Barring the poorest of the poor, almost everyone has a smartphone nowadays, or even a conventional mobile phone. According to the State of Mobile Internet Connectivity Report 2019 published by GSMA, the earth was home to 3.5 billion smartphone users in 2019, with the total smartphone penetration standing at 45% for the year. One of the major reasons behind the high popularity of these devices, apart from the innumerable features they offer, is that they do not need a constant power supply, thanks to their battery.

 

As most of the consumer electronics use lithium-ion batteries, the global lithium-ion battery market size will grow from $33,720.8 million in 2018 to $106,493.0 million by 2024, at a 21.8% CAGR between 2019 and 2024, with the increasing sale of such products, says P&S Intelligence. In such batteries, lithium is contained in the cathode (positive terminal) and electrolyte (the liquid that allows for the ion exchange during the charge and discharge cycles).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Among the major growth drivers for the lithium-ion battery market is the burgeoning sales of EVs around the world. As per the Global EV Outlook report of the International Energy Agency (IEA), 2.1 million EVs were sold in 2019, registering a humongous 40% increase from 2018, which itself had witnessed record sales. As EVs, especially battery electric vehicles (BEVs), do not cause any operational carbon emission, their adoption is being encouraged by countries around the world, on account of the rapid degradation of the environment.

Presently, Asia-Pacific (APAC) dominates the lithium-ion battery market, on account of numerous companies in the region offering these products. Additionally, China, South Korea, and Japan, which are the largest EV markets on earth, are also among the largest buyers of consumer electronics, along with India. In all these countries, the government, at the national and state levels, is offering strong support to EV buyers and manufacturers, which would lead to an even higher demand for these batteries in the future. This is why APAC will also observe the fastest industry growth during the forecast period.

 

Hence, as the demand for consumer electronics and EVs rises, their manufacturers would buy an increasing number of Li-ion batteries.