV and HEV segments.

Geographically, North America, Europe, Asia Pacific, and the rest of the world.

Regional Insights-

Asia Pacific held the maximum electric vehicle battery market share and controlled the market owing to the fact that Japan, China and South Korea symbolize most of the worldwide production capability for EV batteries, and is valued at USD 12.70 billion in 2020 and is expected to increase mainly on account of a well-established EV infrastructure. The other factor favoring growth in this region is the supply of nickel-metal batteries and lithium-ion batteries at competitive prices by companies.

North America is estimated to exhibit decent growth in the market. Moreover, the U.S. government applied a federal policy to guarantee a dependable and safe source of indispensable minerals which guides the Department of the Interior to limit the production of 35 grave minerals that involve nickel and cobalt.

Competitive Landscape

Collaborations and Procurements Initiated by Companies to Hike their Presence

Prominent companies have confidence in in executing tactics that would reinforce their brand value in the market. Several tactics, such as introducing exclusive products and forming mergers with other crucial companies or end-users for better reach of their products are employed by the company. Partnering up with or attaining numerous corporations is another fundamental tactic used to refine one’s existence in the universal market.

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A list of prominent Electric Vehicle Battery manufacturers operating in the global market

• Panasonic Corporation (Osaka, Japan)

• LG Chem (Seoul, South Korea)

• BYD Company Ltd. (Shenzhen, China)

• GS Yuasa International Ltd. (Kyoto, Japan)

• Samsung SDI CO., LTD (Seoul, South Korea)

• Hitachi Chemical Co., Ltd. (Tokyo, Japan)

• Contemporary Amperex Technology Co., Limited (CATL) (Ningde, China)

• EXIDE INDUSTRIES LIMITED (Kolkata, India)

• SK INNOVATION CO. LTD. (Seoul, South Korea)

• East Penn Manufacturing Company (Pennsylvania, U.S.)

Quick Buy – Electric Vehicle Battery Market Size Research Report:  https://www.fortunebusinessinsights.com/checkout-page/101700

Table Of Content:

  • Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Key Insights
  • Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Impact of COVID-19
  • 5Global Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis, Insights and Forecast – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Market Analysis, Insights and Forecast – By Region
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World
  • North America Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Market Analysis – By Country
  • U.S.
  • By Vehicle Type
  • Canada
  • By Vehicle Type
  • Mexico
  • By Vehicle Type
  • Europe Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Market Analysis – By Country
  • U.K.
  • By Vehicle Type
  • Germany
  • By Vehicle Type
  • France
  • By Vehicle Type
  • Rest of Europe
  • By Vehicle Type
  • Asia Pacific Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Market Analysis – By Country
  • China
  • By Vehicle Type
  • Japan
  • By Vehicle Type
  • India
  • By Vehicle Type
  • South Korea
  • By Vehicle Type
  • Rest of Asia Pacific
  • By Vehicle Type
  • Rest of the World Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Competitive Analysis
  • Key Industry Developments
  • Key Company Ranking Analysis (2020)
  • Competition Dashboard
  • Comparative Analysis – Major Players
  • Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
  • Panasonic Corporation (Osaka, Japan)
  • LG Chem (Seoul, South Korea)
  • BYD Company Ltd. (Shenzhen, China)
  • GS Yuasa International Ltd. (Kyoto, Japan)
  • Samsung SDI CO., LTD (Seoul, South Korea)
  • Hitachi Chemical Co., Ltd. (Tokyo, Japan)
  • Contemporary Amperex Technology Co., Limited (CATL) (Ningde, China)
  • EXIDE INDUSTRIES LIMITED (Kolkata, India)
  • SK INNOVATION CO. LTD. (Seoul, South Korea)
  • East Penn Manufacturing Company (Pennsylvania, U.S.)

continued…

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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Artificial Intelligence

Tata Elxsi and Telefónica Collaborate to Achieve True Cloud-Native Infrastructure Management, Revolutionising Telecommunications Landscape

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BENGALURU, India and BARCELONA, Spain, Feb. 27, 2024 /PRNewswire/ — Tata Elxsi and Telefónica proudly announce a groundbreaking achievement in the realm of the automation of cloud infrastructure for telecommunications, with the successful implementation of true cloud-native infrastructure management powered by ETSI Open-Source MANO (ETSI OSM). This milestone represents a significant evolution in network management, enabling operators to build intent-driven network systems with unprecedented efficiency and agility.

