The mushrooming
requirement for electric vehicles is one of the major factors responsible for
the soaring demand for automotive lithium-ion batteries across the globe. As per the
observations of the International Energy Agency (IEA), “the global electric car
fleet exceeded over 5.1 million in 2018 up 2.0 million in previous year”. In
addition to this, the fluctuating prices of oil and gas and the rising
environmental degradation caused due to the usage of oil and gas-powered
automobiles are further boosting the sales of electric vehicles all over the
world.
In addition to the
above-mentioned factors, the increasing implementation of favorable regulations
and policies by the governments of several countries is also propelling the
sales of electric cars all around the world. Furthermore, the provision of various
financial incentives and benefits by the governments of many countries on the
purchase of electric cars is pushing up the sales of these vehicles, which is,
in turn, boosting the demand for lithium-ion batteries as these batteries are
extensively used for charging these cars throughout the world.
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The biggest example
of such joint efforts is the recent approval granted by the European Investment
Bank (EIB) for the provision of a loan worth $392.0 millionto NorthvoltEtt for
setting up a battery manufacturing Gigafactory in Sweden. Similarly, the German
government is also planning to increase the domestic manufacturing of
automotive battery cells in the near future to make the country self-sufficient
in lithium-ion battery production. These factors will boost the sales of
automotive lithium-ion batteries in Europe in the years to come.
Hence, it can be inferred from the above paragraphs that the sales of automotive lithium-ion batteries will shoot-up all over the world in the forthcoming years, primarily because of the growing adoption of electric vehicles across the world.
