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What is the market scenario of Lithium-ion batteries?

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One of the major benefits bought by electric cars was the rechargeable batteries with fewer effects on the environment. However, the benefit soon turned out to be a major problem for the manufacture of the electric car due to the price of those rechargeable batteries.

In 2013, the price of the electric battery was calculated to be 400 Euros/KWh. Even though the transport fuel was sustainable but not the price. One of the reasons found among the German citizens to be reluctant of purchasing an electric car.

Despite such issues, car manufactures found their solution in Lithium-ion batteries. It is considered to be the most efficient resource. The price of such a lithium-ion battery by 2022 is expected to be 75 Euros/KWh.

The physical characteristics of lithium-ion batteries also made them quite ideal for an electric vehicle. The battery is small in design with high energy density.

Hence the weight and the volume are much lower than its other counterpart. Lithium, an alkali metal is highly reactive, found only in salts. The countries prominent with such large lithium reserves in the world are Chile, Australia, and Argentina.

The batteries are the storage device for the electric vehicle, playing a major role in the production of electric vehicles. As of now, the largest manufacturers of electric batteries are Panasonic, CATL, and BYD.

The biggest production house for electric vehicle batteries will be in Asian countries. China is the lead player in battery production.

The global price of lithium-ion batteries from last three years: –

Global price for Lithium-ion batteries

The forecasted battery power demand for electric vehicles in the upcoming years are: –

Power demand forecasted for electric vehicle batteries.

The accelerating graph shows the battery demand is going to be high with each year. The rise in the power demand shows an increasing need to keep modifying electric batteries.

The cost and the availability of the resource are two major hurdles for any electric vehicle manufacturers. However, in developed countries, the switch to electric vehicles is fast but what about the developing countries.

How fast are they moving ahead to switch to a new way of driving vehicles?

Source:- Statista (Electric vehicles).

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