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Lithium-Ion Battery Pack Market- Key Insights
- 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.
- APEJ also remains the high-growth market for lithium-ion battery pack. Sales of lithium-ion battery pack in the region is driven by growing electric vehicle parc in China, and proliferation of consumer electronics.
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What are the Key Growth Drivers of Lithium-Ion Battery Pack Market?
- 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.
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Lithium-Ion Battery Pack Market- The Competitive Landscape
- In 2018, LG Chem- a leading manufacturer of electric car batteries- had a strategic tie-up with Mahindra and Mahindra, an Indian multinational car manufacturing corporation. As per this tie-up, LG chem will be supplying lithium-ion battery cells to Mahindra, as the latter is vying to expand its business of electric vehicles. The agreement further states that LG Chem will develop battery modules for ‘Mahindra Electric Mobility’, a unit of Mahindra, which in turn will be creating battery packs, for both the parent and customers.
- In 2019, Panasonic Corporation- a Japanese multinational electronics corporation- entered into a joint venture with Toyota Motor Corporation, a Japanese multinational automotive manufacturer. The joint venture reflects the objective of Japan-based companies to emerge as global players in the battery market space, which, in turn, is instrumental for developing affordable electric vehicles.
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.
Manufacturers of Lithium-Ion Battery Pack Focus on Voltage & Runtime Considerations for Effective Product Development
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.
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