Everything from earbuds to laptops and mobile phones has a lithium-ion battery. Use of these batteries isn't limited just to electronic items, these batteries are popular in the electric vehicle industry as well. Today, various battery manufacturers and government organizations from different are researching to make such batteries even more adaptable to the electric vehicle industry.
Since these are considered the most suitable energy storage devices for powering electric vehicles, the demand for lithium-ion batteries has been increasing tremendously in the last few years. Lithium-ion battery technology is serious about improving the driving range of electric vehicles and reducing the costs and time of charging for electric battery powertrains compared to internal combustion engine vehicles.
Factors like use applications, the cost of ownership, maintenance, and ease of use makes this a preferable option. Especially in the countries like India which is a price-sensitive market.
The above-mentioned factors are the reason for the boost to the lithium-ion battery market. According to a research report by Astute Analytica, the market will register a CAGR (Compound Annual Growth Rate) of 22.1% during the forecast period from 2022-2031.
How lithium-ion is revolutionizing the EV sector?
Listed down are some of the key reasons for the popularity of lithium-ion batteries.
Versatility, a single type of lithium-ion cell, such as a cylindrical 21700 cell, can be used as a battery or can be bundled together into an EV battery pack. It can also be used as a large grid-connected energy storage installation. This kind of versatility gives access to the manufacturers to scale the production in a huge footprint of specific cell architectures, bringing the production prices of lithium-ion batteries down very low.
Zero maintenance, LIB generally has a very low cost of maintenance which is equivalent to zero. Without the need for regular charging, it persists a good battery life. The self-discharge rate is very minimal, and it doesn't need a topping charge to maintain its original state of charge. LIBs don't show the battery memory effect common in NiMH and Ni-Cd batteries, which causes a loss of capacity when partially charged and discharged repeatedly.
The long cycle life, of LIBs, has further enhanced their popularity. Products which has lithium-ion batteries can be used till the actual product life without requiring a battery change. Although the lithium-ion battery cost is significantly higher than the NiMH and Ni-Cd batteries. LIBs don't require a change in the entire product lifespan but the others require. This drops the overall ownership cost of a lithium-ion battery-powered electronic product or EV.
High energy density, is the most apparent difference between LIBs and other established technologies. Lithium is the lightest metal and possesses a high electrochemical potential which allows LIBs to have extremely high energy densities; much higher than nickel-cadmium (Ni-Cd), nickel-metal hydride (NiMH), and lead-acid (Pb-Acid) batteries.2 This makes LIBs ideal for applications such as mobile phones or EVs, where excess weight is a liability.
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