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Sales of Li-Ion Battery Pack Market to Reach US$ 75.3 Bn Billion Revenues by 2031
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The Li-Ion battery market is set to reach $75.3 billion by 2031, growing at a 2.7% CAGR. COVID-19 impacts demand, but recovery is expected post-pandemic.
The global Li-Ion battery pack market was valued at US$ 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. 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.
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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.
Key Takeaways of Li Ion Battery Pack Market
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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.
Key Segments of the Li-ion Battery Pack Market
Fact.MR’s study on the Li-ion battery pack market offers information divided into two key segments— product type, cell type, nominal voltage, battery capacity, end use across six major regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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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-LAWSUIT-95e84a04-e252-4d6e-a752-385822505523>BASF & SUEZ formed a partnership to develop recycling li-ion battery packs for electric vehicles.
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The post Sales of Li-Ion Battery Pack Market to Reach US$ 75.3 Bn Billion Revenues by 2031 appeared first on The Cloud Tribune.
The article discusses the growth and challenges of the global Li-Ion battery market, projecting significant revenue by 2031.
How has COVID-19 affected the Li-Ion battery market? The pandemic caused a demand drop and supply chain disruptions, impacting growth.
What sectors are driving battery demand? The automotive sector is a major driver, expected to hold over 89% market share.
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