Leading players in the lithium-ion battery pack market are leveraging on the soaring sales of plug-in and electric vehicles, which comprise lithium-ion batteries, thereby positively impacting their sales.
ROCKVILLE, MD / ACCESSWIRE / March 24, 2020 / Increasing power demand for multiple applications - where exists a need for safe and reliable battery packs - are propelling the sales of lithium-ion battery packs. As reported by Fact.MR in a new study that provides inclusive analysis of the lithium-ion battery pack market, it is projected that the market will grow at an impressive CAGR of 12% during the forecast period (2019 to 2028). Furthermore, the market is receiving impetus on the back of a surge in disruptive technologies, smart grid storage, and data centers among others.
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Lithium-ion Battery Pack Market - Key Takeaways
- Owing to their superior electrochemical performance, high capacity ratio and stable structure, lithium cobalt oxide (LCO) batteries remain a highly lucrative battery type.
- Cylindrical cell types will witness a surge in demand during the forecast period backed by their higher mechanical stability and ease of manufacturing.
- Emerging economies such as Asia Pacific, South Korea, India, and China among others, will provide significant growth opportunities to manufacturers due to the rampant growth of the automotive industry in these regions.
- With the presence of a high number of manufacturers in key countries such as the U.S., Canada, and Mexico, North America to emerge as the most lucrative region for the manufacturers in the lithium-ion battery pack market.
Lithium-ion Battery Pack Market - Key Driving Factors
- The increasing production of electric and plug-in vehicles is driving manufacturers to opt for lithium-ion batteries over conventional lead-acid batteries, thereby giving a thrust to sales.
- Skyrocketing sales of portable electronic devices such as smartphones and digital cameras are fueling lithium-ion battery pack sales.
Explore the complete lithium-ion battery pack market report with detailed market segmentation, 184 illustrative figures, and 84 data tables at -
https://www.factmr.com/report/3120/lithiumion-battery-pack-market
Lithium-ion Battery Pack Market - Key Restraint
- Hot environmental conditions challenge the efficient performance of lithium-ion batteries, thereby limiting sales for a few application segments.
Competition Landscape
Some of the key players in the global automotive lithium-ion battery pack market include Automotive Energy Supply Corporation, Panasonic Corporation, BYD Company Limited, GS Yuasa Corporation, LG Chem Ltd., Samsung SDI Co., Ltd., Tesla Motors, Inc., Hitachi Chemical Company, Ltd., Narada Power Source Co. Ltd., and Johnson Controls International Plc., among others. The market leaders are focusing on establishing partnerships with end-use industries to gain a competitive edge over the other market players.
About the Report
This 170-page study offers readers a comprehensive market forecast of the lithium-ion battery pack market. With historical demand data (2014-2018) and forecast statistics for the period, 2019-2029, the study divulges compelling insights on the microcontroller market based on battery type, cell type, and end-use, across seven major regions.
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SOURCE: FactMR