https://www.maximizemarketresearch.com/market-report/global-li-ion-battery-for-aevs-market/118951/ Consumer demand for li ion batteries are high thanks to its unique properties such as high energy density, long life, reduced weight, and eco-friendly qualities. Lithium-ion batteries have also emerged as the preferred energy source for electric cars (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHEVs), as well as energy storage applications, in the fast-growing market. The worldwide wind industry had its best year ever in 2020, with 93 GW of new capacity installed, up 53% from the previous year, fueling demand for ESSs in the world and propelling the expansion of the lithium-ion battery industry. Li-ion batteries are a good option for NiMH batteries since they produce twice as much energy for the same weight and provide increased output and mileage. The cost of lithium-ion batteries has been declining, with a price of less than USD 137/KWh expected in December 2020, down from around USD 900/KWh in 2011. Because the battery costs a substantial portion of the entire EV cost, the dropping cost of the battery has prompted an increase in demand for EVs. The government's strict emission limits to safeguard the environment and reduce degradation-based possibilities are projected to have a significant impact on the lithium-ion battery business. The presence of significant electric car firms in the United States, United Kingdom, Germany, and China, such as Nissan, BMW, Tesla, Chevrolet, Ford, Toyota, and Fiat, is expected to boost market expansion. In 2020, the Lithium Iron Phosphate (LFP) product category was worth more than USD 12.0 billion. These batteries have a long life period and provide exceptional product safety.