Nearly 90% of Li-Ion Battery Pack Applications Abound across the Automotive Industry: Fact.MR Study
Published : 08 Sep 2021 Industry: Industrial Goods
Fact.MR states that the global li-ion battery pack is expected to exceed US$ 75.5 Bn market revenue by registering a CAGR of 3% in the forecast period. Increasing popularity of electric vehicles will act as the principal growth accelerator for the market in the forthcoming decade.
Historically, between 2016 and 2020, sales of li-ion battery packs garnered a market value of US$ 57.4 Bn by the end of the aforementioned period. The COVID-19 pandemic has impacted the sales of li-ion battery packs largely. Due to restrictions in movement and a drop in sales of vehicles and electronic gadgets, the sales of li-ion battery packs dipped.
Manufacturers of li-ion battery packs are focusing on increasing the efficiency of batteries. Thus, lightweight batteries are being preffered by the electronic gadgets industry. In addition, the use of li-ion battery packs in electrical vehicles is increasing the sales of the same. Additionally, grid energy storage applications are generating further expansion prospects, given the highly robust nature of li-ion batteries.
Key Takeaways from the Market Study
- By type, lithium iron phosphate to hold highest share surpassing US$ 16 Bn
- Automotive industry to be primary end user, accounting for almost 9 out of 10 sales
- Lithium cobalt oxide battery packs to be valued at US$ 64.4 Bn by 2031-end
- Pouch cells set to expand at a CAGR of 4.7%, gaining 271 BPS until 2031
- Nominal voltage less than 12V to generate absolute opportunity worth US$ 8.9 Bn
- U.S to account for 40% of the global li-ion battery pack market until 2031
- Li-ion battery pack industry expected to register a CAGR around 3% throughout Asia.
“The global outbreak of COVID-19 will hamper the expansion of li-ion battery pack market for next couple of financial quarters. As the key end use businesses start operating on maximum capacity, the market will regain traction through 2031,” says a Fact.MR analyst.
As the li-ion battery pack market is consolidated with few players, manufacturers are forming partnerships with other players in order to introduce innovative solutions in the industry.
- In March 2020, Toshiba Corporation announces that its SCiB lithium ion battery modules are compliant with Nippon Kaiji Kyokai’s guideline for protection of sea life.
- In February 2021, Johnson Control announces the launch of its Lithium-Ion Risk Prevention System to provide an early warning battery failure in lithium-ion.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global li-ion battery pack market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of product type (Lithium Cobalt Oxide, Lithium Magnesium Oxide, Lithium Iron Phosphate, Lithium Nickle Manganese Cobalt Oxide, Lithium Nickle Cobalt Aluminium Oxide, Lithium Titanate), cell type (Cylindrical, Prismatic, Pouch) Nominal Voltage (Less than 12V, 12V, 24V, More than 24V) Battery Capacity (>20 KWhr, 30-60 KWHr, 60-80, More than 80) End Use (Automotive, Consumer Electronics, Medical Devices, Industrial and Grid Energy) and across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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 analyzed the automotive 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.
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Consultant - Industrial Goods and Automotive