Through this collaboration, Tata Elxsi and Telefónica have enhanced the capabilities of OSM, introducing innovative features such as infrastructure automation, serverless operations execution environments, and the deployment of multi-cloud Platform-as-a-Service (PaaS) solutions. These advancements mark a new phase in the evolution of Telco Cloud technologies and signify a commitment to driving digital transformation across the telecommunications industry.
The integration of OSM with Tata Elxsi’s award-winning NEURON platform represents a pivotal moment in multi-domain transformation towards autonomous network systems. NEURON’s business intent-driven functionalities, coupled with OSM’s platform, provide operators with unparalleled control and flexibility in managing complex infrastructures.
“In our collaboration with Tata Elxsi, our objective is to advance the boundaries of technology and standardization, propelling operators towards cloud-native agility,” emphasised Francisco-Javier Ramón, Multicloud Tools Manager in gCTIO Unit at Telefónica.
“We are thrilled to partner with Telefónica to revolutionize the orchestration landscape,” commented B. Ramesh Ramanathan, Principal Architect, CTO Office at Tata Elxsi. “This collaboration enhances our presence within the open-source community and propels NEURON towards the realm of 5G and beyond and autonomous networks.”
The strategic collaboration between Tata Elxsi and Telefónica sets the stage for future advancements in Telco Cloud technology, paving the way for cutting-edge solutions that address the evolving needs of the telecommunications industry.  Powered by OSM, NEURON now possesses the capability to seamlessly integrate infrastructure, services, security, networking, and configuration into a unified, intent-driven deployment.
Please visit MWC Hall 2 – 2A53MR to see the joint demonstration by Telefónica and Tata Elxsi.
About Tata Elxsi
Tata Elxsi is a global design and technology services company that blends technology, creativity, and engineering to help customers transform ideas into world-class products and solutions. With expertise in industries such as automotive, broadcast, communications, healthcare, and more, Tata Elxsi is committed to driving innovation and delivering value to its clients worldwide. For more information, visit www.tataelxsi.com.
About Telefónica:
Telefónica is a leading telecommunications company operating in Europe and Latin America. With a presence in over 15 countries and a customer base exceeding 350 million, Telefónica is committed to providing cutting-edge solutions and services that enable individuals, businesses, and communities to connect and thrive in the digital world.
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Netcore Unbxd’s Strategic Expansion in Europe Fuels 150% Revenue Growth, Redefining Ecommerce in Europe

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LONDON, Feb. 27, 2024 /PRNewswire/ — Netcore Unbxd, a leading AI-powered Commerce Search and Product Discovery landscape player, proudly announces exceptional growth in the UK and European markets. This growth which has tripled in the last year, is marked by the successful onboarding of market-leading retailers, including Waitrose, Unilever Europe, Camper Footwear, Dobbies, Alohas, OceansApart, Goodform, and ResMed Europe. What sets this accomplishment apart is its tangible impact on the retailer’s bottom line, as they leverage the advanced capabilities of Netcore Unbxd’s platform, resulting in an impressive 40% surge in revenue and a substantial 25% increase in conversions.

As a wholly owned subsidiary of Netcore Cloud Pvt Ltd, Netcore Unbxd has strategically scaled its teams across key markets in the UK, France, Spain, and Portugal. Unbxd’s data infrastructure spans five regions, including one in the EU. Additionally, the region has established a comprehensive Go-To-Market (GTM) team comprising skilled professionals in customer success, account management, and sales to reinforce its commitment to providing exceptional services and support to its expanding clientele.
Netcore Unbxd’s success lies in the compelling stories of its customers, which include:
Fishpools, a significant player in the UK furniture industry, experienced a 51% increase in Average Order Value (AOV) and a 20% surge in search-related revenue within 12 months of implementing the Unbxd platform.Wex Photo Video, a leading electronics retailer, saw a remarkable 35% reduction in bounce rates within the same period.The company’s recognition as a leader in the Forrester Wave report in the Commerce Search and Product Discovery category in Q3 of 2023 further solidifies its position in the market. This is in addition to Netcore’s previous recognition as a top vendor in Email Marketing Services (Q1 2022) and Cross-Channel Marketing (Q1 2023).
Netcore Unbxd’s advanced AI technology empowers retailers to deliver highly personalised shopping experiences, optimising product discovery and ensuring a seamless shopper journey. The region’s platform has been highly successful, offering enterprise features such as omnichannel search, natural language processing (NLP) models, and multi-language understanding. Recent collaborations with industry leaders such as Unilever and Waitrose highlight the platform’s effectiveness across diverse UK and European sectors.
Nishant Jain, COO of Netcore Unbxd, stated, “Our vision is to revolutionise the ecommerce landscape by leveraging AI technologies like large language models (LLMs) and vector models to enhance product discovery. Netcore Unbxd, a platform designed for enterprise retailers, has observed a significant 150% growth in revenue within the region over the past year.”
Laura Burbedge, Director of Online at Waitrose, said, “We know that our customers are busy and have lots of demands on their time – they need to be able to fill their online shopping trolley quickly and easily with minimal effort. Through working with Unbxd we have already seen a significant improvement in customer satisfaction with our search feature, with more personalised results.”
As AI continues to evolve in ecommerce, Netcore Unbxd remains well-positioned to leverage innovative solutions that empower businesses to stay ahead of the curve.
About Unbxd
Netcore Unbxd is a cutting-edge AI-powered product discovery platform that elevates the ecommerce experience with personalised interactions. By providing a range of solutions, including contextually relevant Search, Personalisation, and Product Recommendations, alongside an intelligent Product Information Management (PIM) platform and an intuitive merchandising console, Unbxd offers brands the tools to optimise their ecommerce objectives. Noteworthy global brands such as Unilever, MattressFirm, Waitrose, Advance Auto Parts, Dillard’s, The Children’s Place, HSN, and Wex have trusted Unbxd. Across the world, Unbxd consistently delivers exceptional shopping journeys to countless online visitors at scale.
Media Contact:Mekhala [email protected] 
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ZwickRoell selects IFS Cloud to drive operational efficiency and support growth

