A battery pack is a battery system composed of multiple battery cells combined in series, parallel, or hybrid, typically including a battery management system (BMS), protection circuit, housing, etc., which can provide higher voltage or capacity to meet the needs of specific applications.
Overview of Market Development
The global battery pack market has shown a steady growth trend in recent years. According to our research data, the global battery pack market is expected to reach $10.28 billion in 2024, an increase of 9.44% compared to 2023. In the future, with downstream new energy vehicles, the battery pack market is expected to continue expanding. It is expected that by 2029, the global battery pack market size will increase to $15.69 billion. The CAGR for 2024-2029 is estimated to be 8.82%.
Analysis of Market Competition Pattern
From the perspective of market competition, the concentration of the global battery pack market is moderate. Data shows that the total output value of the battery pack market for the top 3 companies in the industry in 2023 was $2998 million, with a total output value share of 31.91%. The top three companies were Panasonic, Panasonic, and SAFT. In 2023, these three companies accounted for 11.27%, 10.49%, and 10.15% of the global battery pack market revenue, respectively.
Global Battery Pack Market Size Forecast and Competition Pattern Analysis
Source: www.globalmarketmonitor.com
Segmented Market Analysis
From the perspective of product types, battery packs can be divided into lithium-ion battery packs, lithium polymer battery packs, nickel hydrogen battery packs, and nickel cadmium battery packs based on the type of battery cells. Among them, lithium-ion battery packs dominate the market, with an estimated market share of 66.12% in 2024.
From the perspective of downstream application patterns, battery packs are widely used in various fields such as commercial, industrial, medical, military, material handling, power tools, aerospace, and data centers. Among them, the power tool field is the largest downstream application market, with an estimated market share of 17.66% in 2024.
Global Battery Pack Segment Market Size and Market Share Forecast in 2024
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|
Market Size (Million USD)
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Market Share
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|
Segmented by Types
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|
Lithium-Ion Battery
Packs
|
6798
|
66.12%
|
|
Lithium Polymer
Battery Packs
|
1610
|
15.66%
|
|
Nickel Hydrogen
Battery Packs
|
550
|
5.35%
|
|
Nickel Cadmium
Battery Packs
|
395
|
3.84%
|
|
Others
|
930
|
9.04%
|
|
Segmented by Application
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|
Commercial
|
1678
|
16.32%
|
|
Industrial
|
468
|
4.55%
|
|
Medical
|
381
|
3.71%
|
|
Military
|
502
|
4.88%
|
|
Material Handling
|
328
|
3.19%
|
|
Power Tools
|
1816
|
17.66%
|
|
Aerospace
|
255
|
2.48%
|
|
Data Centers
|
243
|
2.36%
|
|
Others
|
610
|
5.93%
|
Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Chemicals Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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