The global Li-Ion battery pack market was valued at US$ 57.4 billion in 2020 and is expected to add value worth US$ 3.3 billion during the forecast period. The market is anticipated to expand at a CAGR of 2.7%. However, amid the COVID-19 pandemic, the market is poised to stagnate for the next couple of financial quarters. This is attributed to a significant drop in the demand for Li-ion battery packs globally.
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The adoption is expected to remain low as stringent lockdowns amid COVID-19 has created exceptional dormancy in end use industries such as consumer electronics, and automotive industry.
In addition, impact of COVID-19 on the mining industry has lowered the production of lithium. Consequently, companies in East Asia which have resumed operations post-lockdown are experiencing insufficient raw material supply, compelling companies to work at a significantly lower capacity. This in turn, is poised to disturb the business eco – system in the global li ion battery pack market. However, the market is projected to create significant opportunity in the second half of the forecast period, when impact of COVID-19 pandemic will be brought under control globally.
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Key Takeaways of Li Ion Battery Pack Market
- Global Li-ion battery pack market is expected to grow at a volume CAGR of 2.6%, expanding 1.3X in terms of value from 2020 through 2030.
- Lithium cobalt oxide battery type will hold the maximum share in terms of value, at US$ 64.4 billion by the end of forecast period (2020 – 2030).
- Pouch cells are set to grow at a value CAGR of 4.7% and are expected to gain 271 BPS on their market share by the end of forecast period.
- Nominal voltage less than 12V is expected to account for majority share in terms of value. It is projected to create absolute $ opportunity of more than US$ 8.9 billion during the forecast period.
- Batteries with capacity less than 20KWhr & 30-60KWhr are projected to grow at a value CAGR of 3.2% & 2.4% respectively and will collectively create absolute $ opportunity of more than US$ 14.6 billion by the end of the forecast period.
- Automotive end use sector is anticipated to hold more than 89% share, creating an absolute $ opportunity of more than US$ 15.2 billion during forecast period.
- APEJ is prophesied to hold maximum share in terms of value and will expand at CAGR of 3% by the end of the forecast period.
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“The global outbreak of COVID-19 will hamper the expansion of li-ion battery pack market for next couple of financial quarters. As the key end use businesses start operating on maximum capacity, the market will regain traction through 2030,” says a Fact.MR analyst.
Partnerships to Re-ignite Competition in Market Landscape
The lithium ion battery pack market is highly consolidated with few players serving the majority of the customer base. Manufacturers are forming partnerships with other players in order to introduce innovative solutions in the industry. For instance, In February 2020, Honeywell International Inc. partnered with Nexceris, LLC, to develop li-ion battery packs with enhanced safety systems. In September 2019, Eramet Group, BASF & SUEZ formed a partnership to develop recycling li-ion battery packs for electric vehicles.
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