EV Popularity Bodes Well for the Lithium Market

The global lithium-ion (Li-ion) battery market size is expected to reach $46.21 billion by 2022, according to a report by Allied Market Research. The demand for Li-ion batteries will be highly affected by the automobile industry as the demand for electric vehicles accelerates. These rechargeable batteries have gained popularity in the automobile industry due to their small size and light weight.

The research report also indicates that the lithium-ion battery industry is highly fragmented with many domestic players that occupy around 60 percent of the total market.

The electric vehicle charging system market is expected to garner $8.02 billion by 2022. According to a different research project by Allied Market Research, the global markets for electric vehicle charging systems are exhibiting a positive worldwide growth. There has been a significant rise in the adoption of electric vehicles in the past few years. The penetrations of electric vehicles are high in developed countries such as North America and Europe.

Allied Market Research also reported that the Asia-Pacificregion is a lucrative market as well or with a high growth potential and the rapidly increasing numbers of electric vehicles in countries such as China and Japan.

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