The increasing environmental concerns and fluctuating oil prices have boosted the adoption of electric vehicles (EVs), globally. According to the Global EV Outlook 2020 of the International Energy Agency (IEA), 2.1 million electric cars were sold in 2019, which brought the global electric car stock to 7.2 million. The high sales of such EVs can be owed to the mushrooming government support in the form of incentives, favorable policies, subsidies, and tax rebates. New-energy automobiles are increasingly using Li-ion batteries over sealed lead–acid batteries as the primary power source. The rising penetration of EVs will, therefore, fuel the installation of such energy storage units in the coming years.

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Moreover, the original equipment manufacturers (OEMs) of such energy storage devices are constantly trying to develop better variants. In particular, the continuous advancements in the electrolyte of the battery cells and rapid changes in the anode and cathode material will fuel the lithium-ion battery market growth at a high 21.8% CAGR during the forecast period (2019–2024). The market stood at $33,720.8 million in 2018, and it is expected to surpass $106,493.0 million by 2024.

Owing to these and numerous other advancements, Li-ion batteries have a wide application base. The categories under the application segment of the lithium-ion battery market include consumer electronics, automotive, aerospace and defense, telecom, medical, industrial, ad others. In 2018, the consumer electronics sector held the largest share due to the increasing usage of such energy storage devices to power laptops, handheld gaming consoles, tablets, smartphones, MP3 players, and cameras. Besides, Li-ion batteries are also installed as a power source in motorized toys, electric toothbrushes, flashlights, electric shavers, vacuum cleaners, and lamps.

According to P&S Intelligence, Asia-Pacific (APAC) adopted the largest number of Li-ion batteries in the preceding years, and it will also use the maximum number of batteries in the coming years. This can be ascribed to the existence of leading players and a high demand for EVs and portable electronic devices in the region owing to their lowering prices. Moreover, the rapid technological advancements in these energy storage devices will increase their adoption in the coming years. Owing to these reasons, the APAC region will also witness the fastest growth in the demand for Li-ion batteries in the near future.

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Additionally, the European, Middle Eastern and African (MEA), and Latin American (LATAM) regions are also expected to hold considerable shares in the lithium-ion battery market. This can be owed to the rapid penetration of EVs, robust demand for smart portable electronics, and numerous government incentives for producing energy from non-conventional sources in these regions. During the forecast period, Germany, Mexico, and Saudi Arabia will be significant markets in Europe, LATAM, and MEA, respectively.

As the inclination toward EVs and consumer electronics rises, the sales of Li-ion batteries will also escalate at a significant pace.