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The li-ion battery market revenue totalled US$ 57.4 Bn for 2020, according to Fact.MR, a market research and competitive intelligence provider. Li-ion’s quality of being lightweight and the drop in the price for li-ion is driving the sales of the same. 48v Lithium Ion Battery Solar

In addition, the demand from electric vehicles will accelerate the sales of li-ion battery packs. Thus, the overall li-ion market is expected to reach US$ 75.3 Bn billion by 2031, witnessing a slow growth CAGR of 3% from 2021-31. in the forecast period 2021-2031.

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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.

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.

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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.

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