Projected lithium ion battery market size worldwide in 2017 and 2025
The global lithium ion (Li-ion) battery market is expected to reach 100.4 billion U.S. dollars by 2025, compared to a market size of 30.2 billion U.S. dollars in 2017. Over half of the Li-ion market is expected to be used for the automotive market. In consumer electronics, mobile phones are expected to be the largest application for these batteries. Their ability to tolerate movement and temperature change to some extent as well as a quick recharge time, makes it ideal for powering phones and other consumer products. In 2019, a Li-ion battery pack was estimated to cost about 158 U.S. dollars per kilowatt hour.
The Lithium-Ion Battery Advantage
The popularity of lithium-ion batteries has grown due to the advantages they provide over more conventional battery types. These Li-ion batteries tend to be lighter than other rechargeable batteries as the electrodes are made of lithium and carbon, two lightweight commodities. Li-ion batteries can also hold a charge better than other, have no memory effect (no need to completely discharge batteries before recharging), and are able to handle hundreds of charge and discharge cycles.