Lithium-Ion Battery Pack Market Estimated to Soar Higher During 2019 to 2028
This report provides prognosis and analysis of the lithium-ion battery pack market. It offers historical data along with forecast data for 2028.
[USPRwire, Tue Apr 23 2019] FactMR has actively published a new research study titled “Lithium-Ion Battery Pack Market Estimated to Soar Higher During 2019 to 2028 | Key Players are CBAK Energy Technology Inc., Lithium Energy Japan, Wanxiang Import & Export Co. Ltd., etc.” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the lithium-ion battery pack market during the period between *forecast period*. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global lithium-ion battery pack market is expected to showcase impressive growth at XX% CAGR during the period until 2028.
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Worldwide sales of lithium-ion battery pack were valued at US$ 115 Bn in 2018, with demand upheld by the advent of disruptive technologies such as smart grid storage, electric vehicles, data centers, and others. Lithium cobalt oxide-based lithium ion battery pack, which accounted for a significant share of approximately 50% in 2018, will continue to be the top-selling product type, followed by lithium manganese oxide. Asia Pacific excluding Japan will continue to be the largest market for lithium-ion battery pack in 2019 and beyond, as the regions hosts multiple leading battery OEMs. India, China, and South Korea are estimated to be the most lucrative countries for the manufacturers of lithium-ion battery packs.
North America is likely to emerge as the fastest-growing market for lithium-ion battery pack. Sales of lithium-ion battery pack in the region is driven by growing electric vehicle parc and proliferation of consumer electronics across the leading countries, especially in the U.S., Canada, and Mexico.
Soaring sales of electric vehicles is estimated to provide a significant impetus to growth of lithium-ion battery pack market. As electric vehicles continue transforming the future of mobility, demand for lithium-ion battery packs will significantly take off to meet high energy-storage requirements. Continuous research and innovation in lithium-ion battery technologies is resulting in a monumental influx of newer versions, all-aligned with the latest end-user trends, which in turn widens the range of applications utilizing lithium-ion battery packs.
As medical devices have become highly portable, and efficient, effectiveness of battery packs used for powering these devices continue to be a critical aspect. This, in turn, is prompting adoption of lithium-ion battery packs in medical devices, with the onus on enhancing their reliability attributes.
Various types of lithium-ion battery packs, such as lithium cobalt oxide, lithium magnesium oxide, and others, are gaining widespread acceptance in the industrial and grid energy space, emerging as a viable alternative to fossil fuels and nuclear power. This, in turn, is likely to create potential opportunities for key stakeholders in the lithium-ion battery pack market to reap sizeable revenues.
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Other players operating in the lithium-ion battery pack market and profiled in the report include BYD, Automotive Energy Supply Corporation (AESC), Contemporary Amperex Technology Co. Limited, (CATL), East Penn Manufacturing Co., Guoxuan High-Tech, Lishen Battery, Hoppecke Batterien GmbH & Co. KG., Leoch International Technology Ltd., China Aviation Lithium Battery Co., Ltd (CALB), CBAK Energy Technology, Inc., Lithium Energy Japan, Wanxiang Import & Export Co., Ltd., Tianneng Power International Co., Ltd., Coslight Technology International Group Co., Ltd., EnerSys, Toshiba Corporation, and others.
Lithium-ion battery pack is emerging as a viable proposition across multiple end-use applications in terms of meeting high energy-storage requirements. Accordingly, manufacturers of lithium-ion battery pack are focusing on voltage and runtime considerations, which differs from application to application, in order to develop effective products. In addition, manufacturers in the lithium-ion battery pack market are paying utmost attention to various size, weight, and environmental limitations during product development, to boost brand positioning via responsible offerings.
The cell type, cylindrical, pouch, or prismatic, is determined by the target application and associated requirements. However, the lithium-ion battery pack market is witnessing a noticeable inclination of a majority of end-users toward cylindrical cell type as it offers the best performance at low cost. Manufacturers, by analyzing end-user inclination and preferences, are focusing on development of distinguishable products at affordable prices.
Lithium-Ion Battery Pack Market- Research Methodology
The report on lithium-ion battery pack market offers an all-inclusive analysis and assessment on global lithium-ion battery pack market, which has been designed using a proven and tested research methodology that comprises of primary and secondary phases. This research methodology used for compiling lithium-ion battery pack market aids in arriving at incisive insights into the growth course of lithium-ion battery pack market during the forecast period. Data and insights garnered for lithium-ion battery pack market are further subjected to multiple stages of validation and examination before including them in the lithium-ion battery pack market report.
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