“Increase in the Demand for Smartphones and Consumer Electronics”
The demands and requirements of consumer electronics have continued to increase at an exponential rate. Lithium ion batteries are common in consumer electronics. They are one of the most popular types of rechargeable batteries for portable electronics, with proper energy-to-weight ratios, high open-circuit voltage, and low self-discharge rate. Advancements in technology have compacted the size of electronic devices, making them slimer and lighter, which is increasing the requirement for lithium ion batteries. These batteries last longer, charge faster, and have a higher power density for more battery life in a lighter package.
Moreover, 1 kg of a lithium ion battery can store up to 150 watt-hours of electricity whereas the lead-acid battery can store only 25 watt-hours per kg. The benefits offered by lithium ion batteries have increased the requirement in consumer electronics. As people are becoming more inclined towards digitalization, more advanced electronics are being developed. This trend increase the demand for smartphones and consumer electronics and expected to boost the market growth.
