As stated in our extensive report; providing insights onProduct Type, Cell Type, Normal Voltage, Battery Capacity and End Use;the Global Lithium-Ion Battery Packs Market accounted for USD 57.8 Billon in 2021.
Key Factors Likely to Drive Growth of Lithium-Ion Battery Packs Market
The increasing popularity of electric vehicles is due, in part, to the fact that they are more environmentally friendly than gasoline-powered cars. Electric vehicles produce zero emissions, while gasoline-powered cars produce carbon dioxide and other gases that contribute to climate change. One of the main components of electric vehicles is lithium-ion batteries, which are usually composed of several different materials, including cobalt, nickel, aluminum, copper and carbon. These materials can be difficult to recycle due to their chemical reactivity. Lithium-ion batteries also contain a small amount of elemental lithium, which is a valuable material used in batteries and other products.
A recent study predicts that the increasing adoption of electric vehicles will boost demand of lithium-ion batteries. It is found that if electric vehicles make up half of all new vehicle sales by 2030, more than 60% of used lithium-ion batteries would be recycled. Lithium-ion batteries are widely used in portable electronics and electric vehicles. As the demand for these products continues to grow, so does the demand for Lithium-ion batteries packs. Thus, anticipated to drive the market over the forecast period.
Regional Outlook of Lithium-ion Battery Recycling Market: Asia Pacific is the Most Potential
Asia Pacificholds the major share in the market owing to presence of evolving economies. Thus, providing the large base of consumers. Additionally, among all regions examined, Japan is most ready to recycle LIBs (most likely to lead), followed by South Korea, while China needs further improvement of its recycling capabilities. Without any doubt, China is the world's largest producer of LIBs; hence, offers a lucrative opportunity for the market. Hence, contributing the market growth.Some of key players in GlobalLithium-Ion Battery Packs MarketincludeLG Chem Ltd., BYD Co. Ltd., Panasonic Corporation, Contemporary Amperex Technology Co. Ltd., Samsung SDI Co., EnerSys, Hefei Guoxuan High-Tech Power Energy Co. Ltd., Automotive Energy Supply Corporation, Tianjin Lishen Battery Joint-Stock Co. Ltd., CBAK Energy Technology Inc., Lithium Energy Japan Corporation.and others