Li-ion batteries accounted for the largest market share in 2019
| Jerry Huang
Based on end use, the Li-ion batteries segment accounted for the largest share in 2019. Lithium-ion batteries have become the gold standard for electric vehicles (cars, buses, aerial work platform / lift, forklifts, cranes, excavators, etc.) because they store more power per unit of weight compared to alternatives such as nickel-cadmium. Nickel-cadmium and nickel metal hydride batteries were formerly used in computers and cell phones. However, these sources of energy had low power capabilities, shorter charge periods, and were heavier than lithium batteries. Li-ion batteries have a high energy density, longer run time, and an extended life cycle compared to non-rechargeable batteries, which helps meet the current requirements of the worldwide energy market. Nowadays Li-ion batteries have been prevailed worldwide in various consuming electronic devices, stationary storage systems of green energy, electric vehicles.
In accordance with the Paris Climate Agreement, many governments across the world are encouraging the use of electric vehicles to reduce their carbon footprint. These electric vehicles use Li-ion batteries as their sole energy source and hence, result in zero emission through their exhausts. Governments of countries like Norway, Iceland, China, and the UK have provided heavy subsidies and tax omissions to buyers of electric vehicles, which has propelled the growth of this segment.
Written by Jerry Huang