April 29, 2022 07:17 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, April 29, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Lithium-Ion Battery Packs Market finds that the rising number of unique mobile users is expediting market growth. Primarily driven by rising demand for lithium-ion battery packs owing to wide application in green energy sources, the total Global Lithium-Ion Battery Packs Market is estimated to reach USD 68.6 Billion by the year 2028. Off Grid Solar System
The Global Market stood at a revenue of USD 57.8 Billion in the year 2021, and projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 2.9%.
Furthermore, the increase in demand for cost-effective solutions is also anticipated to augment the growth of the Global Lithium-Ion Battery Packs Market, states Vantage Market Research, in a report, titled “Lithium-Ion Battery Packs Market Size, Share & Trends Analysis Report by Product Type (Lithium Cobalt Oxide Battery Pack, Lithium Magnesium Oxide Battery Pack, Lithium Iron Phosphate Battery Pack, Lithium Nickle Manganese Cobalt Oxide Battery Pack), by Cell Type (Cylindrical Li-Ion Battery Pack, Prismatic Li-Ion Battery Pack, Pouch Li-Ion Battery Pack), by Nominal Voltage (Less than 12V Li-Ion Battery Pack, 12V Li-Ion Battery Pack, 24V Li-Ion Battery Pack, More than 24V Li-Ion Battery Pack), by Battery Capacity (>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), by End Use (Automotive Li-Ion Battery Pack, Consumer Electronics Li-Ion Battery Pack, Medical Devices Li-Ion Battery Pack, Industrial & Grid Energy Li-Ion Battery Pack), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)” .
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Increasing Electric Vehicle Demand and Production to Fuel Global Lithium-Ion Battery Packs Market
The increasing demand and production of electric vehicles is expected to support the growth of the Lithium-Ion Battery Packs Market during the forecast period. According to the Global EV Outlook 2021 report by IEA, after a decade of tremendous growth, there were 10 million electric automobiles on the road around the world by the end of 2020. Despite the pandemic-related global decline in car sales, which saw global car sales decrease by 16% in 2020, electric car registrations climbed by 41%. For the first time, Europe surpassed China as the world's largest electric vehicle (EV) market, selling almost 3 million vehicles which is 4.6%market share. Electric bus and truck registrations also increased in major markets, hitting 600,000 and 31,000 global stocks, respectively. This is due to government frameworks that are supportive of critical regulations including CO2 emissions standards and zero-emission vehicle (ZEV) mandates. More than 20 governments had imposed restrictions on conventional automobile sales or demanded that all new sales be ZEVs by the end of 2020. Most of today's PHEVs and EVs use lithium-ion batteries since they have higher energy densities than lead-acid batteries or nickel-metal hydride batteries and are relatively environmentally friendly and also it is possible to make the battery size smaller than others while retaining the same storage capacity. This in turn is expected to support the growth of the market in the near future.
Key Insights & Findings from the Report:
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Segmentation of Global Lithium-Ion Battery Packs Market:
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Increasing Demand for Lithium-Ion Battery Packs owing to Wide Application in Green Energy Sources
Li-ion Battery is the fastest-growing segment. Owing to huge opportunities in the sectors, several companies are adopting the strategy of acquisition, and merger for the development. This in turn, is further propelling the market growth. For instance, India’s Exide Industries formed a 75:25 joint venture with Leclanché to manufacture lithium-ion (Li-ion) cells, modules and battery packs in the state of Gujarat. The transportation sector dominates the Li-ion market and is also the fastest growing, with just 1% of automotive sales consuming 60% of Li-ion batteries.
The companies producing these batteries have seen an increase in production due to green energy sources like solar power being incorporated into grids across the globe at unprecedented levels; making it possible for lithium-ion technologies to become popular and efficient when compared against other types such as lead acid or nickel metal hydride (NiMH). The evolving grid infrastructure driven by a constant adoption of renewable energies has facilitated the recent popularity in Li-ion batteries as they continue to dominate this sector with their efficiency and cost effectiveness.
China is the largest producer of lithium-ion batteries, which is followed by the U.S. Wherein, the U.S. produces around 8% of the global capacity.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the power industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Lithium-Ion Battery Packs Market highlights:
Asia Pacific to Dominate the Global Lithium-Ion Battery Packs Market
Asia Pacific dominated the Global Lithium-Ion Battery Packs Market in 2021. The major driving factors for the market are increasing adoption and awareness of EVs in the region. As battery-driven vehicles, such as electric vehicles, and automated guided vehicles, are major consumers of lithium-ion batteries, the demand for the product is increasing, in turn; further propelling the market growth over the forecast period. Additionally, presence of countries such as China and India is providing a special opportunity for the market as China is the largest producer of lithium-ion batteries which is further augmenting the market growth over the forecast period.
List of Prominent Players in the Lithium-Ion Battery Packs Market:
Browse market data Tables and Figures spread through 170 Pages and in-depth TOC on "Lithium-Ion Battery Packs Market Size, Share & Trends Analysis Report by Product Type (Lithium Cobalt Oxide Battery Pack, Lithium Magnesium Oxide Battery Pack, Lithium Iron Phosphate Battery Pack, Lithium Nickle Manganese Cobalt Oxide Battery Pack), by Cell Type (Cylindrical Li-Ion Battery Pack, Prismatic Li-Ion Battery Pack, Pouch Li-Ion Battery Pack), by Nominal Voltage (Less than 12V Li-Ion Battery Pack, 12V Li-Ion Battery Pack, 24V Li-Ion Battery Pack, More than 24V Li-Ion Battery Pack), by Battery Capacity (>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), by End Use (Automotive Li-Ion Battery Pack, Consumer Electronics Li-Ion Battery Pack, Medical Devices Li-Ion Battery Pack, Industrial & Grid Energy Li-Ion Battery Pack), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/lithium-ion-battery-packs-market-575589
December, 2021: Nanotech Energy announced it will begin taking pre-orders of its fully customizable, non-flammable batteries and pouch cell battery packs, which provide safer and more powerful energy storage solution than traditional lithium-ion batteries and battery packs. Powered by Nanotech Energy's graphene-based electrodes and proprietary non-flammable electrolyte “Organolyte” the new lithium-ion batteries can be fully customized to fit any form factor or container, which eliminates the need for OEMs to redesign existing products or compromise new ones.
May, 2021: Komaki announced the launch of its new lithium-ion battery pack with a promising 220 km full charge range. The battery pack has been developed in-house. It will be featured in three of its electric scooters including the Komaki XGT-KM, the X-One and the XGT-X4.
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