Why will Demand for Automotive Lithium-Ion Batteries Swell in Europe in Coming Years?

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.

TO RECEIVE FREE SAMPLE PAGES OF THIS REPORT: https://www.psmarketresearch.com/market-analysis/automotive-lithium-ion-battery-market/report-sample

Besides the growing popularity of electric vehicles, the falling prices of these batteries are also contributing to their ballooning usage across the world. Because of these reasons, the global automotive lithium-ion battery market is predicted to record swift advancement in the forthcoming years. Lithium-ion batteries are extensively used in passenger cars, commercial vehicles, and two-wheelers. Amongst these, the utilization of these batteries was observed to be the highest in passenger cars in the past, primarily due to the large-scale manufacturing of electric cars in the major automobile manufacturing countries such as the U.S. and China during the last few years.

INQUIRE BEFORE PURCHASE: https://www.psmarketresearch.com/send-enquiry?enquiry-url=automotive-lithium-ion-battery-market

Additionally, the governments of several countries provided huge financial incentives to both passenger car manufacturing companies and end-users, which further bolstered the sales of these cars during the past several years. When the vehicle technology is taken into consideration, the automotive lithium-ion battery market is divided into plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and battery electric vehicles (BEVs). Amongst these, the BEVs category recorded the highest growth in the market in the past. This is ascribed to the higher battery capacity requirements in these cars in comparison to the PHEVs and HEVs.

Globally, the European automotive lithium-ion battery market will be very lucrative in the coming years, according to the estimates of P&S Intelligence, a market research company based in India. This is attributed to the rising sales of electric vehicles in the region, primarily on account of the presence of favorable government policies. Furthermore, the European Union (EU) has partnered with commercial lenders and battery manufacturing companies for developing an ecosystem that will make the region completely self-sufficient in automotive battery manufacturing in the near future.

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.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

This release was published on openPR.