How are market conditions shaping EV battery development?

The global electric vehicle (EV) battery market is forecast to grow from US$27.3bn in 2021 to US$154.9bn in 2028—a CAGR of 28.1%, according to Fortune Business Insights. Lithium-ion batteries (LiBs) are at the heart of this growth, and while different chemistries are constantly under development, they are yet to capture the global market in the same way. Indeed, in 2018, the US International Trade Commission found that LiBs represented more than 70% of entire the rechargeable battery market. But how could market conditions and new approaches shape the technology’s future?