March 29, 2022 15:00 ET | Source: FACT.MR FACT.MR
United States, Rockville, MD, March 29, 2022 (GLOBE NEWSWIRE) -- Fact.MR states that the global li-ion battery pack is expected to exceed US$ 75.5 Bn market revenue by registering a CAGR of 3% in the forecast period. Increasing popularity of electric vehicles will act as the principal growth accelerator for the market in the forthcoming decade.
Historically, between 2016 and 2020, sales of li-ion battery packs garnered a market value of US$ 57.4 Bn by the end of the aforementioned period. The COVID-19 pandemic has impacted the sales of li-ion battery packs largely. Due to restrictions in movement and a drop in sales of vehicles and electronic gadgets, the sales of li-ion battery packs dipped.
Manufacturers of li-ion battery packs are focusing on increasing the efficiency of batteries. Thus, lightweight batteries are being preffered by the electronic gadgets industry. In addition, the use of li-ion battery packs in electrical vehicles is increasing the sales of the same. Additionally, grid energy storage applications are generating further expansion prospects, given the highly robust nature of li-ion batteries.
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How are Burgeoning EV Sales Spurring Demand for Li-Ion Battery Packs? Governments across the globe are focusing on reducing pollutants that are emitted by conventional vehicles. In addition, the depletion of natural resources is causing a threat to the environment. Thus consumers have shown an inclination towards using electric vehicles due to their efficiency.
Electric vehicle manufacturers have given preference to using li-ion batteries as they store energy for longer runs and can be used in hybrid vehicles too. Along with this, the hassle of maintaining engine efficiency is not needed. The sales of electric vehicles has increased. This, in turn, has upsurged the sales of li-ion battery packs.
Key Segments Covered Product Type
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Competitive Landscape Prominent manufacturers are emphasizing on launching advanced battery packs equipped with high-grade conducting material, besides relying on such initiatives as strategic collaborations, acquisitions and capacity expansion measures.
Why are Lithium Iron Phosphate Batteries Gaining Popularity? Lithium Iron phosphate batteries provide longer life span in comparison to other batteries. In addition, these batteries need no maintenance and are extremely safe to use.
Adoption of lithium phosphate batteries has increased in portable devices over time. Thus, according to Fact.MR, lithium iron phosphate batteries are expected to reach over US$ 16 Bn by the end of the forecast period.
Will the Automotive Industry Remain the Primary End User? According to Fact.MR, automotive applications are likely to account for bulk of the li-ion battery pack demand in forthcoming years, expanding at a CAGR of 4% until 2031. Widening popularity of EVs, e-bikes and automated guided vehicles are spurring usage.
Amongst all vehicle types, demand across BEVs and PHEVs are expected to be the strongest, as they offer a high degree of convenience to automobile users. Although, uptake in the short-run will remain restricted as the pandemic induced recession will fade gradually.
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