Boom Expected in Asia-Pacific Lithium-Ion Battery Market in Near Future
The global lithium-ion battery market will exhibit lucrative growth in the coming years, as per the forecast of P&S Intelligence, a market research firm based in India. The increasing usage of electric vehicles (EVs), the rising implementation of favorable government policies regarding the deployment of EVs, the growing requirement for lithium-ion batteries in the renewable energy sector, and the ballooning adoption of these batteries in consumer electronics products are the main factors fueling the expansion of the market.
Due to the deteriorating air quality levels and the fluctuating oil prices, consumers are increasingly preferring to buy electric vehicles over the conventional oil and gas-powered vehicles. In addition to this, the governments of several countries are promoting the utilization of these vehicles in order to mitigate the rising environmental degradation. As per the Global EV Outlook 2018, the sales of electric passenger cars grew by 57% from 2016 to 2017 and stood at 3.1 million units in 2017.
Apart from the aforementioned factor, the mushrooming sales of consumer electronics devices are also fueling the advancement of the lithium-ion battery market. Depending on type, the market is divided into lithium-nickel-manganese-cobalt (Li-NMC), lithium-iron phosphate (LFP), lithium-cobalt oxide (LCO), lithium-manganese oxide (LMO), and lithium-nickel-cobalt-aluminum oxide (NCA). Amongst these, the Li-NMC division will demonstrate rapid revenue growth in the market in the future, due to the fact that these batteries have high storage capacities, thermal stability, and longevity.
Because of the various beneficial traits of the Li-NMC batteries, they are increasingly being adopted in consumer electronics and automotive manufacturing across the world. When application is taken into consideration, the lithium-ion battery market is categorized into automotive, consumer electronics,...
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