The electric vehicle battery category is expected to grow at a CAGR of 21.1% from 2023 to 2030. In 2023, the sales of BEVs and PHEVs surpassed those of hybrid electric vehicles (HEVs) worldwide. As a result, the requirement for a larger battery size in BEVs and PHEVs is in turn increasing the demand for batteries. IEA 2023 report states that battery demand in China increased by 70%...
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