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.
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“Soaring sales of plug-in and electric vehicles is one among the key factors spurring adoption of lithium-ion battery packs, as lithium-ion batteries have become the ‘battery of choice’ among automakers worldwide. Multiple advantages of a lithium-ion battery pack, such as high energy & power density, is making it outsell the conventional lead-acid variants”, says the Fact.MR report.
The battery industry is undergoing a sea change in line with increasing demand for battery technologies with superior capabilities. As per the report, changes in cell-technologies and innovations in smart electronics are creating favorable grounds for adoption of li-on technology, driving growth of lithium-ion battery pack market.
Lithium cobalt oxide to continue as the ‘top-selling’ lithium-ion battery pack variant, with global sales estimated to surpass 67 Mn units. Skyrocketing demand for portable electronic devices is foreseen to fuel demand for lithium cobalt oxide types, as most of the lithium-ion battery packs used in portable applications are cobalt-based.
The report opines that, the cylindrical cell type continues to be highly favored as compared to prismatic or pouch types, with global demand estimated to surpass 51 Mn units in 2019. Cylindrical packaging continues to be the widely-used for lithium-ion battery packs, on account of advantages such as superlative mechanical stability and ease of manufacture.
According to the report, Asia Pacific excluding Japan will continue to be the largest market for lithium-ion battery pack, as the APEJ hosts a large number of prominent battery OEMs. China, South Korea, and India are foreseen to be highly lucrative countries for the manufacturers of lithium-ion battery packs in terms of healthy expansion.
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North America is likely to emerge as the fastest-growing market for lithium-ion battery pack, with opportunities brimming for the manufacturers across the key countries, including the U.S., Canada, and Mexico. The buoyancy of North America lithium-ion battery pack market can also be ascribed to incessant penetration of plug-in & electric vehicles and steady demand for consumer electronics.
Strategic Collaborations with OEMs- A Differential Strategy of Key Players
Key stakeholders in the lithium-ion battery pack market might have to focus on the emerging trends in the battery technologies space, which will help them offer high-performance and innovative products well-aligned with end-user specifications. Though leading players in the lithium-ion battery pack market account for a sizeable share, these companies will have to work on business optimization and product benchmarking in order to retain their stronghold.
According to the report, collaboration with end-users is one of the key differential strategies adopted by the market players to offer high value and grow sales profitably. For instance, leading manufacturers in the lithium-ion battery pack market, such as LG Chem and Panasonic Corporation, are collaborating with leading automotive giants. These collaborations will amplify production capabilities of the market players and aid in fostering cordial relationships with end-users.
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The Fact.MR research study analyzes latent opportunities in the lithium-ion battery pack market from 2019 to 2028. According to the Fact.MR report, the lithium-ion battery pack market is likely to witness impressive growth at a value CAGR of over 12% during the assessment period.
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