The global Li-Ion battery pack market was valued at US$ 57.4 billion in 2023 and is expected to add value worth US$ 3.3 billion during the forecast period. The market is anticipated to expand at a CAGR of 2.7%. However, amid the COVID-19 pandemic, the market is poised to stagnate for the next couple of financial quarters. This is attributed to a significant drop in the demand for Li-ion battery packs globally. The adoption is expected to remain low as stringent lockdowns amid COVID-19 has created exceptional dormancy in end use industries such as consumer electronics, and automotive industry.
In addition, impact of COVID-19 on the mining industry has lowered the production of lithium. Consequently, companies in East Asia which have resumed operations post-lockdown are experiencing insufficient raw material supply, compelling companies to work at a significantly lower capacity. This in turn, is poised to disturb the business eco – system in the global li ion battery pack market. However, the market is projected to create significant opportunity in the second half of the forecast period, when impact of COVID-19 pandemic will be brought under control globally.
COVID-19 Pandemic to Hinder Adoption of LCO Batteries
Lithium Cobalt Oxide (LCO) batteries account for a majority share in the global Li-ion battery pack market. These batteries are mainly used in portable electronics devices such as cellular phones, laptops, digital cameras etc. Lockdowns imposed in most of the countries amid the COVID-19 outbreak has stalled the production of LCO batteries as the leading electronics companies have restricted manufacturing operations.
For instance, in March 2023, Sony Electronics closed its manufacturing facilities in Malaysia and Wales. Earlier, in January, the company had to shut down four of its manufacturing sites in China. This in turn, has dramatically lowered the demand for LCO batteries. In addition, decelerated consumption of the consumer electronic products & replacement batteries due to retail outlets’ closure has also contributed to the falling demand for LCO batteries globally. Fact.MR opines that the lithium cobalt oxide batteries will expand at a value CAGR of 1.1% and create an absolute $ opportunity of US$ 3.3 Bn during the forecast period.
After reading the Li-Ion Battery Pack Market report, readers get insight into:
- Major drivers and restraining factors, opportunities and challenges, and the competitive landscape
- New, promising avenues in key regions
- New revenue streams for all players in emerging markets
- Focus and changing role of various regulatory agencies in bolstering new opportunities in various regions
- Demand and uptake patterns in key industries of the Li-Ion Battery Pack Market
- New research and development projects in new technologies in key regional markets
- Changing revenue share and size of key product segments during the forecast period 2023 to 2031
- Technologies and business models with disruptive potential
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
The Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The global Li-Ion Battery Pack Market report offers detailed assessments and quantitative evaluations that shed light on numerous key aspects that have shaped its evolution over the historical period. In coming years, some of the key aspects that will shape the growth prospects during the forecast period are objectively covered in the study.
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Some important questions that the Li-Ion Battery Pack Market report tries to answer exhaustively are:
- Key strategic moves by various players in the Li-Ion Battery Pack Market in recent years with respect to product launches, deals and tie-ups, and mergers and acquisitions, and divestment of shares
- Which strategies will enable top players in the Li-Ion Battery Pack Market to expand their geographic footprints
- Which new business models are expected to change the course of growth of key regional markets in near future
- Which technologies will witness most attractive research investments and what will be the key sources of funding for startups and new entrants
- Which products segments have in recent years have seen new, lucrative application areas
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