Press release
Lithium Ion Cell and Battery Pack Market to Continue to Lead in Coming Years
The rising demand for electronics with improved battery life and superior performance is expected to stir demand for lithium-ion batteries among manufacturers of consumer electronics. This is because lithium-ion batteries satisfy the demand for high power density needed by handheld devices for wireless data transmission and brighter resolution.
The increasing use of lithium ion batteries in barcode and RFID scanners due to their high energy density is also influencing the growth of lithium ion cell and battery packs market. Furthermore, the use of these batteries is rapidly gaining momentum in automotive, industrial, and energy sectors with the rising shift for sustainable clean fuels.
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However, factors such as high prices of lithium-ion batteries that make them unsustainable for prolonged use such as in electric vehicles and their lower thermal stability are restraining the market’s growth.
The global lithium ion cell and battery pack market is expected to grow at a CAGR of 12.0% between 2017 and 2025. The market stood at a valuation of US$32.17 bn in 2016 and is expected to reach a valuation of US$88.92 bn by 2025.
In terms of power capacity, the lithium ion cell and battery pack market has been segmented into 5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh, more than 300 KWh. Among these, 100-250 KWh stood as the most attractive segment in 2016 based on power capacity.
The growth of this segment is primarily driven by demand for high capacity batteries for specific applications such as in high loading electric vehicles. The 18-28 KWh and more than 300 KWh segments are also expected to display considerable growth due to their applications in grid energy production.
In terms of pack type, series battery pack, parallel battery pack, and others are the segments into which the lithium ion cell and battery pack market is divided. The other battery pack stood as the leading segment in 2016 commanding a share of 83.9% in the overall market.
The other battery pack segment is expected to lead throughout the forecast period attributed to their extensive applications across industry verticals. On the other hand, series and parallel battery packs have lower market shares due to their specific applications.
On the basis of shape, cylindrical, polygon, prismatic, and coin among others are segments into which the lithium ion cell and battery pack market is segmented.
This report gives readers a comprehensive overview of the Lithium Ion Cell and Battery Pack Market. Browse through to unlock the hidden opportunities in this market:
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By application, the market has been segmented into consumer electronics, medical, automotive, grid energy, and industrial among others. Consumer electronics leads the lithium ion cell and battery pack market with the segment holding 57.5% of the market in 2016. The segment is expected to lead over the forecast period due to their increasing application in consumer electronics.
Asia Pacific Attracts Investments from Global Players
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the segments into which the lithium ion cell and battery pack market is divided based on geography.
In 2016, Asia Pacific contributed the leading revenue of almost 72.3% to the overall market in 2016. The expanding consumer electronics, automotive, and grid energy supplies exhibit a substantial demand for lithium-ion batteries is attracting investments from key market players.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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