Lithium-Ion Battery Pack Market to Witness Robust Expansion Throughout the Forecast Period 2019-2028

From: Fact Market Research
Published: Tue Jul 23 2019

According to a new study of Fact.MR, sales of lithium-ion battery pack will exceed 151 Mn units in 2019, up from 131 Mn units in 2018. Development of safe and reliable battery packs, in line with the surging power requirements from multiple applications is for to complement growth of lithium-ion battery pack market.

The study states that, growing palpability of disruptive technologies, smart grid storage, electric vehicles, data centers, and others, is providing an impetus to growth of the lithium ion battery pack market. Additionally, rising dependency on electrochemical energy storage is fuelling investments in lithium-ion battery packs, as lithium ion battery is emerging as the ideal choice for electrochemical energy-storage.

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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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.

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.

Credibility of the market statistics garnered and evaluated for the lithium-ion battery pack market is inherited from the reliable research methodology of Fact.MR, which ensures high precision and reliability with respect to data and insights on lithium-ion battery pack market.

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