ALBANY, New York, September 12, 2019 – The need for high power density and soaring demand for electronics with long life-span have strengthened the lithium ion cell and battery pack market’s position. Moreover, there has been an influx of new lithium ion battery technologies due to growing research and development. The automobile industry is one of the leading consumers of the lithium ion cell and battery pack market, states Transparency Market Research. The preference of these batteries over nickel metal batteries is anticipated to fetch sizeable revenue benefits for the lithium ion cell and battery pack market.
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Market is Expected to Reach US$88.92 bn by 2025
According to TMR’s study, the lithium ion cell and battery pack market is anticipated to progress at a splendid 12 CAGR. Growing at this rate, the market is anticipated to rise from its historical value of US$32.17 bn in 2016 to reach US$ 88.92 bn. Rising use of lithium ion batteries in RFID scanners and barcode have significantly contributed to the lithium ion cell and battery pack market’s growth during the forecast period of 2017 to 2025.
The consumer electronics sector is expected to present the highest growth opportunities for the lithium ion cell and battery pack market. It accounted for 57.5% of the total market’s share in 2016. This is mainly because of the benefits offered by lithium ion batteries over lead acid batteries.
The high prices of lithium ion batteries may discourage automobile manufacturers from using it in electric vehicles. In order to tackle this challenge, manufacturers are focusing on developing batteries with improved performance for specific applications. They are also laying considerable emphasis on enhancing supply-chain consistency.
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Asia Pacific to Be an Attractive Region for Stakeholders
The booming automobiles and energy sector in Asia Pacific has led to it becoming one of the most attractive regions for the market players. In 2016, it held approximately 72.3% of the global lithium ion cell and battery pack market’s share. South Korea, India, and China are expected to be lucrative for the market’s growth in this region. The market in China is majorly driven by the rising production of electric vehicles. Presence of numerous key OEMs has also been instrumental in the lithium ion cell and battery pack market’s growth in this region.
North America and Europe are also expected to present promising growth opportunities for the lithium ion cell and battery pack market. The booming automobile market and the rising popularity of electric vehicles are major drivers of the market’s expansion in these regions.
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Soaring Demand for Handheld Devices to Foster Growth
Over the years, there has been an increase in the production and demand for handheld devices. This has highly amplified the demand for lithium ion batteries as they suffice the need for high power density required for wireless transmission. The portable medical devices also demand efficient battery packs to enhance reliability attributes. As a result, there has been a rising adoption of lithium ion battery packs in the medical industry, thereby fostering the lithium ion cell and battery pack market’s growth.
The grid energy sector has also significantly contributed to the lithium ion cell and battery pack market’s growth. Lithium ion battery packs such as lithium magnesium oxide and lithium cobalt oxide are gaining popularity because of the depleting fossil fuels. This presents a major growth opportunity for the market players to gain revenue benefits.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Lithium Ion Cell and Battery Pack Market (Power Capacity – 5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh, and More than 300 KWh; Pack Type – Series Battery Pack and Parallel Battery Pack; Battery Shape – Cylindrical, Prismatic, Polygon, and Coin; Application – Consumer Electronics(Laptop, Digital Camera, Smartphone, and Automatic Identification and Data Capture ( Barcode Scanner, Handheld Scanner, RFID Scanner, and Mobile Computers)), Automotive, Medical, Grid Energy, and Industrial) – Global Industry Analysis Size Share Growth Trends and Forecast 2017 – 2025.”
The global lithium ion cell and battery packis segmented as below:
Power Capacity
Pack Type
Shape
Application
Region
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