The global market for Lithium-Ion Battery Pack is anticipated to grow at a value CAGR of 12.2%, during the forecast period, to reach a market size of USD 365 Bn by 2028 from an estimated USD 115 Bn in 2018” according to a new Fact.MR study.
The increase in environmental concerns has led to a rise in the adoption of low polluting vehicles, such as electric and hybrid vehicles. The benefits offered by these vehicles are anticipated to grow the market considerably in the future, which leads the demand for Lithium-Ion Battery Pack.
The global Lithium-Ion Battery Pack market is expected to be mainly driven by increasing adoption of low polluting vehicles, which runs on the renewable & clean source of energy. Development in charging infrastructure is attributed to the growth of the global Lithium-Ion Battery Pack market. In North America, Europe & developing economies of Asia Pacific, the adoption of electric vehicle is taking place at a faster rate and contributed to the growth of electric vehicle Segment. Demand for electric vehicles raises in developing economies, as the focus on charging infrastructure rising continuously.
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Rising Focus towards Energy Storage Electrochemically boost the Demand for Lithium Ion Battery Pack
Energy storage is currently dominated by hydroelectric dams, both conventional as well as pumped. But such type of energy storage techniques provides short term energy storage. In current scenario the demand for electric energy continue to grow. Such demand of increasing electric energy is fulfill by storing the energy electrochemically and currently the lithium ion is most suitable electrochemical technique as lithium ion is having high energy & power density. Rising energy storage grid will trigger the demand for the lithium ion battery pack in the forecast period.
Lithium Cobalt Oxide is Leading Product Type over Other Lithium-Ion Battery Pack
Lithium-Ion Battery Pack market is studied under product type, cell type, nominal voltage, battery capacity & end use application. This report assesses trends that are driving the growth of each segment on the global level and offers potential takeaways that could prove substantially useful to lithium –ion battery pack manufacturers looking to enter the market. Central regions assessed in this report include North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ), and the Middle East & Africa (MEA). Market segmentation in Lithium Ion battery pack market assesses the present scenario, as well as development prospects, of the regional Lithium Ion battery pack market for 2019– 2028.
Lithium Ion Market analysis, by product type exhaustively examines the market based on lithium ion composition. By product type, Lithium Cobalt oxide segment has been estimated to account for a significant market share of around 50% in 2018, followed by Lithium manganese oxide.
Lithium ion battery pack market is also studied under the cell type, which is used to produce lithium ion battery pack. Cylindrical cells is the most suitable for the production of lithium ion battery pack followed by prismatic cells which grows with a CAGR of 12.5% & 11.0% respectively in the terms of value.
In terms of nominal voltage, less than 12V segment is estimated to lead the overall market whose CAGR has been projected around 12.8% & holding a significant market share of around 40% of overall market value share in 2018.
On the basis of battery capacity, less than 20 kWh segment has been estimated to account for a significant market share of around 48% for the year 2018, followed by 30-60 kWh battery capacity segment.
Lithium Ion battery Packs are used in automotive, consumer electronics, medical devices & in energy storage, out of which automotive segment hold more than 90% market in terms of value while holds around 20% terms of volume & the trend continues during the forecast period. The variation in the shares of value & volume is directly dependent on the price of te lithium ion battery pack used in the automotive segment.
Region wise, Asia Pacific is anticipated to dominate the global Lithium-Ion Battery Pack market throughout the forecast period. The region’s market is expected to expand at a CAGR of 13.4% during the forecast period. The North American market for lithium ion battery pack is anticipated to be another prominent region which is anticipated to grow with a higher CAGR of 12.2% during the forecast period in terms of value. These two regions are expected to register a relatively high absolute dollar opportunity during the forecast period.
Leading Players in Lithium-Ion Battery Pack Market Focusing on Expansion Plans in Emerging Economies.
Global Lithium-Ion Battery Pack market is competitive in nature, mainly consist of Asian players, which holds a significant share of the global Lithium-Ion Battery Pack market. Fact.MR has profiled some of the most prominent market players dominates in the global Lithium-Ion Battery Pack market which are LG Chem, BYD, Panasonic, AESC, CATL, Guoxuan High-Tech, Samsung SDI, Lishen, CBAK, CALB, LEJ, Wanziang, GS Yuasa Corporation, Johnson Controls International Plc., Tianneng Power International Co., Ltd., EnerSys, Leoch International Technology Ltd., Hoppecke Batterien GmbH & Co. KG., Coslight Technology International Group Co., Ltd. ,East Penn Manufacturing Co., Toshiba Corporation and many other prominent players. These market leaders, over the past few years, have been focusing on expanding their market presence in the Asia Pacific & other emerging economies. Moreover, strategies like expansion, product development are adopted by the Lithium-Ion Battery Pack to increase customer base and improve sales & distribution network are expected to continue over the forecast period.
Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.