The li-ion battery market revenue totalled US$ 57.4 Bn for 2020, according to Fact.MR, a market research and competitive intelligence provider. Li-ion’s quality of being lightweight and the drop in the price for li-ion is driving the sales of the same.
In addition, the demand from electric vehicles will accelerate the sales of li-ion battery packs. Thus, the overall li-ion market is expected to reach US$ 75.3 Bn billion by 2031, witnessing a slow growth CAGR of 3% from 2021-31. in the forecast period 2021-2031.
Key Points Covered in Li-Ion Battery Pack Industry Analysis
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Li-Ion Battery Pack Market and How to Navigate
- Recommendation on Key Winning Strategies
Know More Details About the Report
Li-Ion Battery Pack Revenue Analysis 2016-2020 Vs Outlook 2021-2031
As per Fact.MR’s report, over the last five years, from 2016 to 2020, sales of li-ion battery packs surged at over 2% CAGR, amid increasing requirements for consistent power and electricity supply for critical infrastructure needs across various industries.
Prospects dipped significantly amidst the COVID-19 pandemic, majorly attributed to contractions experienced in the global automotive industry. Since its onset, the pandemic induced major sluggishness in automotive output, attributed to imposition of stringent lockdowns. This led to restricted uptake of li-ion battery packs, inducing major sluggishness.
However, growth is likely to be sustained by virtue of applications across other end use industries. Manufactures of li-ion battery packs are focusing on increasing the efficiency of the batteries along with making them lightweight and durable. Thus, the market is expected to registering CAGR of 3% in the assessment period.
How are Burgeoning EV Sales Spurring Demand for Li-Ion Battery Packs?
Governments across the globe are focusing on reducing pollutants that are emitted by conventional vehicles. In addition, the depletion of natural resources is causing a threat to the environment. Thus consumers have shown an inclination towards using electric vehicles due to their efficiency.
Electric vehicle manufacturers have given preference to using li-ion batteries as they store energy for longer runs and can be used in hybrid vehicles too. Along with this, the hassle of maintaining engine efficiency is not needed. The sales of electric vehicles has increased. This, in turn, has upsurged the sales of li-ion battery packs.
Avail customized purchase options for your needs
How will Energy Storage Applications Open Growth Frontiers for Li-Ion Battery Packs?
Li-ion battery packs exhibit considerable potential for application to grid-level energy storage systems. These batteries impart high energy efficiency, have longer life cycles, and relatively higher energy density. Hence, they can be integrated with renewable energy sources in grid-energy storage systems.
Most frequently, li-ion batteries in this respect are deployed for the purpose of frequency regulation and peak shaving. Frequency regulation requires a fast response, high performance rate and enhanced power capability for the systems, for which li-ion batteries are best suited. In terms of their high round-trip efficiency and energy density, LIBs exhibit considerable potential for application.
Why is Asia Attracting Li-Ion Battery Pack Manufacturers?
Asia has dominated the global li-ion battery pack industry since 2019, accounting for nearly 35% revenue, with China emerging at the forefront, particularly for electronics manufacturing. China contributes 27% of the world’s smartphone industry, a potential application area for li-ion batteries.
However, it is now grappling with a slow down due to the coronavirus outbreak. Production in the region was almost dormant for last couple of months due to the lockdown imposed amid the pandemic.
Fortunately, as restrictions ease, companies are resuming their operations. For instance, in March 2020, Leoch- a leading manufacturer of batteries resumed production of li ion battery pack in China. According to Fact.MR, Asia is set to expand at a value CAGR of 3% by the end of forecast period.
What Growth Prospects Abound across the U.S Market?
According to Pew Research Centre, around 97% of people own a cell phone. Thus, the dependency on electronic devices in countries like U.S. and Mexico has increased over time. Phones instilled with li-ion offer longer battery life. This, in turn, has increased the sales for li-ion batteries.
Furthermore, growing preference for electric mobility is widening popularity of hybrid and electric vehicles, a trend which is likely to open up significant growth prospects for the market in forthcoming years.
As of 2021, national sales of EVs will likely amount to 310,272 units. Thus, according to Fact.MR, the li-ion battery pack market is expected to possess 40% of market share in the assessment period.
An Adaptive Approach to Modern-day Research Needs
Why are Lithium Iron Phosphate Batteries Gaining Popularity?
Lithium Iron phosphate batteries provide longer life span in comparison to other batteries. In addition, these batteries need no maintenance and are extremely safe to use.
