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Lithium-Ion Battery Market to Grow by USD 448.8 Billion (2024-2028) as Consumer Electronics Drive Demand, Report with AI Impact on Market Trends – Technavio

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NEW YORK, Nov. 27, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global lithium-ion battery market  size is estimated to grow by USD 448.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  42.93%  during the forecast period. Augmented demand from consumer electronics is driving market growth, with a trend towards legislative support for battery recycling. However, growing popularity of fuel cell solutions  poses a challenge.Key market players include A123 Systems LLC, AT and T Inc., BYD Co. Ltd., CLARIOS LLC, Envision Energy USA Ltd., Exide Industries Ltd., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc., LG Chem Ltd., Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzhen Bak Battery Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., Tesla Inc., TianJin Lishen Battery Joint Stock Co. Ltd., and Toshiba Corp..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, and Lithium cobalt oxide), Application (Automotive, Consumer electronics, and Energy storage and others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

A123 Systems LLC, AT and T Inc., BYD Co. Ltd., CLARIOS LLC, Envision Energy USA Ltd., Exide Industries Ltd., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc., LG Chem Ltd., Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzhen Bak Battery Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., Tesla Inc., TianJin Lishen Battery Joint Stock Co. Ltd., and Toshiba Corp.

Key Market Trends Fueling Growth

The Lithium-ion battery market is experiencing significant growth, driven by the rise of electric vehicles (EVs) in the automobile sector and the increasing demand for rechargeable batteries in consumer electronics and renewable energy. Key components of Lithium-ion batteries include the anode (often made of graphite), cathode (typically Lithium Cobalt Oxide or Lithium Titanate), and electrolyte solution. Major market players are focusing on strategic collaborations, mergers, and innovation to meet the surging demand. EV sales are fueling the market, with lithium-ion batteries being the preferred choice due to their high energy density, long life cycle, and memory effect. The EV industry’s reliance on lithium-ion batteries is expected to continue, with solid-state batteries and lithium-air flow batteries being potential future competitors. In the consumer electronics sector, lithium-ion batteries power small-sized electronic devices such as laptops and mobile phones, thanks to their high conductivity and energy efficiency. The aerospace, medical, marine, industrial, and telecommunications industries also rely on these batteries for reliable power sources. The lithium supply chain faces disruptions due to the increasing demand for lithium-ion batteries, making it crucial for companies to secure their supply of lithium insertion materials like graphite and LiCoO2. The fundamental operation of lithium-ion batteries involves the combination of the anode and cathode during charging and discharging, with the selective membrane preventing unwanted reactions. Lithium-ion batteries offer features like power density, long life cycle, and energy efficiency, making them a popular choice for various applications. However, they require an integrated protection circuit for charging and discharging, and proper management to ensure reliable performance and minimize aging. Competition in the market includes lead-acid batteries, nickel-metal hydride batteries, and nickel-cadmium batteries. As the market evolves, companies must stay ahead by focusing on expertise, innovation, and delivering reliable battery solutions to meet the growing demand. 

The global shift towards sustainable transportation has gained momentum due to growing concerns over environmental issues and increasing greenhouse gas emissions. In response, numerous governments have set targets and introduced directives to phase out diesel and petrol vehicles and promote the adoption of electric vehicles (EVs) instead. Notable examples include France, the UK, and the Netherlands, which plan to ban the sale of diesel vehicles by 2040, 2040, and 2030, respectively. China is also taking action by offering subsidies for EVs and restricting new ownership of diesel and petrol cars. These initiatives are expected to significantly boost the demand for lithium-ion batteries, a key component of EVs, in the automotive industry. 

