Custom Battery Pack Market Size, Share, Growth, and Industry Growth by Type (Li-Ion, Li-Poly, NiMH, NiCd, SLA, and Others) By Application (Medical, Military, Aerospace, Data Center, Portable devices, Automotive, Agriculture, Mining and Construction, and Others) Regional Forecast to 2027

Updated On: 13 March 2023

REPORT OVERVIEW

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The global custom battery pack market size was USD 23.320 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with custom battery pack experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 47.185 billion by 2027, exhibiting a CAGR of 12.46% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A custom battery pack is a customized battery pack. It is created and designed especially for a certain application or device. The pack is often used to improve the performance of devices by providing power and running longer times.

The growth in the custom battery pack market can be attributed to the rise in the need for custom battery packs in the military, medical, aerospace, and portable devices. Huge demand for electric vehicles and a rise in sales of electric vehicles is anticipated to drive market growth. Further, development in advanced battery technology and the product ensures to provide high energy density, which provides longer run time for applications and electric vehicles, is anticipated to surge market progress. It is created and designed especially for a certain application or device. The pack is often used to improve the performance of devices by providing power and running longer times. The increased popularity of solar energy for its cost-effectiveness and environmental benefits is likely to foster market progress in the forthcoming years. Rise in disposable coupled with expansion in the consumer electronics sector. On the contrary, the high costs of the pack are anticipated to limit market growth in the upcoming years.

COVID-19 Impact: Closure of Manufacturing Units to Harm Market Growth

Closure of manufacturing units due to lockdown restrictions globally. The market witnessed a downfall due to the shutting of several businesses. Lower demand for the product among the population and fluctuation of raw material prices reduced market growth.

"Huge Adoption of Li-Ion to Accelerate Market Progress "

Increased adoption of Li-Ion is estimated to surge market growth. It is a rechargeable battery used in numerous devices such as cameras, smartphones, laptops, and portable media players. The product offers huge benefits over traditional batteries, such as superior performance under high/low-temperature conditions and high charge density. It has several features such as long shelf life & cycle life and a lightweight & compact size. These features are anticipated to drive market growth in the upcoming years.

SEGMENTATION

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• By Type

Based on type, the market is divided into Li-Ion, Li-Poly, NiMH, NiCd, SLA, and others.

Li-Ion is expected to be the top part of type segmentation

• By Application

Based on the application, the market is divided into medical, military, aerospace, data center, portable devices, automotive, agriculture, mining and construction, and others.

Automotive is expected to be the top part of application segmentation.

DRIVING FACTORS

"Increased Adoption of Electric Vehicles to Fuel Market Growth "

Increasing demand for electric vehicles and a rise in sales of electric vehicles are anticipated to drive market growth. Further, development in advanced battery technology and the product ensures to provide high energy density, which provides longer run time for applications and electric vehicles, is anticipated to surge market progress. It is created and designed especially for a certain application or device. The pack is often used to improve the performance of devices by providing power and running longer times. The increased popularity of solar energy for its cost-effectiveness and environmental benefits is likely to foster market progress in the forthcoming years.

"Huge Adoption of Li-Poly and NiMH to Improve Market Progress"

Increased adoption of Li-poly and NiMH is estimated to surge market growth. The batteries have several advantages, such as long life, lightweight, and acid batteries. It has eco-friendlier and produces less waste than compared to a traditional battery. Further, high infrastructure development and an increased standard of living. Government regulations for eco-friendly products and the high adoption of solar energy for its cost-effectiveness and environmental benefits are expected to fuel market progress in the forthcoming years. The increased spending capacity of the growing population across the globe is anticipated to drive market growth.

RESTRAINING FACTORS

"Higher Costs of the Product to Limit Market Growth "

High costs of the pack are anticipated to limit market growth in the upcoming years.

REGIONAL INSIGHTS

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"Increased Adoption of the Product for its Benefits in Asia Pacific to Drive Market Share "

Asia Pacific is anticipated to hold the custom battery pack market share owing to the increased use of the device in pedometers stopwatches, digital diaries, and other applications, which is estimated to fuel market growth in the forthcoming years. There is a huge need for the product among the growing population for its benefits, such as superior performance under high/low-temperature conditions and high charge density. It has several features such as long shelf life & cycle life and a lightweight & compact size. These features are anticipated to drive market growth in the upcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Elecsys France (France)
• Inventus Power (U.S.)
• Zeus Battery Products (U.S.)
• Battery Clinic Inc. (U.S.)
• Cadex Electronics Inc. (Canada)
• Panasonic (Japan)
• ElectroChem (U.S.)
• Pride (India)
• BMZ Group (Germany)
• Pti Technologies (U.S.)
• PowerTech Systems (India)
• Ultralife Corporation (U.S.)
• GPBM Industry (Denmark)
• Excell Battery Co. (Canada)
• PMBL Ltd. (India)
• Steatite (U.K.)
• CATL (China)
• LG Chem (South Korea)
• SAFT
• BYD
• E4V (Group Universe VE)
• SDI

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.