The power and transportation sectors contribute to more than 66% of global carbon emissions. Decarbonizing these sectors is critical for achieving a zero-carbon economy by mid-century and mitigating the most severe impacts of climate change. Battery packs, which enable energy storage in electric vehicles, are a key component of electrified transport systems. The production of these batteries has significantly increased in recent years to meet rising demand, and this trend is expected to continue. However, current traction batteries exhibit lower energy density compared to fossil fuels. As a result, accurate battery models that balance computational complexity and precision are essential for designing high-performance energy storage systems. This paper provides a comprehensive review of the most used electrical models for lithium-ion batteries in traction applications, as reported in the technical literature. By exploring the strengths and limitations of different modeling approaches, this paper aims to offer valuable insights into their practical applicability for the electrification of transportation systems. Additionally, this paper discusses the primary methods employed to derive the values of the electrical components within these models. Finally, it examines the key parameters—such as temperature, state of charge, and aging—that significantly influence the component values. Ultimately, it guides researchers and practitioners in selecting the most suitable modeling approach for their specific needs.
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