The lithium-ion battery currently stand as the best alternative to its lead-acid counterpart in terms of energy density and weight.
Companies like Panasonic and Hitachi are already investing heavily in lithium-ion storage technology. Chinese firms too are on the path to becoming major providers of lithium-ion products.
The only major problem with lithium-ion batteries is cost, which is approximately four times that of lead-acid batteries.
Despite this major barrier, the lithium-ion battery market is expected to expand from $10 million in 2013 to $235 million in 2018 and even on to $370 million in 2020.
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