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Reasons Why Lithium-Ion Batteries Have Become the Preferred Choice in the Electronics Field

By Somnath Sasane

According to Allied Market Research, the lithium-ion battery market is expected to cite a significant CAGR from 2019 to 2027. In the last few years, there’s been a steep increase in the demand for smart phones and other microelectronics maneuvers, which has driven the market in more than one way. Also, the surge in the usage of electric vehicles in the last decade has supplemented the growth yet more. On the other hand, the high price associated with these batteries and the incorporation of strict government regulations to keep a tab on the growing pollution level are projected to curb the growth to some extent. However, higher requirements in terms of energy efficiency in hi-tech consumer tools & implements have almost mellowed down the impeding aspects and paved the way for an array of opportunities in the near future.

lithium batteryHere, it’s worth mentioning that the outbreak of covid-19 posed a mixed impact on the global lithium-ion battery market. The stay-at-home drift made most people spend more time on smart phones and other digital devices. This, in turn, increased the demand for lithium-ion batteries, a major component used in iPods, laptops, and cell phones. On the other hand, lack of skilled workforce, scarcity of raw materials, disrupted supply chain, and transportation ban across the world gave way to distorted manufacturing activities. However, the global situation is getting better at a slow and steady pace, and the market is anticipated to revive soon.

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Aishwarya Saxena

A book geek, with creative mind, an electronics degree, and zealous for writing.Creativity is the one thing in her opinion which drove her to enter into editing field. Allured towards south Indian cuisine and culture, love to discover new cultures and their customs. Relishes in discovering new music genres.

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