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Market Challenges

•         The Lithium-ion battery market is experiencing significant growth due to the increasing demand for electric vehicles (EVs) in the automobile sector and consumer electronics. However, challenges persist, including supply chain disruptions related to the EV industry’s reliance on raw materials like Lithium and Cobalt. Major market players are collaborating, merging, and exploring alternative technologies like lithium-air flow batteries, solid-state batteries, and Lithium Titanate to mitigate these challenges. Anodes and cathodes, key components of Lithium-ion batteries, utilize various materials such as graphite, LiCoO2, and lithium insertion materials. The fundamental operation of these batteries involves an electrolyte solution and a selective membrane. Features like power density, life cycle, energy efficiency, and rechargeability make Lithium-ion batteries popular power sources for small-sized electronic devices, electric vehicles, renewable energy sector applications, and industries like aerospace, medical, marine, industrial, and telecommunications. Despite their advantages, challenges such as memory effect, aging, and maintenance requirements necessitate expertise in management and reliable power supply solutions. Alternatives like lead-acid, nickel-metal hydride, and nickel-cadmium batteries also compete in the commercial market, offering different features and requirements for various applications.

•         Lithium-ion batteries have been widely used in various industries, including automotive and material handling equipment. However, end-users face challenges with the frequent replacement or charging of these batteries, particularly in operations that run for multiple shifts. For instance, forklifts in warehouses require batteries that can last longer to avoid disruptions in logistics management. Traditional batteries, such as lead-acid and lithium-ion, have limited energy capacity and long recharging periods, necessitating frequent replacements every 2-3 years. To address these issues, more end-users are adopting fuel cell systems, which offer longer operational hours and require less frequent replacement or charging. This shift towards fuel cells is expected to impact the demand for lithium-ion batteries in these industries.

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Segment Overview 

This lithium-ion battery market report extensively covers market segmentation by

Type 1.1 Lithium nickel manganese cobalt1.2 Lithium titanate1.3 Lithium iron phosphate1.4 Lithium cobalt oxideApplication 2.1 Automotive2.2 Consumer electronics2.3 Energy storage and othersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Lithium nickel manganese cobalt-  Lithium-ion batteries with nickel, manganese, and cobalt compositions have gained significant market share due to their unique properties. Nickel and manganese combine to create spinel structures, reducing internal resistance, while nickel’s large specific energy ensures stability. These batteries cater to various applications, including power tools, e-bikes, electric drivetrains, laptops, mobile phones, portable gadgets, electric vehicles, and battery storage power plants. The lithium nickel manganese cobalt segment dominated the global lithium-ion battery market in 2023 and is projected to maintain its position throughout the forecast period.

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Research Analysis

The Lithium-ion battery market is experiencing significant growth due to the increasing demand for electric vehicles (EVs) in the automobile sector and the expanding use of electric power sources in consumer electronics and renewable energy. Lithium and cobalt are key elements in the production of these batteries, with lithium providing high energy density and cobalt enhancing conductivity. The market for lithium-ion batteries is diverse, serving the EV industry, power tools, small-sized electronic devices, and renewable energy storage. The fundamental operation of lithium-ion batteries involves the combination of lithium insertion materials, such as graphite and LiCoO2, during charging and discharging. The market is subject to supply chain disruptions due to the limited availability of raw materials and geopolitical tensions. Strategic collaborations, mergers, and innovation in materials, such as graphite-based lithium-ion batteries, are driving market growth. Lithium-ion batteries are the power sources of choice for various applications, from electric vehicles to laptops, mobile phones, and renewable energy storage systems. Their high energy density, long cycle life, and rechargeability make them an essential component of the modern world’s power infrastructure.

