Rising demand of EVs has led to unprecedented growth in lithium-ion EV battery market

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The Global Lithium-ion EV Battery Market, valued at USD 13.5 billion in the year 2019 has been witnessing unprecedented growth in the last few years on the back of Need of Sustainable and Green Growth, growing Government initiatives, rising demand of Electric Vehicle and Benefits of Lithium-ion Battery in Electric Vehicle says the report of ResearchAndMarkets.com. These are the major reasons behind the increasing growth of Lithium-ion Electric Vehicle Battery market globally. Additionally, technological advancements in the electric vehicles will drive the Lithium-ion EV Battery market value in the near future.

Among the Lithium-ion Battery Chemistry Type of the Lithium-ion EV Battery market (Lithium-ion Manganese Oxide (LMO), Lithium-ion Nickel Manganese Cobalt Oxide (NMC), Lithium-ion Iron Phosphate (LFP) and Others), NMC has been gaining popularity globally and is expected to keep growing in the forecast period. The demand of Lithium-ion EV Battery due to technology innovations in LIB will keep increasing in future.

Among the Vehicle Type of the Lithium-ion EV Battery market (BEV, PHEV and HEV), HEV has been gaining popularity globally and is expected to keep growing in the forecast period. The demand of HEV in Lithium-ion EV Battery is due to its dependence both on fuel and battery which will keep increasing in future but the BEV market will grow faster in future.

The APAC market is expected to lead the global market throughout the forecast period. The increasing demand of Lithium-ion EV Battery to growing demand of Lithium-ion battery over other battery chemistries available in market and increasing demand of Electric Vehicle due to its eco-friendly benefits is expected to infuse market growth tremendously.

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