Estimates of Substantial Rise in Demand for Electric Vehicles to Reduce Carbon Footprint to create Immense Growth Opportunities in Lithium-Ion Battery Packs Market, Explains Projected Worth to surpass whopping US$ 120. 3 Bn by 2031, TMR
With a large chunk of the global populace preferring eco-friendly products, lithium-ion battery packs are gaining tremendous popularity, which, in turn, will boost their growth prospects
The Transparency Market Research (TMR) experts estimate the lithium-ion battery packs market to record a CAGR of ~11 percent during 2021-2031
ALBANY, N.Y., May 10, 2021 /PRNewswire/ -- The emergence of lithium-ion batteries has been phenomenal. With the rising awareness about environmental conservation around the world, many individuals switched toward buying products or items that have a lower negative impact on the environment. As lithium-ion battery packs are used extensively in such products, the market will experience a positive growth trajectory across the assessment period of 2021-2031.
Lithium-ion battery packs are rechargeable batteries mainly used for electric vehicles and portable electronic items. These battery packs are eco-friendly alternatives to store energy and do not contain high levels of heavy metals that are harmful to the environment. All these aspects act as prominent growth generators for the lithium-ion battery packs market.
The TMR analysts have performed an all-round analysis on all the factors related to the growth of the lithium-ion battery packs market. The analysts project the global lithium-ion battery packs market to expand at a healthy CAGR of ~11 percent across the forecast period of 2021-2031. The global lithium-ion battery packs market is prognosticated to surpass a valuation of US$ 120.3 bn by 2031, the end year of this forecast period.
The demand for hybrid vehicles and electric vehicles has increased exponentially across various regions. The growing demand for these vehicles has led to an increase in the demand for lithium-ion battery packs, which will positively influence the growth of the global market for lithium-ion battery packs market. Furthermore, a string of initiatives undertaken by the government bodies of numerous countries will also prove to be a vital growth prospect for the lithium-ion battery packs market.
Key Findings of the Report
Extensive Investments in Lithium-Ion Technology to Bring Immense Growth Prospects
The growing attraction of a large number of conglomerates and firms toward investing in lithium-ion battery packs will bring extensive growth opportunities for the lithium-ion battery packs market. The players in the lithium-ion battery packs market are also investing in expanding their production capacities. For instance, Lohum, a lithium-ion battery maker recently invested nearly Rs. 250 cr on expanding their capacities. Thus, all these aspects prove fruitful for the growth of the lithium-ion battery packs market.
Emergence of Fully Electric Ships Invites Extensive Growth Opportunities
The growing influence of shipping goods through seaways is increasing and it has led to an increase in the transport of goods through ships. Ships are responsible for transporting around 80 percent of the world's commodities according to the data by the United Nations Conference on Trade and Development. Ships are responsible for emitting huge amounts of harmful gases such as nitrogen oxides, sulfur oxides, and others. All these aspects are increasing the demand for electric ships, which, in turn, will boost the growth prospects across the lithium-ion battery packs market.
Government Initiatives to Reduce Pollution Levels will Propel the Growth of the Lithium-Ion Battery Packs Market
The government bodies of numerous countries are increasing their efforts to reduce carbon emissions across their regions. Various agreements such as the Paris Climate Agreement have been signed to speed up the process of decarbonization. Densely populated countries like India are encouraging the production of electric vehicles through initiatives like Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) and others. Thus, these factors are helping in increasing the growth opportunities across the lithium-ion battery packs market.
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