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NEW YORK, August 28, 2018 /PRNewswire/ -- According to a research report published by Zion Market Research, the global lithium-ion battery market was valued at approximately USD 31.17 Billion in 2016. The market is expected to generate USD 67.70 Billion of revenue by the end of 2022 while growing at a CAGR of 13.7% between 2017 and 2022. These rechargeable batteries are highly popular because of their small compact size and the ability to deliver high energy density, which makes lithium-ion batteries popular in the consumer electronics sector and for electric vehicles (EVs). Currently, the consumer electronics segment, which includes products such as laptops, phones and tablets, has the largest share of the total lithium-ion battery market revenue. In the near future, the market is expected to shift to electric vehicles as demand in the automotive industry grows. Blue Eagle Lithium Inc. (OTC: BEAG), First Cobalt Corp (OTC: FTSSF), Millennial Lithium Corp. (OTC: MLNLF), NRG Metals Inc. (OTC: NRGMF), Nemaska Lithium Inc. (OTC: NMKEF) Electric vehicles which are powered by lithium-ion batteries help eliminate diesel emissions and this has encouraged governments to push for accelerated deployment of these vehicles, as well as a push to establish new regulations. The shift towards electric vehicles is slow, yet it is causing battery components such as lithium and cobalt to skyrocket in price, as demand begins to outweigh supply. According to a report by CNBC, Simon Moores, Managing Director of Research at Benchmark Mineral Intelligence, said, "Lithium is coming of age in a big way. It's the core ingredient to 99% of electric vehicles and as a result, demand is going through the roof."