Market Research Overview

The Lithium-ion battery market is a significant segment of the energy storage industry, primarily driven by the growing demand for electric vehicles (EVs) in the automobile sector and the increasing adoption of renewable energy in various industries. Lithium-ion batteries are preferred due to their high energy density, long cycle life, and superior power density compared to traditional lead-acid, nickel-metal hydride, and nickel-cadmium batteries. The market is also fueled by the increasing sales of electric vehicles and the expanding use of lithium-ion batteries in consumer electronics. The lithium-ion battery market consists of several types, including lithium-air flow batteries, solid-state batteries, and graphite-based lithium-ion batteries. The fundamental operation of a lithium-ion battery involves the movement of lithium ions between the anode and cathode through an electrolyte solution and a selective membrane. Lithium-ion batteries are used in various applications, including electric vehicles, power tools, small-sized electronic devices, aerospace, medical, marine, industrial, telecommunications, and more. The market is subject to supply chain disruptions due to the reliance on key raw materials like lithium and cobalt. However, strategic collaborations, mergers, and advancements in technology, such as lithium titanate and solid-state batteries, are expected to mitigate these challenges. Lithium-ion batteries offer several features, including high energy efficiency, long life cycle, and low memory effect. They are rechargeable and require minimal maintenance, making them a reliable power source for various applications. The market is expected to grow significantly in the coming years, driven by the increasing demand for clean energy and the growing popularity of electric vehicles.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeLithium Nickel Manganese CobaltLithium TitanateLithium Iron PhosphateLithium Cobalt OxideApplicationAutomotiveConsumer ElectronicsEnergy Storage And OthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Bobby Lehew Named commonsku’s Chief AI Officer — an Industry First in Promo

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April 20, 2026

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TORONTO, April 20, 2026 /CNW/ – commonsku, the connected workflow platform trusted by 950+ distributors driving $1.9 billion in network volume, today announced the creation of a dedicated AI + Strategy role, promoting Bobby Lehew to Chief AI Officer to lead the company’s AI initiative for customers and the platform. The move makes commonsku the first platform in the promotional products industry to invest at the leadership level in AI strategy shaped directly by distributor needs.

The new role bridges the gap between what AI can do and what commonsku’s customers need it to solve, owning the intelligence loop between customers, product, and the AI landscape. What makes the role distinct: it combines AI landscape intelligence, product strategy influence, direct customer engagement, and industry thought leadership in a single role.

A Natural Evolution

Lehew brings more than 30 years of experience in the promotional products industry to the role. Prior to joining commonsku, he was the CEO of Robyn Promotions, a company among the first wave of distributors who architected the model of technology driven e-commerce company stores in the industry, earning three consecutive Inc. 5000 rankings. Always tech-forward in his work, his industry recognition includes multiple Gold and Silver PPAI Pyramid Awards.

The shift to AI strategy is a natural next chapter for Lehew. At commonsku, he built the company’s content engine from scratch — co-hosting the skucast (350+ episodes, the #1 promotional products podcast) while leaning heavily into AI for all his work. He is editor of The AI Promo Brief, the industry’s go-to resource for AI developments in promotional products, and speaks frequently on the future of merch and the cultural shifts transforming how we sell. At PPAI Expo 2026, his AI session packed the room to capacity and was named a must-attend session by PPAI editors. The industry has been watching Lehew move deeper into AI for over a year. This role makes it official.

Investing in AI for Customers

“The industry is at an inflection point with AI, and distributors need a partner who understands their business,” said Catherine Graham, CEO of commonsku. “commonsku has always been built ‘by promo, for promo.’ Bobby has three decades of that expertise, a passion for helping our customers, and the strategic insight to shape AI tools for future growth. This role reflects our mission: making sure our AI tools solve real problems for real distributors.”

“The companies pulling ahead are the ones leading with customer intelligence – letting what they learn from their community shape what they build and advancing with the frontier of AI development. That’s what this role is designed to do. I’ll be talking with our customers at every level about AI and making sure the features we build make work smarter, drive growth, and eliminate friction.” said Lehew.

“Bobby and I have been creative partners for years, always pushing each other to see around corners for this industry,” said Mark Graham, President of commonsku. “We’ve launched multiple projects together and helped educate and raise the standard for what the future distributor can look like. This role is a natural evolution of that passion. He deeply understands the industry and the distributor’s pain points, and he sees with us an incredible opportunity with AI. We’re thrilled to build commonsku’s AI future together.”

commonsku’s AI investments are already in motion. The skubot Mockup Generator is in beta with Advanced and Enterprise customers, a new Opportunity Agent is entering beta as an AI-powered business intelligence tool, and the company’s immediate roadmap includes a Description Rewriter, Auto-Art Configuration, and a Presentation Generator with much more to come.

