Currently, the world is combating with diverse types of challenges related to climate change and fuel costs. However, the research field of the electrical vehicles has given a considerable substitute for conventional vehicles. Moreover, the global involvement in the advancement of HEVs (Hybrid Electric Vehicles) and PHEVs (Plug-in Hybrid Vehicles) is getting higher. The mountaineering prices and reducing oil under the earth is distressing the world’s economy adversely. In 1991, the battery market in the world was estimated to be at $21 billion dollars yearly by S.L Deshpande estimated. As of this present day, electric and hybrid electric vehicles have become more protuberant and widely accepted by the public, this indicates that the battery market will be more than double the 1991 value by now. Over the years, because of the increase in the number of vehicle users, the rate of CO2 emissions has risen, drastically. These discharges, combined with the challenge of coming up with other energy sources for crude oil and natural gas have led to the success of the battery market, most particularly in the EV and HEV business. The demand for ecologically friendly vehicles has risen so that different research works have gone into battery cells technology to produce electric vehicles and to support internal combustion vehicles to form hybrid electric vehicles. The Lithium-ion, Lead-acid, Nickel Metal Hydride, Lithium battery are to mention a few types of secondary batteries being used as energy storage systems to drive EV and HEV vehicles. Selection of a battery is based on efficiency, cost, durability, performance, power, energy, etc. This paper seeks to examine and discuss the utilization of different secondary batteries and their use as energy storage systems as well as in EVs and HEVs. The Lithium-ion battery will particularly be the center of discussion in this paper, its role in battery market and battery economics.