Lithium-Ion Battery Packs Market

Market Synopsis:

The Global Lithium-Ion Battery Packs Market is valued at USD 57.8 Billon in the year 2021 and is projected to reach a value of USD 68.6 Billon by the year 2028. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 2.9% over the forecast period.

Due to their recharge ability, lithium-ion batteries are becoming increasingly popular in the use of portable electronics and electric vehicles. They have recently been used in military and aerospace applications. Rising public awareness of renewable energy, combined with stringent government regulations, is driving increased investment in renewable energy sources. Because renewable energy sources do not provide continuous energy, there is a need to store the energy in order to provide a constant power supply. The Lithium-Ion Battery Packs Market is expected to grow globally due to technological advancements and increased demand for cost-effective solutions for renewable energy storage.

Furthermore, big props to advances in technology, today's Lithium-Ion Battery Packs are lightweight, small, and have a low stand-by rate while providing a high energy density. In comparison to other types of batteries, Lithium-Ion Battery Packs contain low levels of toxic heavy metals, making them an environmentally friendly way to store energy. During the forecast period, these factors are expected to drive the Lithium-Ion Battery Packs Market. The use of lithium-ion batteries has increased significantly in the automotive, marine, and consumer goods industries. When compared to alternatives, these batteries can provide higher energy density and voltage capacity. Lithium-Ion Battery Packs, on the other hand, can be much more expensive with a longer charge time. As a result, manufacturers must focus on improving battery capacities and lifespan, as well as reducing charging time and battery size to make them more cost-effective. Furthermore, because the cost of replacing lithium-ion batteries is high, and replacing them on a regular basis increases operational costs, manufacturers are now focusing on increasing the number of charging cycles of batteries.

Market Segmentation:

The Lithium-Ion Battery Packs Market is segmented on the basis of Product Type, Cell Type, Normal Voltage, Battery Capacity and End Use. On the basis of Product Type, the market is segmented into Lithium Cobalt Oxide Battery Pack, Lithium Magnesium Oxide Battery Pack, Lithium Iron Phosphate Battery Pack, Lithium Nickel Manganese Cobalt Oxide Battery Pack, Lithium Nickel Cobalt Aluminum Oxide Battery Pack and Lithium Titanate Battery Pack. On the basis of Cell Type, the market is segmented into Cylindrical Li-Ion Battery Pack, Prismatic Li-Ion Battery Pack and Pouch Li-Ion Battery Pack. On the basis of Normal Voltage, the market is segmented Less than 12V Li-Ion Battery Pack, 12V Li-Ion Battery Pack, 24V Li-Ion Battery Pack and More than 24V Li-Ion Battery Pack. On the basis of Battery Capacity, the market is segmented >20 kWh Li-Ion Battery Pack, 30-60 kWh Li-Ion Battery Pack, 60-80 kWh Li-Ion Battery Pack and More than 80 kWh Li-Ion Battery Pack. On the basis of End use, the market is segmented Automotive Li-Ion Battery Pack, Consumer Electronics Li-Ion Battery Pack, Medical Devices Li-Ion Battery Pack and Industrial & Grid Energy Li-Ion Battery Pack.

Based on Product Type:

On the basis of Product Type, the market is segmented into Lithium Cobalt Oxide Battery Pack, Lithium Magnesium Oxide Battery Pack, Lithium Iron Phosphate Battery Pack, Lithium Nickel Manganese Cobalt Oxide Battery Pack, Lithium Nickel Cobalt Aluminum Oxide Battery Pack and Lithium Titanate Battery Pack. By value, lithium nickel manganese cobalt oxide and lithium-ion phosphate account for nearly 70% of the lithium-ion battery market. The lithium nickel manganese cobalt oxide battery type leads the market due to its high specific energy characteristics, low internal resistance, and versatility to suit different power capacity configurations. The lithium-ion phosphate chemistry's inherent safety, high current rating, and long-life cycle are driving demand for this type in the lithium-ion battery market.

Based on End Use:

On the basis of End use, the market is segmented Automotive Li-Ion Battery Pack, Consumer Electronics Li-Ion Battery Pack, Medical Devices Li-Ion Battery Pack and Industrial & Grid Energy Li-Ion Battery Pack. During the forecast period, the automotive segment is expected to hold the largest share of the lithium-ion battery market. Lithium-ion batteries are used extensively in battery-powered vehicles such as electric vehicles, e-bikes, and automated guided vehicles. Battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs) are the three types of EVs based on their power source and application (PHEVs). Adoption and awareness of EVs are increasing, which aids market growth.

North America Dominates the Global Lithium-Ion Battery Packs Market

North America acquired the largest market share during the year 2021 with a share of 40.50%. The North American lithium-ion battery market share is expected to increase during the forecast period, owing to increased product use in the production of electric and hybrid vehicles. Furthermore, an increase in electronic product sales in the North America region is expected to drive regional market growth during the forecast period. Additionally, the electrification of delivery vehicles and pickup trucks is expected to increase demand for these batteries. Major commercial vehicle manufacturers are focusing on hybrid drive systems across multiple model lines. As a result, the growth of electric vehicles/plug-in hybrid vehicles is expected to drive the market for lithium-ion batteries.