The lithium ion battery market for renewable and grid storage applications will be $12bn by 2024, while the Lithium Ion battery industry for consumer applications will surpass 14bn by 2024.

The Lithium Ion battery market is increasingly bullish due to its usage by portable electronic devices given its longer shelf life, higher stability and heat resistance properties coupled with faster charging efficiency when compared with other alternatives.

Growth is further supported by ample supply of raw materials, which has stimulated production and made lithium ion batteries the preferred technology across varied applications, from inverters to consumer electronics and industrial batteries.