As the world advances toward technological advancements, many positivechanges are taking place. Environmental conservation remains an essentialaspect of every region and country across the globe. The smoke emitted throughpetrol or diesel vehicles is very harmful to the environment and is causinggreat distress. To minimize pollution levels, electric vehicles (EVs) areemerging as the best option.
One of the most critical components of EVs is the lithium-ion battery.These batteries are essential for the overall functioning of the vehicle. Thus,all these aspects will be fruitful for the growth of the lithium-ion battery market during the assessmentperiod of 2019-2027.
Lithium-ion batteries can be formed using different materials aselectrodes. Some common combinations are lithium cobalt oxide and graphite,lithium manganese oxide and lithium iron phosphate, etc. Lithium cobalt oxideand graphite are used extensively for portable electronic devices such aslaptops and smartphones. All these factors bode well for the growth of thelithium-ion battery market.
Transparency Market Research (TMR) has a brilliant team of experts andanalysts who conducted meticulous research on every factor related to thegrowth of the lithium-ion battery market. Each element was scrutinized and wasfurther compiled in the report for the benefit of the stakeholders. TMRprojects the lithium-ion battery market to expand at a CAGR of ~11 percentacross the assessment period of 2019-2027. The globallithium-ion battery market is estimated to reach a value of ~US$ 41.5 bnby 2027.
The demand for lithium-ion batteries is expected to grow with the risingefficiency levels and decreasing cost levels. The overwhelming adoption of thelatest electronic gadgets and a boost in the sales of electric vehicles (EVs)will have a significant impact on the growth of the lithium-ion battery market.
Affordability Playing a Crucial Role in the Growthof the Lithium-Ion Battery Market
Intense research and development activities have contributed extensivelyto the growth of the lithium-ion battery market. In the past 10 years, the costof lithium-ion batteries has been lowered by almost 80 percent. This factorhelps in the speedy adoption of lithium-ion batteries on a massive scale,ultimately sowing the seeds of growth.
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Hybrid Vehicles to Boost the Growth Prospects ofthe Lithium-Ion Battery Market
With the rising awareness among many individuals about reducing carbonemissions, the sales of electric vehicles and hybrid electric vehicles areincreasing at a rapid rate. The popularity of hybrid cars is thriving,especially among the Gen-Z and the millennial category. This vehicle typepowers the electric motor through batteries and uses fuel or gasoline for theinternal combustion engine. The prominence of these vehicles is acceleratingthe growth of the lithium-ion battery market substantially.
Profitable Government Initiatives to Lay theFoundation of Growth
The government bodies of numerous countries are promoting variousinitiatives linked to decarbonization and curbing of pollution levels.Developing economies like India and China, with rich natural resources and vastspaces for setting up manufacturing capacities, are focusing on switchingreliability from fuel-powered vehicles to electric vehicles and the componentslinked to them. These factors will help in increasing the growth rate of thelithium-ion battery market.
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Some Prominent Government Initiatives that willImpact the Growth of the Lithium-Ion Battery Market
· TheIndian Government recently launched a production-linked incentive (PLI) schemeof nearly Rs. 18,000 crores to encourage export, storage, and manufacturing oflithium-ion cells. This scheme has the potential to attract investments fromlarge conglomerates such as Toshiba and Panasonic. Thus, all these aspectsbring positive growth prospects for the lithium-ion battery market.
· PresidentBiden-led U.S. Government has set a goal of achieving carbon neutrality by theyear 2035. The U.S. Government is replacing the government’s fleetwith electric vehicles and investing in more than 45000 EV charging stations.All these factors will have a large impact on the growth of the lithium-ionbattery market.
Recommended Steps to Propel the Growth of theLithium-Ion Battery Market
· Thegovernment bodies of numerous countries should focus on developing recyclingtechnologies to reuse and extract the main components in the batteries.
· Theplayers in the lithium-ion battery market should strengthen their logistics forproviding efficient and seamless delivery of batteries to all the clients.
· Aholistic approach of lithium-ion battery manufacturers to reduce cost, enhanceproduct efficiency, and battery performance.
· Governmentand non-government organizations should accelerate the funding initiativesacross leading lithium-producing countries like Australia and Chile.
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Recent Developments across the Lithium-Ion BatteryMarket
Developments play a significant role in the growth of the lithium-ion batterymarket. New product launches, expansions, and production expansions have alarge role in the growth of the lithium-ion battery market. Some of the majorones are as follows:
· GanfengLithium, a Chinese lithium producer recently signed an MoU with Argentina’sMining Ministry to set up a lithium-ion battery factory.
· MagnisEnergy Technologies has produced the first lithium-ion battery dry cells.
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