Lithium-Ion Battery Pack Market Focusing on Product Innovation and Advanced Features through 2019-2028

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As per the current market trends and the promising nature of the lithium-ion battery pack market, it can be estimated that the future holds positive outcomes. In order to provide a deep insight about the concerned market, FACTMR would be publishing a resourceful analysis that will enclose knowledge about the regional lithium-ion battery pack market size, revenue and opportunity status. Readers will be offered the privilege to decode various facets of the market during 2019-2028, together with the active access to secondary and primary research methodology. Furthermore, various segments of the market associated to product, application, end-user etc., would also be present in this intelligent research report.

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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.

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.
  • 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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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.

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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