The global electric battery market has expanded dramatically over the last year, as the push to shift from traditionally fuelled cars to electric alternatives has never been stronger. So, how will emerging battery markets overcome supply chain challenges to ensure that the future of electric battery development is secure?

McKinsey estimates that the global battery market will grow by over 20 percent per year until 2030 to reach at least $360 billion, with upper-end estimates increasing to $410 billion.

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Global electric vehicle sales hit an all-time high of 6.75 million in 2021, up 108% year-on-year, according to EV volumes.com data. Despite the epidemic, electric vehicle sales were 3.24 million units in 2020.

While the market share of electric vehicles was 0.2% in 2012, the record sales reached 8.3% last year. Thus, the market share of electric vehicles increased 41 times in 10 years.

According to the data of the International Energy Agency (IEA), 130,000 electric vehicles were sold throughout the year in 2012, while this figure was reached in one week in 2021, and Tesla ranked first in electric vehicle sales with 936,000 units last year.

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