Rising demand of Electric Vehicle and benefits of Lithium ion Battery in EVs backing Lithium EV Battery market growth

According to a research report  titled ‘Global Lithium-ion Electric Vehicle Battery Market (Value, Volume) – Analysis By Chemistry Type (LMO, NMC, LFP, Others), Vehicle Type (BEV, HEV, PHEV), By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’ published by Azoth Analytics, the Global Lithium EV Battery Market was valued at USD 13.5 billion in the year 2019. The Lithium EV Battery market is expected to grow at a rapid pace during the forecast period. Need of Sustainable and Green Growth, growing Government initiatives, rising demand of Electric Vehicle and Benefits of Lithium ion Battery in Electric Vehicle are the major reasons behind the Lithium EV Battery market growth globally. Additionally, technological advancements in the electric vehicles will drive the Lithium EV Battery market value in the near future.  

The Azoth Analytics research report titled Lithium Ion EV Battery Market has analysed and segmented the Lithium EV Battery market by Value and Volume. The report has also further analysed the Lithium EV Battery market by LIB Chemistry Type (Lithium Manganese Oxide (LMO), Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Iron Phosphate (LFP) and Others) and by Vehicle Type (BEV, PHEV. HEV). The Global Lithium-Ion EV Battery market has been analysed By Region (Americas, Europe, Asia Pacific, and Rest of World) and By Country (United States, Canada, Mexico, Brazil, Germany, France, United Kingdom, China, Japan and South Korea) for the historical period of 2015-2019 and the forecast period of 2020-2025.

The main growth in Lithium Ion EV Battery market has been registered from APAC countries in 2019. These nations are developing and the huge availability of Lithium in the region and increasing support from respective governments in EV industry are the major reasons to drive Lithium Ion EV Battery market. Growing demand of electric Vehicle and sustainable vehicle are some of the factors which is anticipated to propel the market value in forecast period.  

Some of the factors such as need of sustainable and green growth, growing government initiatives, rising demand of electric vehicle and benefits of lithium ion battery in electric vehicle are expected to augment the market growth rate. Despite of the demand of Lithium ion in EV Battery, it has some disadvantages also, but the development of innovative technologies to reduce the cost of Lithium EV Battery has put the Lithium EV Battery market among growing battery in EV battery industry competition arena. Additionally, the competitiveness of Lithium EV Battery manufacturing companies is strongly linked to demand of electric vehicle, which is making every country to invest in this sector. The driving factor for the Lithium EV Battery market during the historical period was the demand of lithium ion battery for electric vehicles.