Lithium-ion batteries are commonly used in devices such as mobile phones, digital cameras and power tools. Moreover, demand for lithium-ion batteries in the automobile industry is also expected to increase with the growing demand for electronic cars. The lithium-ion battery has become the more sought-after alternative to nickel-metal batteries for electric vehicles, partially due to its lighter weight and smaller size. The power density, safety, recharge time, cost, and other aspects of its technology are expected to continue to improve. It is estimated that the lithium-ion battery market will reach 77 billion U.S. dollars by 2024, with the consumer electronics market taking up the majority of this growth. Panasonic Sanyo, AESC (Automotive Energy Supply Corporation), Samsung and LG Chem Ltd. are expected to emerge as the major manufacturers of lithium-ion batteries.