Lithium-Ion Battery Market Is Poised to Surpass $60 Billion by 2024!

A new report by Global Market Insights, Inc. predicts the market for lithium-ion batteries to exceed $60 billion in revenue by 2024.
Lithium ion batteries market is booming!

Energy Manager Today has reported that the lithium-ion batteries’ market is poised to grow rapidly by 2024. Their article on a recent Global Market Insights, Inc. (GMI) report explains that with the adoption of electric vehicles and new government initiatives, the lithium-ion battery market will exceed $60 billion in revenue by 2024. They also project that this market will experience a compound annual growth rate of 12% from 2018 to 2024.

A market that seems to be an indicator for this future growth is the Japan lithium-ion battery market. According to Energy Manager Today‘s article, this market is projected to grow by more than 8% by 2024. A reason for this growth is the automotive sector’s “growing adoption of smart devices” and recent government policies that encourage non-conventional fuel vehicles. Energy Manage Today reported that from 2014 to 2016, Japan experienced a 237% increase in lithium-ion cell manufacturing capacity in the automotive sector alone. GMI’s predictions for the Asia-Pacific Lithium-Ion Battery Market Size between 2016 and 2024 can be viewed below:

Asia-Pacific Lithium Ion Battery Market Size, By Application, 2016 & 2024 (USD Million)

Source: Global Market Insights, Inc.

Another reason for GMI’s projections is because of the batteries’ wide-ranging applications in the industrial sector. These applications including the defense, healthcare, mining, and construction sub-sectors. Due to the healthcare industry’s growing interest in IoTs, a growing demand for off-grid technologies, and these batteries’ multitude of other industrial applications, the industrial lithium-ion battery market is expected to surpass $9 billion by 2024.

GMI’s report also lists the lithium-ion battery market’s current and future leaders: Tesla, Panasonic, Samsung, Philips, Sanyo, Toshiba, Duracell, and more.

With such positive projections, the lithium-ion battery market’s future is looking bright!

Question about Our Idle Reduction Solutions? Drop us a line and we’ll get back to you quickly!

Subscribe for the Latest Idle Reduction Technology News

  • Stealth Power treats your information with respect and will never sell or share it with third parties. You can change your mind at any time by clicking the unsubscribe link in the footer of any email, or by contacting us at By submitting your information, you agree that we may process the information provided above in accordance with these terms.