Press release
Automotive Lithium Ion Battery Pack Market is expected to expand at 12.5% CAGR over the forecast period 2017–2026
Global Automotive Lithium Ion Battery Packs Market: Overview
Growing need for environment-friendly and cost-effective batteries will continue to impact growth of the global automotive lithium ion battery packs market positively. In order to reduce the level of pollution, government authorities are increasingly encouraging the adoption of the hybrid and plug-in hybrid vehicles globally. Surge in adoption of the hybrid vehicles will continue to rev up demand for the lithium ion batteries in the automotive industry significantly. Equipped with enhanced features, demand for the automotive lithium ion battery packs is expected to remain high in the global market. Besides increasing adoption in the automotive industry, automotive lithium ion battery packs also continue to witness increasing demand for the production of various electronic products such as smartphones, power tools, PC and tablets. However, the performance of the battery continues to drop in hot temperature conditions, which is expected to remain a major challenge for the smartphone manufacturers.
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The report offers detailed insights on some crucial aspects of the global automotive lithium ion battery packs market and offers information on competitive landscape, important segments, growth patterns and factors fuelling growth of the global market.
Global Automotive Lithium Ion Battery Packs Market: Dynamics
Growth of the global automotive lithium ion battery packs market is mainly bound to various macro-economic and micro-economic factors. The report reveals that the global automotive lithium ion battery packs market is mainly driven by growing need for environment-friendly batteries in the automotive industry. As the government in various countries are increasingly taking initiatives to encourage adoption of the hybrid and plug-in hybrid automotive for public transportation, demand for the automotive lithium ion battery packs is expected to remain high. In addition, manufacturers in the electronic industry are also witnessing significant demand for the automotive lithium ion batteries attributed to growing need for better battery life in the smartphones, laptops, tablets and power tools.
Moreover, the report also reveals that the leading market players in the automotive industry are increasingly entering into collaborations to gain a competitive edge over the other market players in the global market. Through collaborations the leading market players are focusing on developing prismatic cell batteries and solid state batteries. Increasing number of collaborations in the global automotive lithium ion battery packs market is expected to underscore lucrative growth opportunities. These factors are further expected to contribute towards growth of the global automotive lithium ion battery packs market significantly.
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Global Automotive Lithium Ion Battery Packs Market: Segmentation
In the next section, the global automotive lithium ion battery packs market is segmented as battery capacity, vehicle, vehicle type, and region. On the basis of battery capacity, the global market is segmented as less than 20 KWH, 21-40 and more than 41. Based on vehicle, the global market is segmented as hybrid electric vehicle (HEV), plug-in-hybrid vehicles (PHEV) and full battery electric vehicle (BEV). By vehicle type, the global market is segmented as passenger car, LCV, HCV and others.
Global Automotive Lithium Ion Battery Packs Market: Competition
Key players operating in the global automotive lithium ion battery packs market are GS Yuasa Corporation, Panasonic Corporation, Automotive Energy Supply Corporation, LG Chem Ltd., BYD Company Limited, Tesla Motors, Inc., Samsung SDI Co., Ltd., Hitachi Chemical Company, Ltd., Johnson Controls International Plc., Narada Power Source Co. Ltd., Tianneng Power International Co., Ltd., Wanxiang Group Corporation, Furukawa Electric Co., Ltd., Crown Battery Corporation, Leoch International Technology Ltd., EnerSys, Hoppecke Batterien GmbH & Co. KG., Coslight Technology International Group Co., Ltd., Toshiba Corporation and East Penn Manufacturing Co.
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