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The rise of the electric car in recent years has been cause for celebration for many different groups. Those concerned with sustainability and the environmental impact of fossil fuel use obviously love the growing popularity of electric vehicles (EV). Innovators and changemakers in the automotive world are also happy to see the industry evolve.
The electric vehicle market continues to grow at breakneck speed. Electric vehicle (EV) sales topped $90 billion in 2018. That figure is expected to increase by 13% in 2019. By 2025, industry analysts expect EV sales to reach $420 billion.
If you’re an EV manufacturer, you have a substantial opportunity to grow your business over the next decade. However, to do so, you’ll need to stay one step ahead of your competitors. There are hundreds of EV component manufacturers fighting for investor dollars and competing to have their parts in the latest and greatest vehicles.
Are you fighting to compete in the fast-growing electric vehicle market? If so, you know how competitive the market is. Manufacturers are constantly developing new and improved parts to increase their share. If you don’t keep up, you could lose share and fall behind the competition.
One of the most competitive areas in the EV market is in the battery space. Of course, this makes sense since the battery is perhaps the most top-of-mind component in an electric vehicle.