Demand for electric vehicles (EVs) and their batteries is soaring globally, with over a quarter of new vehicle sales in 2025 being EVs, though the U.S. market lags behind. New battery chemistries like sodium-ion and solid-state are emerging, promising lower costs and higher performance, but face challenges in commercialization and widespread adoption. China dominates both battery manufacturing and EV markets, expanding its influence worldwide while other regions like Southeast Asia and Brazil also see rapid EV growth. The U.S. faces headwinds due to ending federal tax credits, but domestic production of low-cost batteries for energy storage offers a bright spot as the world moves toward 40% electrification of new vehicles by 2030.

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