According to new forecasts by BIS Research
, the size of the global electric vehicle battery market is set for incredible growth over the next 8 years. In 2016 it was worth $14.99 billion and by 2026 it is forecast to reach $93.94 billion - a CAGR of 20.1 percent. According to the source, "this growth is attributed to the increasing collaborations between the key component manufacturers and rising number of OEMs. In addition to this, falling battery prices and improved charging infrastructure are expected to be the key factors in the growth of the electric vehicles battery market".