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 expand at a healthy CAGR of 11 percent across the forecast period of 2021-2031, to surpass a valuation of US$ 120.3 bn by 2031 according to a report by Transparency Market Research (TMR).
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 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, 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 decarbonisation. 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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