Press release
Lithium-Ion Battery Pack Market Set to Deliver Major Revenue Shares during the Forecast Period | Major Players - BYD, Automotive Energy Supply Corporation (AESC), Contemporary Amperex Technology Co. Limited, (CATL), East Penn Manufacturing Co., Guoxuan Hi
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Manufacturers of Lithium-Ion Battery Pack Focus on Voltage & Runtime Considerations for Effective Product Development
Lithium-ion battery pack is emerging as a viable proposition across multiple end-use applications in terms of meeting high energy-storage requirements. Accordingly, manufacturers of lithium-ion battery pack are focusing on voltage and runtime considerations, which differs from application to application, in order to develop effective products. In addition, manufacturers in the lithium-ion battery pack market are paying utmost attention to various size, weight, and environmental limitations during product development, to boost brand positioning via responsible offerings.
The cell type, cylindrical, pouch, or prismatic, is determined by the target application and associated requirements. However, the lithium-ion battery pack market is witnessing a noticeable inclination of a majority of end-users toward cylindrical cell type as it offers the best performance at low cost. Manufacturers, by analyzing end-user inclination and preferences, are focusing on development of distinguishable products at affordable prices.
What are the Challenges Faced by Key Stakeholders of Lithium-Ion Battery Pack Market?
With emerging technologies such as aluminum-ion batteries and flexible batteries in the global battery market landscape, end-users have the advantage to choose from a range of promising varieties to meet their energy-storage requirements. This, in turn, is likely to entail challenges for the manufacturers in the lithium-ion battery pack market.
Rapidly-evolving technologies and subsequent demand for new materials are exerting considerable pressure on manufacturers of lithium-ion battery packs to retain the supply chain consistency. Comprehending end-users’ performance requirements for diverse applications remains a critical aspect for manufacturers for sourcing raw materials and decreasing lead times, notably for product prototyping and development processes.
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Lithium-Ion Battery Pack Market- The Competitive Landscape
In 2018, LG Chem- a leading manufacturer of electric car batteries- had a strategic tie-up with Mahindra and Mahindra, an Indian multinational car manufacturing corporation. As per this tie-up, LG chem will be supplying lithium-ion battery cells to Mahindra, as the latter is vying to expand its business of electric vehicles. The agreement further states that LG Chem will develop battery modules for ‘Mahindra Electric Mobility’, a unit of Mahindra, which in turn will be creating battery packs, for both the parent and customers.
In 2019, Panasonic Corporation- a Japanese multinational electronics corporation- entered into a joint venture with Toyota Motor Corporation, a Japanese multinational automotive manufacturer. The joint venture reflects the objective of Japan-based companies to emerge as global players in the battery market space, which, in turn, is instrumental for developing affordable electric vehicles.
Other players operating in the lithium-ion battery pack market and profiled in the report include BYD, Automotive Energy Supply Corporation (AESC), Contemporary Amperex Technology Co. Limited, (CATL), East Penn Manufacturing Co., Guoxuan High-Tech, Lishen Battery, Hoppecke Batterien GmbH & Co. KG., Leoch International Technology Ltd., China Aviation Lithium Battery Co., Ltd (CALB), CBAK Energy Technology, Inc., Lithium Energy Japan, Wanxiang Import & Export Co., Ltd., Tianneng Power International Co., Ltd., Coslight Technology International Group Co., Ltd., EnerSys, Toshiba Corporation, and others.
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