The global li-ion battery market will grow by USD 47.8 billion in 2020-2024

According to the latest report of the international market research agency Technavio, the market size of lithium-ion batteries may grow by USD 47.81 billion between 2020 and 2024, and the growth momentum of the market will accelerate during the forecast period.

The report believes that the growth in consumer electronics product demand and the popularity of electric vehicles are the main factors driving the steady growth of the market. At the same time, the cost of various smart wearable electronic devices has dropped, and the increasing popularity of products will also increase the demand for lithium-ion batteries. It is expected that the compound annual growth rate of this market will exceed 16% during the forecast period.

In terms of market regions, the Asia-Pacific region is the largest lithium-ion battery market in 2019. During the forecast period, the region will provide some growth opportunities for market suppliers. The popularity of renewable energy, electric vehicles and consumer electronics will greatly stimulate the growth of the lithium-ion battery market in the region.

Lithium ion batteries are widely used in consumer electronics products. This is due to its higher efficiency, smaller size, lighter weight and other advantages. Some major consumer electronics products include laptops, notebooks, tablets and smartphones.