Lithium-ion Battery Packs Market

Lithium-ion battery packs are tiny, light, and have a low stand-by rate. They exhibit a high energy density. These contain fewer hazardous heavy metals than other types of batteries, making them an environmentally beneficial way to store energy. Lithium-ion batteries have become increasingly popular in the automotive, marine, and consumer goods industries. In comparison to their counterparts, these batteries have a higher energy density and voltage capacity. Lithium-ion battery packs, on the other hand, might be substantially expensive due to the extended charge time.

COVID-19 Impact analysis

• The COVID-19 pandemic has an adverse impact on the global commercial economy, which is now having fatal consequences. The Li-ion battery pack manufacturing business, like all other major industries, is experiencing a downturn.
• Lithium production, a critical component of Li-ion batteries, has been severely impeded by nation-wide lockdowns enforced by important lithium-producing countries such as Australia, Chile, and Argentina.
• The epidemic has posed significant hurdles to the lithium-ion battery pack manufacturing, including insufficient raw material supply, a labor scarcity, and a disrupted supply chain.
• China one of the major manufacturers of lithium-ion battery packs, is experiencing a drop in exports as most of the country's ports are currently closed. As a result, the sale of consumer electronic gadgets has been hampered around the world, which has had a significant impact on the demand for lithium-ion battery packs.
• Major lithium mining firms have been forced to shut down or operate at less than half their capacity.

Top Impacting Factors

Surge in investment in renewable energy sources is being driven by increased awareness of renewable energy and tight government regulations. Renewable energy sources do not deliver continuous energy. hence energy storage is required to ensure a steady power supply. The lithium-ion battery packs market is expected to grow globally due to developments in technology and increased need for cost-effective solutions for the storage of renewable energy. The current lithium-ion battery packs are lightweight, compact, and have a low stand-by rate with a high energy density thanks to advanced technology. Lithium-ion battery packs contain fewer hazardous heavy metals than other types of batteries, making them an environmentally beneficial way to store energy. These factors are projected to boost the lithium-ion battery packs market during the forthcoming years. The sale of automobiles is experiencing rapid growth, owing to rise in population and changes in consumer purchasing trends. Electric vehicle demand and production is fueled by rise in environmental concerns and advancements in digitally controlled units. Thus, the global lithium-ion battery pack market is predicted to expand attributed to surge in demand for electric vehicles.

Market Trends

• Saft has purchased all of the stock in Go Electric Inc., a global provider of distributed energy resilience solutions for microgrids and commercial and industrial customers based in the U.S.. This acquisition is a significant step forward in Saft's strategy to expand its energy storage systems business.
• Envision AESC, Envision Group's battery industry fund, has purchased Automotive Energy Supply Corporation, which was previously held by Nissan Motor Co., Ltd.

Key Benefits of the Report

• This study presents the analytical depiction of the lithium-ion battery packs industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Lithium-ion battery packs market share.
• The current market is quantitatively analyzed to highlight the lithium-ion battery packs market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Lithium-ion battery packs market analysis based on competitive intensity and how the competition will take shape in coming years

 Lithium-ion Battery Packs Market Report Highlights