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Electric vehicle batteries are in high demand across the United States as electric vehicle sales increase. Over time, the market expansion will be fueled by rising demand for high-energy-density batteries, cleaner and renewable power generating techniques, and product innovation adopted by manufacturers.
The increased demand for zero-emission vehicles, depletion of fossil fuel sources, rising fuel prices, and stricter pollution standards are all factors affecting the sales of electric vehicle batteries.
Over the next several years, the market for electric vehicle batteries is expected to rise as new batteries for electric automobiles are developed.
Due to their improved energy density and extended longevity, lithium-nickel-manganese-cobalt aluminum oxide (NMCA) alloys have gained significant market traction. This is projected to create new business prospects for companies that make batteries for electric vehicles.
The US Electric truck battery market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
Romeo Power, a US battery maker, has won a significant new contract. For its Peterbilt 579 EV and 520EV electric truck models in the US and Canada, the PACCAR Group will buy batteries.
Battery packs, modules, and battery management systems for PACCAR’s battery-electric cars are all covered under the long-term supply agreement between the two parties.
The company, which produces trucks under the names Kenworth, Peterbilt, and DAF, is regarded as the largest truck manufacturer in the country. In the US and Canada, Romeo Power’s components will specifically be utilized in the Peterbilt 579 EV and 520EV models. At CES, Peterbilt presented the 220EV, a mid-size electric vehicle that uses just Dana for its electric propulsion.
