Lithium ion batteries are rechargeable batteries in which lithium ions move from anode to cathode during discharge and traverse back to anode while charging. The global market was USD 11.70 billion in 2012 and is expected to reach USD 33.11 billion in 2019, growing at a CAGR of 14.4% from 2013 to 2019. Rising cost of fuel has paved the way for alternate means of transportation.
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