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IFS Cloud ERP will streamline ZwickRoell’s processes to reduce complexity and improve efficiencies to build business resilience.
LONDON, Feb. 27, 2024 /PRNewswire/ — IFS, the global cloud enterprise software company, today announced that ZwickRoell Gmbh & Co.KG, a leading worldwide manufacturer of materials testing equipment, has selected IFS Cloud in a strategic move to harmonize its business processes and deliver enhanced visibility across its operations.

The move to IFS Cloud was driven by the need to modernize its current Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) solution, which could no longer meet the business’ requirements needed to support its strategic growth plans.  Amid industry challenges, including global supply chain disruption, meeting sustainability goals and readiness for increased automation, ZwickRoell sought a new solution that would simplify its daily operations and eliminate existing IT operating risks.
IFS Cloud will enable the company to harmonize its disparate systems and simplify processes across its operations, driving continuous improvements and efficiency. With IFS Cloud, ZwickRoell will benefit from a single, composable digital platform that is designed to fit the needs of its complex manufacturing cycle today, from product development through to service and maintenance, and scale in future.
A key advantage of IFS Cloud is its evergreen model, which allows ZwickRoell to seamlessly integrate composable business applications across ERP, Enterprise Asset Management (EAM) and Field Service Management (FSM) as needed, enabling a solid data foundation across organization, and therefore delivering faster time to insight and minimizing costs. IFS Cloud will also enable the company to easily integrate users from MS Dynamics CRM systems, one of ZwickRoell’s key requirements.
Klaus Cierocki, CEO of ZwickRoell, said: “We are excited to begin a new chapter with IFS. Their manufacturing industry expertise and leading enterprise software differentiated them during the competitive selection process and they have given us complete confidence that they will support. IFS Cloud will provide us with the single platform that we knew was necessary to properly support our entire manufacturing and production cycle, ultimately helping us deliver better value to our customers and to build resiliency and agility into our business.”
Frank Beerlage, Managing Director DACH, IFS, said: “ZwickRoell is a strong family-run organization with traditions reaching back 160 years. Its values of honesty and fairness and its commitment to its customers are deeply aligned with IFS’s own mission. Globally, we are seeing manufacturers are increasingly accelerating their adoption of cloud-enabled solutions to enable the agility needed in the face of global challenges. We look forward to partnering with ZwickRoell on their digital transformation journey with IFS Cloud a core part of their strategic growth plans.”
The scale of deployment will include 1,390 users and two sites in Germany and Austria, with an 18-month global rollout to follow.
About ZwickRoell
For more than 160 years ZwickRoell has delivered outstanding technical performance, innovation and quality, in materials and component testing. ZwickRoell testing machines are used in R&D and quality assurance in more than 20 industries with one common goal – reliable test results This is ensured by a team of 1,900 dedicated employees in +50 countries, with competence, openness and passion.
Learn more about how automation and digitalization can make testing processes more efficient, simpler and safer at zwickroell.com  
About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers-at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 6,000 employees every day live our values of agility, trustworthiness, and collaboration in how we support our 6,500+ customers. Learn more about how our enterprise software solutions can help your business today at ifs.com.
IFS Press Contacts:EUROPE / MEA / APJ: Adam GillbeIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi MorganIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7018 607 299
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