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 Li-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 Li-ion battery market is predicted to advance at a considerable pace in the years to come.

Technological advancements are further occurring in the domain for increasing the energy density of Li-ion batteries, which is predicted to open up wide opportunities for the companies operating in the domain. Increased energy density will facilitate the development of batteries that are long-lasting. Enhanced properties of these batteries can further widen their applications in renewable energy and consumer electronics industries, thereby leading to the growth of the market.

Download report sample at: https://www.psmarketresearch.com/market-analysis/lithium-ion-battery-market/report-sample

Geographically, the Li-ion battery market was dominated by Asia-Pacific 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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