In the global scenario, the market size of lithium-ion battery is increasing at a much faster pace than we could imagine. According to the latest facts and figures gathered from market research, the market size can be expected to grow at a compound rate of 19.0% from 2020 to the year 2028, per annum, which is enough to show how lithium-ion batteries have changed the face of the EV industry in India.
What is Li-Ion Battery
Li-Ion or Lithium is a silver-white colored soft metal that are categorized under the group of alkali metal. Lithium is the lightest metal component manufactured so far that has the strongest possible electrochemical potential. The Lithium is a highly reactive element that makes it inflammable and explosive, especially when exposed to the natural elements like air and water. Therefore, lithium batteries need to be stored in mineral oil to prevent tarnish and corrosion. The Li-Ion batteries thus have a plethora of advantages, because of which the EV industry around the world, especially in India is switching to its use.
Advantages of Li-Ion Batteries
The major attribute behind this tremendous growth of the lithium-ion battery market is the immensely growing market demand because of its use in Electric Vehicles (EVs) as well as in the grid storage. As per the research findings, there is a subsequent increase in the purchase of EVs that play a vital role in decreasing the price of the lithium-ion battery.
This simultaneously brings out the fact, that it is the advantages of the Li-Ion Batteries that are making the EVs popular since they can make the best use of these batteries. So, if you are curious to know what makes the EV industry swap the usage of the conventional batteries with that of the Li-Ion ones, then here is a brief explanation for the same.
High-Density Power Output
The Li-Ion Batteries are considered till date the best High-Density Power Solution that no other battery type could provide so far. Because of this, the latest EVs are able to cover a vast range of mileage with a full charge, standing as a better alternative to the costly gasoline-run vehicles.
As a result, the latest Li-Ion battery-powered EVs are able to render a revving performance, which was still unimaginable a few years back.
The other advantage of Li-Ion Batteries is their lightweight packaging, because of which the EVs too, can be built lightweight, enhancing the effects of an aerodynamic design.
Compatible with Electronic Goods
The lithium-ion battery can be used across a vast range of electronic devices like power tools, smartphones, and digital cameras. That also encourages the EV manufacturers to use the lithium-ion batteries to power all the other electronic parts of the EV. Hence, it is pretty understandable why the demand for the lithium-ion battery is on the rise.
To add to the already rich attributes, the lithium-ion batteries once again win the battle with their longevity that automatically reduce the prices of the EVs, while their high-density power output helps the EVs drive their sales target ahead.
Value of Lithium Battery Powered EVs in the Market of India
The market lithium-ion battery in India was evaluated last in 2020, at the rate of USD 1. 66 billion, and the market analysis predicts it will reach USD 4. 85 billion by the year 2027. The market research also says that this immense growth in the EV industry in India because of the lithium battery usage will also help it register a CAGR of 17. 23% within the period of 2022 to the year 62027.
Meissa Reeve is a major supplier of a wide range of Lithium-Ion Battery Packs for E Cycles, E-Bikes, E Scooters, and 3-Wheelers.