By exhibiting a CAGR of 3% throughout the projected period, the market revenue for lithium-ion battery packs is anticipated to surpass US$ 75.5 billion. In the coming decade, the market’s primary growth accelerator will be the rising popularity of electric vehicles.
In the past, sales of lithium-ion battery packs generated a market value of US$ 57.4 billion at the conclusion of the aforementioned period between 2016 and 2020. The COVID-19 epidemic has had a significant influence on li-ion battery pack sales. The sales of li-ion battery packs decreased as a result of the limits on movement and the decline in sales of automobiles and electronic devices.
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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.
Market Drivers:
- Electric Mobility: The transition to electric vehicles as a means of reducing carbon emissions and dependence on fossil fuels is a major driver for the lithium-ion battery pack market.
- Consumer Electronics Demand: The proliferation of smartphones, laptops, wearables, and other devices with rechargeable batteries fuels the demand for lithium-ion battery packs.
- Renewable Energy Integration: The growth of renewable energy sources and the need for energy storage solutions contribute to the demand for lithium-ion battery packs in grid-scale and residential applications.
- Advancements in Technology: Ongoing research and development efforts have led to improvements in battery technology, including higher energy density, faster charging, and longer cycle life.
Key Segments Covered
Product Type
- 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
Cell Type
- Cylindrical Li-Ion Battery Pack
- Prismatic Li-Ion Battery Pack
- Pouch Li-Ion Battery Pack
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
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
End Use
- Automotive Li-Ion Battery Pack
- BEV
- PHEV
- HEV
- Consumer Electronics Li-Ion Battery Pack
- Laptops
- Digital Camera
- AIDC
- Others
- Medical Devices Li-Ion Battery Pack
- Industrial & Grid Energy Li-Ion Battery Pack
Competitive Landscape
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.
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
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.