Level of demand of Li-ion battery (LIB) applications are arising, including Electric Drive Vehicles and Energy Storage devices, cell design and performance requirements are continually changing, that poses unique difficulties to existing battery manufacturers. In response, there is an inevitable requirement of high-power density and energy in the function of LIB. In this review we have discussed about the alternate battery technologies which can potentially replace the existing LIB technology. Li battery’s electrical performances, their challenges the world will face in the near future as well as the upcoming battery technologies like graphene batteries, redox flow batteries which have the potential to compete in the current market have been discussed in this paper.