Lithium-ion Battery Packs Market: Introduction
Transparency Market Research delivers key insights on the global lithium-ion battery packs market. In terms of revenue, the global lithium-ion battery packs market is estimated to expand at a CAGR of ~11% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global lithium-ion battery packs market.
The global lithium-ion battery packs market has been positively impacted by the rise in the production of electric vehicles, renewables, and electronics across the globe.
Lithium-ion Battery Packs Market: Dynamics
The demand for automobiles has increased significantly across the globe over the past few years, owing to the rise in total household income and changing buying patterns of consumers. Currently, vehicle production and operations are rising significantly in developed countries.
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The demand for full and hybrid vehicles has been rising across the world, especially in North America, Europe, and Asia Pacific. This can be ascribed to increase in awareness about the environment, rise in investment in infrastructure development for electric vehicles, and supportive governmental policies for electric vehicles. Europe was the leading region in terms of EV sales in 2020. In 2020, 1,367,138 passenger plug-in electric cars were registered in Europe. Sales of passenger cars stood at approximately 1,272,000 in 2020 in China. The share of electric vehicles in the total global car fleet is estimated to reach 44% in 2040 and more than 50% in 2050.
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Lithium-ion battery packs are primarily used in electric vehicles. Lithium-ion battery packs tend to have low maintenance and lower self-discharge rate than other batteries. Thus, rise in the demand for electric vehicles is projected to propel the lithium-ion battery packs market in the near future.
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Lithium-ion Battery Packs Market: Prominent Regions
In terms of value, Asia Pacific dominated the global lithium-ion battery packs market in 2020. It has emerged as a highly lucrative region of the global lithium-ion battery packs market in terms of industrial as well as urban development over the past few decades. China is a leading country in the region, as it is the manufacturing hub for lithium-ion battery packs. Furthermore, the country is a leading manufacturer of consumer electronics and electric vehicles. Sales of electric vehicles stood at more than 1.3 million in China in 2020. Furthermore, the Government of China has implemented stringent regulations to reduce carbon emission and greenhouse gases. Companies and end users are mandated to adopt battery-operated vehicles in the country. Thus, demand for lithium-ion battery packs is expected to remain high in China during the forecast period.
Europe was another lucrative region of the global lithium-ion battery packs market in 2020. It is a one of the leading regions in terms of use of renewable sources. The lithium-ion battery cell market in Europe is projected to expand at a rapid pace over the next few years, reaching 140 GWh by 2020 and 215 GWh by 2025. The automotive lithium-ion battery packs market is estimated to expand to nearly 76 GWh by 2020 and 121 GWh by 2025.
North America is a key region of the global lithium-ion battery packs market. The region is one of the leading producers of automobile, consumer electronics, and power. The U.S. leads the market and is a prominent automotive market in the world. Furthermore, the auto industry in Canada produced vehicles worth more than US$ 98 Bn in 2019. Thus, expansion of the automobile industry offers opportunity for the lithium-ion battery packs market in the region.
Lithium-ion Battery Packs Market: Key Players
Key players operating in the global lithium-ion battery packs market are A123 Systems LLC, Saft, ENVISION AESC GROUP LTD., LG Chem, Panasonic Corporation, BAK Power, Toshiba Corporation, BYD Company Ltd., Tesla, Total Battery Solutions Ltd, ROMEO POWER, INC, SAMSUNG SDI CO.,LTD., Excell Battery Co., Amperex Technology Limited, and Corvus Energy.
