An alarming increase in carbon emissions has led to major environmental concerns, that have had a positive impact on lithium-ion battery production for various applications like electric vehicles and renewable energy storage. They require extremely low maintenance and exhibit high density and relatively lower discharge rate, making them suitable for fuel-gauge applications.
They usually do not require scheduled cycling to be able to maintain their battery life. The cell is used for mobile computing and various other applications as well as to power electrical systems for certain aerospace applications, more prominently where weight is considered a major cost factor. Li-ion batteries have a promising use in battery-powered cars to support the clean energy initiatives proposed and implemented by governments.
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The electric vehicles use lithium-ion batteries for operation and the sales for electric vehicles had jumped over 75% from the year 2017 to 2018 and will showcase similar growth patterns in the near future.
A regular passenger vehicle emits nearly 4.6 metric tons of carbon dioxide every year. The United States Environmental Protection agency (EPA) along with DOT issued a collective rule-making that has set standards for fuel and greenhouse gas emissions from the transportation sector.
Product innovations for the future
Regulations and standards as mentioned above will be promoting clean energy technologies that shall prove to be beneficial for lithium-ion battery market outlook in the future. Several companies have been involved in product innovation activities that have introduced enhanced and efficient lithium-ion batteries.
For instance, Tesla Motors collaborated with physicists from Dalhousie University in Canada, and patented a new lithium-ion battery technology. The automaker giant promised a one million-mile battery pack and claimed that the new technology shall outperform the current Li-ion batteries used in electric vehicles and shall be deployed in vehicles from 2020.
The million-mile battery will be extremely beneficial to electric cars and energy storage systems as the cycle power shall quadruple resulting in a more efficient and cheaper transition to renewable and electric power. Such innovations will have a tremendous influence on lithium-ion battery industry share in the coming years.
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Growing consumer electronics sector
Consumer electronics industry has an extensive use of lithium-ion batteries, especially in portable electronics like smartphones and laptops. A steady growth in the middle-class population accompanied by an increase in disposable income has proven to be a key factor driving the growth of Indian electronics market over the years.
Lithium-ion battery market size is poised to witness a notable growth with the increase in the consumption of electronics in the region on account of a decline in prices of products and the consistent adoption of high-end tech devices. It is predicted that the consumer electronics and appliances industry in India shall become the 5th largest in the world.
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