Li-ion battery packs manufacturers are investing in product innovations and industry collaborations to survive the market disruptions from the coronavirus crisis.
ROCKVILLE, MD / ACCESSWIRE / July 9, 2020 / The global li-ion battery packs market is projected to expand at a sluggish 2.7% CAGR during the assessment period between 2020 and 2030. According to the report, the coronavirus outbreak has negatively impacted the li-ion battery pack market, owing to raw material shortages with restrictions on transport and logistics, particularly those associated with mining operations. The massive impact of the outbreak on China, a major li-ion battery pack manufacturer is also expected to hurt short-term market prospects.
"Lithium-ion battery packs are increasingly finding key roles in the renewable energy sector for power storage purposes. Demand is expected to surge in the near future, supported by tech advancements in wind and solar energy sectors, and the implementation of favorable government policies," says the FACT.MR study.
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Li-ion Battery Packs Market- Key Takeaways
- Lithium, nickel, manganese, cobalt batteries are highly sought after owing to superior energy density, affordability, and longer life.
- Applications in consumer electronics is a major contributor to revenue, owing to high penetration of smartphone and laptop devices in multiple regions.
- Asia Pacific is a major, fast-growing market for li-ion battery packs, owing to large production share of companies operating in China.
Li-ion Battery Packs Market- Driving Factors
- Rising demand for electric automobiles and grid storage infrastructure are key growth factors.
- Declining costs of li-ion battery packs are critical to increasing adoption rates.
- Rising installation of off-grid and nuclear power facility installations generates demand for li-ion battery packs.
- Environment concerns associated with other battery types including cadmium and lead acid variants to bolster market prospects.
Li-ion Battery Packs Market- Key Restraints
- Performance issues from under- or overcharging li-ion batteries hurt adoption.
- Air transport of li-ion batteries are highly restricted, increasing transport and logistics costs.
COVID-19 Impact on Li-ion Battery Packs Market
China is one of the largest li-ion battery pack producers. Consequently, the impact of the outbreak on the country has had a major impact on supply chains. End user businesses and industries are seeking to diversify and create alternative sources. The temporary suspension on renewable energy projects and electric automobile production will hamper sales of li-ion batteries in the near term. Recovery is likely to be gradual with global economic uncertainties.
Explore the global li-ion battery packs market with 184 figures, 84 data tables, along with the table of contents of the report. You can also find detailed segmentation on
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Competitive Landscape
Market participants in the Li-ion battery packs market are pushing for strategic acquisitions, and collaborations to consolidate market presence. For example, Tesla has acquired SilLion for EV lithium ion battery packs for EV applications. Lithium Energy Japan Corp., LG Chem Ltd., Panasonic Corporation, and Samsung SDI are some of the major li-ion battery pack manufacturers.
About the Report
This study offers readers a comprehensive market forecast of the Li-ion battery packs market. Global, regional and country-level analysis of the latest industry trends impacting the Li-ion battery packs market is covered in this FACT.MR study. The report offers insights on the Li-ion battery packs market on the basis of product type (lithium cobalt oxide, lithium magnesium oxide, lithium iron phosphate, lithium nickel manganese cobalt oxide, lithium nickel cobalt aluminum oxide, and lithium titanate), cell type (cylindrical, prismatic, and pouch), nominal voltage (less than 12V, 12V, 24V, and more than 24V), battery capacity (>20 KWhr, 30 -60 KWhr, 60 - 80 KWhr, and more than 80 KWhr) and end use (automotive, consumer electronics, medical devices, and industrial & grid energy) across six regions (North America, Latin America, Europe, Japan, APEJ, and MEA).
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SOURCE: Fact.MR
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