Global Rechargeable Poly Lithium-Ion Batteries Market Propelled by Increasing Environmental Awareness
Rechargeable poly lithium-ion batteries utilize lithium ions in a pouch to make the battery more compact and light. They are used in several rapidly growing industries, such as electric vehicles and consumer electronics. The steadily rising demand for several applications of rechargeable poly lithium-ion batteries has propelled the global market for the same.
Demand for Electric Vehicles Growing due to Increasing Environmental Awareness
That cars are among the major sources of environmental pollution is not exactly news. Several solutions have been proposed to decrease the utilization of fuel in cars, but the innovation of electric cars is probably the way forward for the automotive industry as global crude oil reservoirs start to dry up. Electric vehicles do not emit harmful gases, unlike conventional automobiles, which has increased their demand among environmentally conscious consumers. The sustained demand for electric vehicles in the coming years will drive the global rechargeable poly lithium-ion batteries market.
Rising Demand for Smartphones, Tablets Drives Rechargeable Poly Lithium-Ion Batteries Market
Apart from electric vehicles, consumer electronics such as smartphones are the other major application of rechargeable poly lithium-ion batteries. The high energy density of rechargeable poly lithium-ion batteries is particularly useful in consumer electronics, in which the battery is expected to last hours, if not days. The increasing disposable income of Asian consumers has propelled the consumer electronics market in India and China, driving the rechargeable poly lithium-ion batteries market. The rising use of online services and the increasing application of BYOD policies in the corporate sector are the other major factors responsible for the increasing demand from the smartphones market.
Asia Pacific Rechargeable Poly Lithium-Ion Batteries Market to Claim Dominant Share
Currently, the global rechargeable poly lithium-ion batteries market is led by North America, followed by Europe. The strong government support to eco-friendly solutions and the increasing environmental awareness among the general populace in these regions have driven the rechargeable poly lithium-ion batteries market. However, in the coming years, the Asia Pacific market is expected to become a key regional player in the global rechargeable poly lithium-ion batteries market due to the booming performance of the automotive and consumer electronics industries.