Global Lithium-Ion Battery Packaging Market is segmented By Level of Packaging (Transportation Packaging, Cell & Pack Packaging), By Casing Type (Prismatic, Pouch, Cylindrical), By Material Type (Plastic, Cardboards, Metals), By Application (Consumer Electronics, Automotive, Industrial, Power, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global Lithium Ion Battery Packaging Market is expected to grow at a CAGR of 11.52% during the forecasting period (2022-2029).
- Lithium-ion batteries are primarily used in electric vehicles, which act as a major reason for the battery packaging market's growth.
- Increasing the usage of lithium-ion batteries in numerous applications and the rise in the growth of automotive and transportation industries worldwide are major factors for its growth.
- The lithium-ion battery industry tremendously meets the electronics market demand globally, including cell phones, personal computers, and digital/video cameras.
- Most modern portable electronic devices like iPhones use lithium-ion batteries. Li-ion batteries are a more convenient choice for electronics due to their high charging backup capacity.
- Lithium-ion batteries are cleaner, live longer, recycle better, and require much less maintenance. All these characteristics are playing a crucial role in adopting Li-ion batteries globally by the key electronic manufacturers.
- For instance, from 2001 to 2016, the value of electronics exports from Asia jumped from USD 537.3 billion to USD 1,758 billion, at an average growth rate of 8.2% each year.
- Due to the aviation industry's increasing safety concerns, the ICAO/IATA regulations governing Lithium Batteries' shipping have been tightened, and airlines must enforce these regulations more rigorously.
- Rising awareness of users towards zero-emission vehicles is the major driving factor for the market growth.
- The development of affordable battery storage is increasingly being looked at as an indispensable component of sustainability.
- Clean, renewable energy sources are needed to help create a sustainable society. Wind energy is harnessed when it is windy, and solar energy creation is dependent on sunlight.
- Such challenges require a storage solution such as lithium-ion batteries. They enable renewable energy generation to be stored until required.
- Li-ion batteries are a more convenient choice for electronics and electric vehicles due to their high charging backup capacity. They are cleaner, live longer, recycle better, and require much less maintenance.
- Increased demand for battery storage can be influenced by government policy, resulting in increased production and falling prices.
- For instance, several states have adopted storage mandates and regulations, including California, Hawaii, Maryland, Massachusetts, Nevada, New Jersey, and Oregon.
- Federally, a 30 % Investment Tax Credit is still available for investment in energy storage, as long as it is associated with renewable power generation projects.
- The Asia Pacific market is valued at USD XX Million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach USD XX Million by 2026.
- The Asia Pacific is expected to hold the largest market share in the forecast period. China, India, South Korea, Australia, and Japan are expected to witness high growth rates due to the increasing demand from end-use industries.
- Companies in this region are concentrating on developing new technologies related to batteries. Samsung, Panasonic, LG, GS Yuasa, and Exide are the leading manufacturers from the Asia Pacific region.
- For instance, Panasonic is a leading supplier of lithium-ion batteries and has around 20% market share in automotive lithium-ion batteries globally.
- Furthermore, various electronic makers like LG Electronics, Samsung, Panasonic, and Sony Corp are key elements driving lithium-particle batteries in the APAC region.
- For instance, In March 2018, Panasonic, the world’s largest lithium batteries producer, has announced that it had begun production at a new USD 400 million plants in China.
- In August 2019, SK Innovation announced that they are developing technology to recycle spent electric vehicle batteries.
- Growth in electric vehicles and the utilization of li-ion batteries in vehicles drive the Asia Pacific region's market.
- The market is essentially made up of China and India, which have a massive potential for lithium-ion battery market applications.
- China being a worldwide automotive producing center, holds great potential for the development of the market. Additionally, China is likely to be one of the world's prominent manufacturers of electronic gadgets.
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