Global Market Insights believes the global lithium-ion battery market will exceed $60 billion by 2024. Li-ion batteries are used as a power source for hybrid and electric vehicles (EVs) as well as a wide range of applications across defense and healthcare industries, where capacity and energy density are of crucial for efficiency. Major car manufacturers worldwide are now heavily invested in the development of electric vehicles. They’ve found the range of EVs can be improved, and the fuel consumption of hybrid EVs can be reduced using lithium-ion batteries. The diverse types of rechargeable batteries, distinguished by the materials used for the electrodes and electrolytes, have a short-range due to lower energy density and have a short operational life when compared with that of lithium-ion batteries. For further information, visit Global Market Insights, The Finncial Buzz, and/or call 877-601-1879, and/or email at [email protected].