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Automotive Lithium based Battery Market Lithium-Iron Phosphate, Restraints and Industry Forecast By 2030 | AMR
In a lithium-based battery, the lithium ions move from the negative electrode through an electrolyte to the positive electrode during discharge, and back when charging. Li-ion batteries use an intercalated lithium compound as the material at the positive electrode and typically graphite at the negative electrode. These batteries have a high energy density, no memory effect, and low self-discharge. Moreover, lithium-ion batteries have high energy than lead-acid batteries, so it is possible to make the battery smaller and lighter than others while retaining the same storage capacity. The automotive lithium-ion battery has emerged as an eco-friendly, rechargeable power source as compared to conventional batteries such as lead-acid and nickel-metal hydride batteries. Lithium-ion batteries are used in the electric vehicle because of their high energy density compared to their weight. Since the modern lithium-ion batteries are small so original equipment manufacturers can use multiple numbers of batteries inside the vehicle and increase the battery capacity.๐๐๐ญ ๐ ๐๐๐ ๐๐ซ๐จ๐๐ก๐ฎ๐ซ๐ ๐๐จ๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐ - https://www.alliedmarketresearch.com/request-toc-and-sample/14243
Government subsidies & benefits for the adoption of electric vehicles
โTo promote the sale of electric vehicles governments of major countries have announced special subsidies and tax benefits for the consumers.
โFor instance, in India, the government aims to achieve 100 % electrification of public transport and 40% of personal transport by 2030. To achieve the following vision Government of India announced income tax exemptions for prospective EV buyers and reduced goods and services tax (GST) on EVs from 12% to 5% in July 2019. Moreover, the government of India unveiled plans to boost its national battery manufacturing and value-adding capabilities, to meet its electric vehicle (EV) adoption targets in 2019.
โThe government is in the process of opening tenders to set up a 50 GW battery manufacturing base, with around a USD 50 billion investment. The annual subsidy outgo, on this, is estimated to be $93 million. Furthermore, the administration aims to provide zero duty on import lithium-ion. This will allow the manufacturer to develop the new advanced cell chemistry. Thus, government subsidy will drive the electric vehicle market which can act as an opportunity for growth of the automotive lithium-based battery market.
Top Impacting Factors
โStringent government regulations regarding fuel emissions, high demand for electric vehicles, R&D for efficient batteries are expected to drive the growth of the market.
โHowever, the lack of charging stations and safety concerns regarding batteries can impact market growth.
โMoreover, government subsidies & benefits for the adoption of electric vehicles, low price & low weight, and rise in disposable income of consumers will promote the sale of vehicles which also boost market expansion.
๐ ๐จ๐ซ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ - https://www.alliedmarketresearch.com/purchase-enquiry/14243
The key players analyzed in this report are Panasonic Corporation, Hitachi Ltd, Toshiba Corporation, NEC Energy Solutions, GS Yuasa Lithium Power, LG Chem Ltd., Johnson Controls, SB LiMotive, BYD Company Ltd,
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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