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The Boost in Battery Market to Leverage the Electric Vehicle Industry at a Magnificent Pace

With the concept of the low carbon economy and saving energy to safeguard the already deteriorating environment spread and enhancing the air quality, the retailing of the pollution-free hybrid & electric vehicles is becoming one of the most preferred choices. In contrast to several public qualms and hesitations about the benefits of electric vehicles with regards to the environmental protection, the logic behind the theory is getting clearer every day as more renewable energy is being utilized by the global consumer pool through the usage of the electric vehicle market.
The global battery market is anticipated to undergo a severe form of opportunistic growth as there has been ongoing research, development and promotion of Electric Vehicles (EVs) that rely immensely on the lightweight feature and enhanced battery storage. EVs have paved the path of one of the most effective means for straightaway reduction of fuel consumption, minimization of environmental pollution and easy conformity towards various national and international strategies for sustainable development across the world.
The development of the automotive industry plays a critical role in the advancement of both the electric vehicle and the battery market. The growth of the automotive market in the developing economies of Indonesia, Mexico, India, Vietnam and Thailand substantiates this claim since the industry size of EV is being amplified considerably as the development for a more advanced variety of lead-acid batteries is being prevailed.
Most of the companies operating in the automotive industry are investing heavily in the development of batteries specifically made for electric vehicles, which will effectively propel the demand for the global battery market as well. The Toyota Motor Corporation is focusing on producing electric cars that are powered by a solid-state battery, and they are planning to launch these vehicles by 2022. The German company, BMW had signed a partnership in 2017 with the US-based Solid Power for manufacturing the next-generation electric vehicle batteries.
Lithium-ion, Nickel hydride & solid-state batteries are considered to be few of the key battery storage technologies that are being utilized by the automobile industry. Furthermore, the sustained governmental support for the uptake of sustainable energy systems, the convenience of charging stations, dwindling battery prices and volatile fuel costs, are propelling the rapid uptake of electric vehicle across the globe. The Lithium-ion batteries have considerably good load characteristics and are essentially eco-friendly with relatively minimal disposal issues. Those being commercially available in various sizes or shapes adds on another winning factor for their higher uptake by the EVs. The Nickel hydride batteries are known to have very high energy density than lead-acid batteries and have a relatively long lifespan, which makes them perfect for usage in the electric vehicles. The solid-state battery technology involves the use of solid electrodes and electrolytes that significantly minimizes the damage from electrolyte leakage, heavyweight and accidental explosions upon overcharging and discharging. The smaller, lighter variety of solid-state batteries will be beneficial for the EVs in the near future.
There are a few companies established in certain regions of North America and Europe that are investing millions in innovating the electrically powered battery vehicles so as to reduce the dependency on non-renewable energy sources, like petroleum. For instance, the company, Hitachi Automotive Systems Ltd., had initiated the manufacturing of a particular variety of lithium-ion battery that would boost the fuel efficiencies of hybrid electric vehicles. This strategy had increased the demand for electric vehicles in the European and Chinese markets.

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