Demand for Lithium Ion Battery Packs to Soar on Back of Next-gen Consumer Electronics, Finds Fact.MR
Published : 27 Feb 2020 Industry: Industrial Goods
Global lithium ion battery pack market is projected to grow at a dexterous CAGR of more than 12% between 2019 and 2028. Surpassing a valuation of US$ 189 Billion by 2028 end, lithium ion batteries are being highly preferred in commonly used portable electronic equipment, such as smartphones, PCs, digital cameras, and power tools. Owing to its high performance vis-a-vis other battery technologies, lithium ion batteries are witnessing substantial demand from consumer electronics manufacturers.
As the production of smartphones and other consumer electronic products is increasing at a rapid pace, demand for lithium ion batteries has also risen in the past few years. While nickel-cadmium batteries are losing their share to more reliable lithium ion batteries, leading lithium ion battery manufacturers are combining lithium with other materials, such as nickel, manganese, and cobalt, to further boost energy density and reliability of these batteries. Further, lithium ion battery pack market is witnessing exponential growth as electronics device manufacturers are using lithium ion batteries to introduce devices with a longer lifespan. The growing need for automation and battery-operated, portable power tools in other industrial applications will propel the growth of the lithium ion battery pack market.
Key Takeaways of Lithium Ion Battery Pack Market
- Global lithium ion battery pack market is expected to grow at a value CAGR of 12.4% and is anticipated to expand 2.9X from 2019 through 2028
- Lithium Cobalt Oxide type of lithium ion batteries are expected to create an absolute $ opportunity of more than US$ 47 billion and are expected to hold maximum share in terms of value in the global lithium ion battery pack market by the end of the forecast period (2019 – 2028)
- Cylindrical cell type lithium ion battery pack is projected to grow at a value CAGR of 12.7% and is expected to be valued 1.2X more than prismatic cell type lithium ion battery pack. While, pouch cell type lithium ion battery packs are expected to gain 236 BPS into its market share by the end of the forecast period
- Lithium ion battery packs with voltages less than 12V are projected to be the frontrunners in the global lithium ion battery pack market and are anticipated to grow at a volume CAGR of more than 16% through the forecast period
- Automotive end-use application is projected to hold maximum share in terms of value and is expected to create an absolute $ opportunity of more than US$ 113 billion between 2019 & 2028
- In the automotive end-use, HEV is projected to hold maximum share in terms of value and will account for more than US$ 136 billion by the end of the forecast period
- Asia Pacific is anticipated to be the market leader in the global lithium ion battery pack market by the 2028 end with more than 48% market share in terms of value
“Global lithium Ion battery pack market is mainly driven by rapid technological changes in the electronics applications where it will create enormous opportunities, as end use industries are witnessing exponential growth.” Says the Fact.MR analyst.
Leading Players to Forge Strategic Partnerships and Collaborations
Lithium ion battery pack market is highly consolidated in nature with few players serving the majority of the customer base. Manufacturers are collaborating with industry leaders for introducing innovative solutions in the industry. For instance, in December 2018, LG Chem and Kidman Resources signed a memorandum of understanding for the supply of lithium hydroxide from the Mt Holland lithium project in Western Australia. And, in September 2018, BYD Co. Ltd. a manufacturer of rechargeable batteries entered into a partnership with German inverter manufacturer KOSTAL to develop solutions for efficient energy storage for private and commercial applications.
More Valuable Insights on the Lithium Ion Battery Pack Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global lithium ion battery pack market, presenting historical demand data (2013-2018) and forecast statistics for the period of 2019-2028. The study divulges essential insights on the Lithium Ion battery pack market on the basis of product, cell type, nominal voltage, battery capacity, and end use applications across six major regions.
>>> To Get more insights on lithium ion battery pack market, visit-https://www.factmr.com/media-release/1343/global-lithiumion-battery-pack-market
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analysed industrial good industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.