About commonsku

commonsku is the workflow platform of choice for the promotional products industry. Built by industry experts, it combines CRM, order management, and social collaboration tools in one cloud-based solution. Over 950 distributors and the industry’s largest suppliers rely on commonsku to power $1.9 billion in network volume. With commonsku, teams process more orders, work more efficiently, and grow their sales faster. Learn more at www.commonsku.com.

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The Oxygen Plan Corporation Files Utility Patent on O2OS™ Pre-Diagnostic Behavioral Health Architecture — Measurement, Routing, Reimbursement, Governance; 2008 Prior Art

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April 20, 2026

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Four-layer architecture spans measurement, routing, reimbursement, and governance. 2008 filing predates the Apple App Store and the current generation of digital behavioral health platforms.

MINNEAPOLIS, April 20, 2026 /PRNewswire-PRWeb/ — The Oxygen Plan Corporation today filed a Track One (prioritized examination) utility patent application covering the O2OS™ architecture — spanning measurement, routing, reimbursement, and governance — with foundational disclosures dating to April 22, 2008.

We built the pre-diagnostic measurement layer to make risk visible before it becomes a clinical event. Our role is architecture and calibration. Deployment, operations, and vertical execution sit with institutional partners. — Eric Lucas, Founder-Governor • The Oxygen Plan Corporation

O2OS™ establishes a structured, pre-diagnostic measurement framework that makes behavioral health risk visible, routable, and economically measurable before it becomes a clinical event.

The 2008 filing predates the launch of the Apple App Store.

The subsequent 2009 PCT publication predates the current generation of digital behavioral health platforms.

THE ARCHITECTURE

O2OS™ is a four-layer operating system for behavioral health:

Measurement — Stress Number™, a composite score across Home, Work, and Social domains (each scored 0–100), designed to produce a bounded, interoperable pre-diagnostic behavioral health signalRouting — Smart Referral Engine™, threshold-triggered and tri-hierarchical, designed to match individuals to appropriate resourcesReimbursement — CPT-aligned workflow support, intended to enable billing integrationGovernance — the Automated Governance Utility™, a license registry and access control layer designed to support neutrality and structured participation

The system operates as a closed-loop architecture in which pre-diagnostic measurement informs routing, routing aligns with reimbursement pathways, and governance enables coordinated operation at scale.

STRUCTURAL GAPS

Behavioral health systems currently operate with two unresolved structural gaps:

Penetration Gap — the majority of individuals remain unmeasured at the pre-diagnostic stageRouting Gap — measured individuals are not consistently routed to appropriate resources

O2OS™ is designed as a pre-diagnostic measurement and routing architecture that addresses both conditions within a unified system.

FEDERAL ALIGNMENT

O2OS™ is aligned with established federal and reimbursement pathways, including CMS Coverage with Evidence Development (CED), CPT 96127 and CPT 96138, Medicaid 1115 Waivers, HEDIS quality measures, and CMS Aim 1 for prevention and early detection.

CLINICAL VALIDATION

Stress Number™ has been validated working in collaboration with Mayo Clinic (Archives of Psychology, 2018, N=292). O2OS™ functions as a pre-diagnostic measurement layer designed to support routing toward existing clinical tools and workflows.

About The Oxygen Plan Corporation

The Oxygen Plan Corporation develops O2OS™ — a pre-diagnostic measurement, routing, reimbursement, and governance architecture for behavioral health. Foundational disclosures date to 2008 prior art, with peer-reviewed clinical validation conducted working in collaboration with Mayo Clinic.

Learn more at:

www.theoxygenplan.com

Statements describe system architecture, intended capabilities, and alignment pathways. Implementation and outcomes vary by partner, deployment, and regulatory context.