Adoption of lithium phosphate batteries has increased in portable devices over time. Thus, according to Fact.MR, lithium iron phosphate batteries are expected to reach over US$ 16 Bn by the end of the forecast period.
Will the Automotive Industry Remain the Primary End User?
According to Fact.MR, automotive applications are likely to account for bulk of the li-ion battery pack demand in forthcoming years, expanding at a CAGR of 4% until 2031. Widening popularity of EVs, e-bikes and automated guided vehicles are spurring usage.
Amongst all vehicle types, demand across BEVs and PHEVs are expected to be the strongest, as they offer a high degree of convenience to automobile users. Although, uptake in the short-run will remain restricted as the pandemic induced recession will fade gradually.
Prominent manufacturers are emphasizing on launching advanced battery packs equipped with high-grade conducting material, besides relying on such initiatives as strategic collaborations, acquisitions and capacity expansion measures.
- In March 2021, GS Yuasa International Limited won the Toyota Technology and Development award for lithium-ion battery for hybrid vehicles.
- In November 2018, Johnson Controls and Toshiba Corporation joined hands to deliver low-voltage lithium-ion solutions to increase the efficiency of the same.
- In December 2019, LG Chem Ltd., a leading li ion battery pack player, collaborated with General Motors (GM) to produce li ion batteries for its electric vehicles.
Have a report related query? Speak to us directly
Market size value in 2020
|US$ 57.4 Bn|
Market forecast value in 2031
|US$ 75.3 Bn|
|CAGR of 3% from 2021 to 2031|
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered
- Lithium Cobalt Oxide Battery Pack
- Lithium Magnesium Oxide Battery Pack
- Lithium Iron Phosphate Battery Pack
- Lithium Nickle Manganese Cobalt Oxide Battery Pack
- Lithium Nickle Cobalt Aluminium Oxide Battery Pack
- Lithium Titanate Battery Pack
- Cylindrical Li-Ion Battery Pack
- Prismatic Li-Ion Battery Pack
- Pouch Li-Ion Battery Pack
- Less than 12V Li-Ion Battery Pack
- 12V Li-Ion Battery Pack
- 24V Li-Ion Battery Pack
- More than 24V Li-Ion Battery Pack
- >20 kWh Li-Ion Battery Pack
- 30-60 kWh Li-Ion Battery Pack
- 60-80 kWh Li-Ion Battery Pack
- More than 80 kWh Li-Ion Battery Pack
- Automotive Li-Ion Battery Pack
- Consumer Electronics Li-Ion Battery Pack
- Digital Camera
- Medical Devices Li-Ion Battery Pack
- Industrial & Grid Energy Li-Ion Battery Pack
- Automotive Li-Ion Battery Pack
Li-Ion Battery Pack Market- Scope of Report
A recent study by Fact.MR on the li-ion battery pack market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering li-ion battery packs.
The study also provides the dynamics responsible for influencing the future status of the li-ion battery pack market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the li-ion battery pack market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of li-ion battery packs across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of li-ion battery packs during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative li-ion battery pack markets?
- Which factors will impact the growth of li-ion battery pack?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the li-ion battery pack industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for li-ion battery packs are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.
Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global li-ion battery pack market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the li-ion battery pack market during the forecast period.
Country-specific valuation on demand for li-ion battery packs has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
In-depth Analysis on Competition Analysis
The report sheds light on leading manufacturers of li-ion battery packs, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering li-ion battery packs has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the li-ion battery pack domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the li-ion battery pack industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
As of 2020, the market for li-ion battery pack reached nearly US$ 57.4 Bn
From 2016 to 2020, li-ion battery pack demand surged at a CAGR of 2% according to Fact.MR
The li-ion battery pack is expected to surpass a CAGR of 3% from 2021-2031.
The li-ion battery pack market is expected to reach nearly US$ 75.3 Bn by 2031
Adaptability of li-ion batteries in electronic gadgets along with the use of li-ion battery pack in electric vehicles are the key trends driving li-ion battery pack sales.
Demand for li-ion batteries in the U.S will account for 40% of the global revenue
BYD Company, GS Yuasa International Limited, Toshiba Corporation, Sony Corporation, Showa Denko Materials Co., Ltd, A123 Systems LLC, Saft, Johnson Controls, Clarios and LG Chem Ltd are some prominent manufacturers
Lithium Iron Phosphate is expected to hold the highest share for sales, expanding at more than US$ 16 Bn market value.
Asia is expected to surge at a CAGR of 3% across the 2021-2031 forecast period
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
The Rise of Intelligent Packaging
Personalized, Connected and Sustainable
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.