Global Prismatic Lithium-ion Battery Market 2019-2023
About this market
The shift of the automotive industry toward EVs is the factor has been one of the growth factor in prismatic lithium-ion battery market during the forecast period. Factors such as rising environmental concerns & increasing GHG emissions globally have driven countries to rethink the use of fossil fuels in transportation. The increase in adoption of EVs vehicles, will positively affect the growth of prismatic lithium-ion battery market during our forecast period. Therefore, the vendors in the market are increasing their efforts to produce more prismatic lithium-ion batteries due to the growth demand from the automotive industry. The growing demand in sales of EVs has driven the growth of the global prismatic lithium-ion battery market at a CAGR of over 7% during the forecast years.
Shift of the automotive industry toward EVs
The increased GHG emissions and rising environmental concerns globally have driven countries to rethink the use of fossil fuels in transportation. Many countries are setting targets regarding the sale of EVs. Governments have introduced several incentives for vehicle owners to increase the adoption of EVs. The key vendors are increasing their efforts to produce more prismatic lithium-ion batteries catering to the growing demand from the automotive industry.
Competition from other batteries
The high cost of production compared with other batteries such as lead- acid and NiMH batteries. Therefore, the cost advantages and availability of numerous substitues affect the adoption of prismatic lithium-ion batteries, thereby affecting the growth of the market in focus.
For the detailed list of factors that will drive and challenge the growth of the prismatic lithium-ion battery market during the 2019-2023, view our report.
The prismatic lithium-ion battery market is moderately concentrated owing to the presence of several market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies
Technavio Announces the Publication of its Research Report – Global Prismatic Lithium-ion Battery Market 2019-2023
Technavio recognizes the following companies as the key players in the global prismatic lithium-ion battery market: BYD, LG Chem, Maxell Holdings, Panasonic, SAMSUNG SDI.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the declining prices of lithium- ion batteries coupled with the increased need for ESS due to the rapidly increasing deployment of renewables will be contributing to the growth of the ESS market which will subsequently drive the market growth.”
According to the report, one of the major drivers for this market is the demand from automotive industry for prismatic lithium- ion batteries, coupled with increased sales of EVs, will be driving the sales of prismatic lithium-ion batteries, thereby contributing to the growth of the market.
Further, the report states that one of the major factors hindering the growth of this market is the cost advantages and availability of numerous substitutes affect the adoption of prismatic lithium – ion batteries, thereby affecting the growth of the market.
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