Media Contact

Chris Lechuga, The Oxygen Plan Corporation, 1 877 897-6520, chris@rockerpr.com, www.theoxygenplan.com

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West Monroe Named in Customer Experience Strategy Consulting Services Landscape by Independent Research Firm

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April 20, 2026

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Firm believes inclusion reflects its ability to connect customer experience, AI, and execution to measurable business outcomes

CHICAGO, April 20, 2026 /PRNewswire/ — West Monroe, a global business and technology consulting firm, announced it has been named among Notable Providers in The Customer Experience Strategy Consulting Services Landscape, Q2 2026. The report serves as a resource for executives and customer experience leaders evaluating customer experience strategy consulting providers, offering an overview of 28 providers across the market based on factors such as geographic focus, industry expertise, and business scenarios.

As organizations look to increase customer stickiness and drive growth, many are increasing investment in customer experience strategy while also exploring how AI can enable more personalized, efficient, and scalable experiences. At the same time, organizations face growing pressure to demonstrate clear business value—driving demand for partners that can embed data and AI into end-to-end customer journeys and translate those investments into measurable outcomes.

“Customer experience is evolving as AI expands what’s possible—and raises the bar for how organizations deliver it,” said Chuck Malone, Platforms & Customer Strategy Lead at West Monroe. “We believe our inclusion reflects our focus on helping clients move beyond strategy to execution, embedding data and AI into customer journeys in a way that improves engagement, strengthens retention, and delivers measurable business results.”

West Monroe brings longstanding experience helping organizations design and implement customer-centric strategies across industries including healthcare, banking, energy and utilities, insurance, and consumer & industrial products.

As part of the report, Forrester asked each provider included in the Landscape to identify the business scenarios for which clients most often engage them and highlighted extended scenarios that differentiate providers. In addition to the core business scenarios identified in the report—business assessment and analysis, customer research, and vision and strategy setting—West Monroe highlighted prioritization and roadmapping, technology transformation, and workforce enablement among the extended scenarios.

A core focus of the firm’s customer experience work is contact center and service transformation—helping organizations redesign customer journeys, modernize operations, and implement AI-enabled platforms to improve service experiences and reduce cost-to-serve.

The firm’s customer experience work has delivered measurable results for clients across industries, including:

Healthcare: Redesigned critical contact center workflows for a healthcare organization, improving first-call resolution by 68%, reducing clinic task volume by 33%, and increasing patient satisfaction.Energy & Utilities: Built a Salesforce-powered digital portal in 60 days to support solar rebate programs, reducing approval timelines by more than 60% and enabling administration of 25+ clean energy programs.Banking: Led a digital transformation for a mid-market bank, reimagining onboarding, servicing, and program management—driving more than $100M in new deposits, $550K+ in annual cost avoidance, and a 96% platform adoption rate.

Learn more about West Monroe’s customer experience services: https://www.westmonroe.com/services/customer-experience-platforms.

Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity here.

About West Monroe

West Monroe is a global business and technology consulting firm passionate about creating value for our clients. We co-create solutions that accelerate results now and prepare industries to tackle what’s next. We’re excited by the possibilities that technology creates. We work with our clients to deliver on the possible, building on their goals, generating fresh insights and creating inspiring outcomes.

We excel at the intersection of industry, strategy, people and technology—always driving rapid impact. Our all-in approach comes from our unique employee ownership structure. Our clients’ success is our success. From the beginning, our growth has come from putting people at the center. Fortune and USA Today consistently celebrate West Monroe as a top workplace, and we’re recognized as a leading consultancy by Forbes and Business Insider. Let’s find more value for your business.

Share our passion at westmonroe.com

Media Inquiries
Christina Galoozis
Director, Communications & Public Relations
cgaloozis@westmonroe.com
847-302-1762

Shira Cohen
Manager, Public Relations
scohen@westmonroe.com
443-841-6879

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