ABC Corporation operates in the electric vehicle (EV) battery manufacturing industry. In recent years, the industry has seen significant growth fueled by increasing consumer demand for EVs, supportive government policies, and technological advancements. However, this growth has also led to intensified competition among existing firms and the emergence of new entrants. Morgan Consulting was commissioned to analyze the competitive forces in this industry, using Michael Porter's Five Forces framework. The analysis concluded that while the threat of new entrants is moderate, the bargaining power of buyers is increasing, and rivalry among existing competitors is fierce. Given this context, which of the following statements regarding the competitive forces in the EV battery manufacturing sector is the most accurate?