As per a recent research study by Fact.MR, worldwide sales of lithium-ion battery packs are estimated at US$ 63.32 billion in 2023 and are forecasted to reach US$ 88.46 billion by the end of 2033. The global lithium-ion battery pack market is projected to expand at 3.4% CAGR from 2023 to 2033.
A lithium-ion battery pack is a particular kind of rechargeable battery pack that employs lithium-ion technology to store and distribute electrical energy. It is made up of many lithium-ion cells, each of which has an electrolyte, a positive electrode (cathode), and a negative electrode (anode).
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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.
Competitive landscape:
Key market players are emphasizing launching advanced battery packs equipped with high-grade conducting materials. They are concentrating on new developments, strategic collaborations, acquisitions, quality control, supply chain management, and capacity expansion measures.
Top manufacturers of lithium-ion battery packs are focusing on increasing the efficiency of the batteries along with making them lightweight and durable. They are commercializing innovative battery-recycling technologies because of the massive amount of used lithium-ion batteries that will soon be generated by old electric vehicles.
For instance :
- In March 2021, GS Yuasa International Limited won the Toyota Technology and Development award for lithium-ion batteries 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.
Key Companies Profiled
- LG Chem Ltd.
- BYD Co. Ltd.
- Panasonic Corporation
- Contemporary Amperex Technology Co. Ltd.
- Samsung SDI Co.
- EnerSys
- Hefei Guoxuan High-Tech Power Energy Co. Ltd.
- Automotive Energy Supply Corporation
- Tianjin Lishen Battery Joint-Stock Co. Ltd.
- CBAK Energy Technology Inc.
- Lithium Energy Japan Corporation
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.
- By Product Type :
- Lithium Nickel Cobalt Aluminum Oxide
- Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Titanate
- Lithium Magnesium Oxide
- By Cell Type :
- Cylindrical
- Prismatic
- Pouches
- By Nominal Voltage :
- Less than 12V
- 12V
- 24V
- More than 24V
- By Battery Capacity :
- >20 kWh
- 30 to 60 kWh
- 60 to 80 kWh
- More than 80 kWh
- By End Use :
- Automotive
- BEVs
- PHEVs
- HEVs
- Consumer Electronics
- Laptops
- Digital Cameras
- AIDC
- Others
- Medical Devices
- Industrial & Grid Energy
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Lithium-Ion Battery Pack make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Lithium-Ion Battery Pack Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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