Why are Lithium Ion Batteries Ideal for Electric Vehicles?

The adoption of electric vehicles has risen considerably all over the world, which can be majorly ascribed to the increasing concerns regarding the adverse condition of the environment. Consumers are increasingly becoming aware regarding the negative effects of conventional vehicles on the environment, which is why they are now increasingly preferring vehicles that cause less harm to the environment. Moreover, governments of several countries are also encouraging people to opt for electric vehicles for curbing the surging pollution levels. 

 

A major part of electric vehicles is the battery, which is the major power source. Presently, lithium-ion (Li-ion) batteries are majorly being utilized in electric vehicles, which is why, the increasing demand for these vehicles is creating high demand for Lithium-ion batteries as well. Since these batteries have excellent energy density, they are being considered the standard battery technology for electric vehicles. It is owing to all these factors that the global Lithium ion battery market is predicted to advance at a considerable pace in the years to come. 

The global Lithium ion battery market is expected to reach a value of $106,493.0 million by 2024, increasing from $33,720.8 million in 2018, advancing at a 21.8% CAGR during the forecast period (2019–2024). The market is categorized into industrial, medical, telecom, aerospace & defense, automotive, and consumer electronics, when the application segment is taken into consideration. Out of these, the consumer electronics category held the major share of the market in 2018, in terms of value.

Geographically, the Li-ion battery market was dominated by Asia-Pacific (APAC) during the historical period (2014–2018), according to a report by P&S Intelligence report. The surging demand for portable electronic devices, rising requirement for electric vehicles, and the presence of key players are resulting in the growth of the regional domain. The region is further predicted to grow at the fastest pace during the forecast period, owing to technological advancements in these energy storage devices. 

 

In conclusion, the market is being driven by the growing demand for electric vehicles and advancements in the Li-ion battery technology.   

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