Lithium-Ion Batteries Becoming More Sought-After Due To EVs Lithium-Ion Batteries Becoming More Sought-After Due To EVs

The market is primarily driven by the demand for consumer electronics and grid energy, as well as industrial and automotive demand.


According to data compiled by Transparency Market Research, the global lithium-ion battery market was valued at $29.68 billion in 2015 and is expected to reach $77.42 billion by 2024, while growing at a CAGR of 11.6 percent. The market is primarily driven by the demand for consumer electronics and grid energy, as well as industrial and automotive demand.

Currently, the consumer electronic segment contributes to almost half of the global market revenue. The growing number of smartphones is currently the driver of the market, but that is expected to shift once electric vehicles (EVs)become more widely available. The electric vehicle industry is expected to contribute heavily to the battery market as many countries begin to shift to a more environmentally efficient alternative.

Lithium-ion batteries are highly attractive to manufacturers because of their small compact size and ability to hold a large charge. The batteries also are rechargeable and recyclable, offering a cheaper and more eco-friendly solution. Due to their rechargeability, lithium-ion batteries are used in electric vehicles, allowing for zero-emission driving. Currently, government regulators are aggressively pushing out the deployment of electric vehicles due to rising environmental concerns, increasing the demand for their batteries. The surge in demand is outpacing the readily available supply, which has resulted in increasing prices for lithium-ion battery components.

“The battery industry is expanding capacity to meet the forecast EV demand, which is being mirrored by converters’ capacity. The level of investment in the raw material part of the chain (hard rock mines and brines) is accelerating, but needs to accelerate faster,” said David Whitten, head of global natural resources and a fund manager at Janus Henderson Investors.

You May Also Like

Perrone Robotics, Sustainability Partners Team Up on AVs

Perrone says it will be fielding multiple AVs based on GreenPower Motor Company’s EV-Star mini E-bus in Hawaii.

Autonomous vehicle (AV) kit and turnkey vehicle solutions provider Perrone Robotics, Inc. announced it will be expanding its autonomous vehicle capabilities and global reach by providing the first all-electric zero emissions, ADA-compliant, and FMVSS-compliant autonomous vehicles (AVs) to operate in the state of Hawaii.

Perrone says it will be fielding multiple AVs based on GreenPower Motor Company's EV-Star mini E-bus outfitted with Perrone's TONY (To Navigate You) AV product. Perrone has entered into an agreement with Sustainability Partners (SP), an Infrastructure as a Service company, to supply the AVs for operation in Hawaii. SP facilitates the purchase of new technology across industries and supplies them to customers at a standardized and affordable rate, Perrone adds. SP is under contract with the state of Hawaii to provide fleets of vehicles and related EV infrastructure.

Toyota Research Inst. Showcases Impact of Future Technology

The Institute opened its doors to showcase tech trends that are addressing major societal challenges.

Sandpiper: A New Framework for Automotive Content Exchange

Anyone who tries to keep up with technology knows that technology innovation doesn’t rest.

Quala Taps PhaseZero to Boost Customer eCommerce Experience

PhaseZero’s e-Commerce platform CxCommerce will help modernize Quala’s customer experience.

Visteon, Qualcomm Partner on Next-Gen Digital Cockpit

Companies to work together to deliver high-performance integrated cockpit domain controller technology for software-defined vehicles using Visteon SmartCore software powered by Snapdragon Cockpit Platforms.

Other Posts Releases Its 2023 Top Picks For EVs

Searches for EVs on have grown 84% since 2022.

BorgWarner Acquires Hubei SSE Charging Business

SSE’s electrification capabilities in China are expected to complement BorgWarner in Europe and North America.

Ford Pro, EY Partner to Help Customers with EV Tax Credits

Going electric can be challenging for business owners while navigating the intricacies of EV tax credits.

LG Chem to Enforce High-Nickel Cathode Patent

LG Chem aims to enforce its battery material patent rights amid intensifying EV competition.