Set to register a stellar Compound Annual Growth Rate of 12%, the Global Lithium Ion and Battery Pack Market is looking at a positive market landscape for the forecast period of 2017 to 2025. This means that the market would be worth USD 88.92 billion by the end of 2025.
A major factor to this growth would be owed to an increase in demand in hybrid and electric cars (plug-in vehicles), growing automation in most industries, and a rise in the use of electrically operated equipment. As applications in these cars and demand in smart devices is expected to rise, so is the demand for Lithium Ion Cell and Battery Pack. Due to this, a large number of competitors are seen entering the market, making it more dynamic than ever. The already fairly fragmented market, is therefore expected to be more competitive.
The market has few prominent players holding a big slice of the market. Key players are Toshiba Corporation, GS Yuasa Corporation, Samsung SDI, BYD Co. Ltd and Panasonic Corporation. Most of these companies, survive increasing competition through mergers and expansions in both product portfolios and geographical outreach.
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APAC will create untapped opportunities in the Global Lithium Ion Cell and Battery Pack Market:
Asia Pacific (APAC), which accounted for 72% of the overall market in 2016, will take up the lion’s share from the global lithium ion cell battery pack market, from 2017 to 2025. This can largely be attributed to rising demand for smart cars, consumer electronic devices and grid energy in the region. Also, the presence of some of the biggest players such as Panasonic in Japan and Samsung in South Korea make the region much promising.
Nation-wise, India and China are ready to lead the way with the latter being a hotspot for global automotive manufacturing and leading the world in terms of electronics manufacturing. Currently, the Chinese market is production of electric vehicles is driving the market in China, making it more lucrative than ever. India is brimming with industries that have varied application for these cells and batteries.
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Market Snapshot – Growth Trends
- Application in high stacking electric vehicles is the key factor, is raking up demand for lithium ion cells and battery packs. This trend is expected to stay strong over the forecasted period with the rise in need for sustainable and clean fuel
- Seen as offering higher efficiency and longer shelf-life as compared to its counterparts, the lithium ion cell and battery packs market is gaining momentum. The increase in demand for electronics providing superior performance and proper lifespan seem to be a major contributor to a rosy outlook.
- Handheld devices need high power density for wireless transmission and a workable resolution and lithium ion batteries hit the mark, providing consumers with a much needed solution. Also, there can be observed an increase in use of these batteries in barcode and RFID scanners, pointing a positive growth chart
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Concern of the Global Lithium Ion Cell and Battery Pack Market:
- It is difficult to maintain voltage and current within safe limits and has a low thermal stability; requires protection circuit to do the same
- There are transportation restrictions; shipment of larger quantities may be subject to regulatory control
- High manufacturing cost – it is approximately 40 percent higher than nickel-cadmium; it is therefore unsustainable to use lithium ion batteries for prolonged use. This is currently in a declining slope
Despite the above mentioned restraints, the market is looking at an upward growth trajectory.
This analysis of the global lithium ion cell and battery pack market is based on a recent market research report by Transparency Market Research, titled “Lithium Ion Cell and Battery Pack Market (Power Capacity – 5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh, and More than 300 KWh; Pack Type – Series Battery Pack and Parallel Battery Pack; Battery Shape – Cylindrical, Prismatic, Polygon, and Coin; Application – Consumer Electronics(Laptop, Digital Camera, Smartphone, and Automatic Identification and Data Capture (Barcode Scanner, Handheld Scanner, RFID Scanner, and Mobile Computers)), Automotive, Medical, Grid Energy, and Industrial) – Global Industry Analysis Size Share Growth Trends and Forecast 2017–2025.”
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