Pakistan Lithium-ion Battery Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.20 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pakistan Lithium-ion Battery Market Analysis
The Pakistan lithium-ion battery market is expected to register a CAGR of greater than 1.2% during the forecast period of 2021 - 2026. The emergence of COVID-19 has caused major disruptions to economic activity around the globe including Pakistan. This drop in economy translates into lower demand for consumer products and other components which is likely to compound the already fledgling economy. Factors such as growth of electric vehicles and renewable energy along with suppotive government initiatives to develop the lithium-ion battery manufacturing sector is expected to drive the market during the forecast period. However, economic constraints such as rupee devaluation and soaring interest rates are expected to hinder the lithium-ion battery market growth in Pakistan during the forecast period.
- The consumer electronics segment is expected to witness significant growth during the forecast period, owing to the significant rise in production and demand for electronic appliances such as smartphones, watches, TVs, electric motors, etc. over the past few years.
- Increasing the FDI (Foreign Direct Investment) due to the OBOR (One Belt One Road) project, which includes various infrastructure projects are likely to create a massive opportunities for the battery companies in fullfilling the requirement of energy storage demand.
- Growth of electric vehicles and renewable energy sector is expected to drive the lithium-ion battery market in Pakistan, owing to the increasing government incentives to support EV's adoption and domestic manufacturing along with the deployment of new wind and solar power plants to expand the country's clean energy capacity.
Pakistan Lithium-ion Battery Market Trends
This section covers the major market trends shaping the Pakistan Lithium-ion Battery Market according to our research experts:
Consumer Electronics Application to Witness Significant Growth
- Lithium-ion batteries are commonly used in electronic devices, such as smartphones, laptops, clocks, watches, and remote controls. The sales of consumer electronics are highly dependent on the population and the disposable income. The increasing disposable incomes of the Pakistani people are leading to rising living standards and are driving the demand for consumer electronics.
- In 2019, the consumer electronics segment accounted for the largest share of the Li-ion battery market in Pakistan. This segment is expected to continue its dominance in the coming years, owing to a significant rise in the production and the demand for electronic appliances, such as smart phones, cooling equipment, electric motors, TVs, watches, and electronic security systems over the past few years.
- Moreover, Dawlance (one of the leading consumer electronics brands in Pakistan), in November 2020, has been ranked as the number one home appliance brand in the country by IPSOS (Institut de Publique Sondage d'Opinion Secteur), a global market research firm. The company has been serving consumers for more than 40 years, and has been one of the market leaders with three manufacturing units in the country and more than 10 million refrigerators produced till 2020.
- Also, Daraz (one of the biggest e-commerce player in Pakistan) stated that more than 1.7 million buyers purchased electronic products and more than 4 million orders were placed through their platform, resulting in upwards of 5 million items sold. Additionally, smart televisions, washing machines, traditional laptops, LED televisions, smart watches, refrigerators, and food preparation units have also been popular, thus, increasing the demand for consumer electronic sector in the country.
- Therefore, based on the above-mentioned factors, consumer electronics segment is expected to witness significant growth in Pakistan during the forecast period.
Growth of Electric Vehicles and Renewable Energy Driving the Market
- The initiation of electric vehicle assembling projects in Pakistan is expected to boost the lithium-ion battery market in the coming years. Lithium-ion batter (LIB) is a commonly used battery type and is considered as one of the key components of electric vehicles. Moreover, LIB is increasingly becoming a preferred choice of application in EV's on account of its economic benefits.
- The government has been working towards increasing the integration of EV in the country's automobile sector and has set a target of 30% vehicles operating on batteries by 2030.
- The transportation sector in Pakistan has been experiencing double-digit growth. Almost the whole of the transportation sector is dependent on oil-based products, and the country spends nearly USD 13 billion on the import of oil every year. If the transportation sector continues to grow at the same rate, the bill for oil imports is expected to reach around USD 30 billion by 2025. Therefore, shifting to electric vehicles is likely to solve several sectors' present and impending problems, including transportation, environment, economy, power, and oil import bill.
- The running cost of electric vehicles is one-third of the flexible-fuel vehicle (FFV), but the capital cost is quite high. Moreover, the present infrastructure for EV in the country is not good enough. Therefore, the Pakistani government has been planning to implement incentives to support EVs' adoption and domestic manufacturing. The five domestic EV manufacturers joined forces as the Pakistan Electric Vehicles Manufacturing Association (PEVMA) to make significant investments in the sector, leading to higher demand for lithium-ion batteries in the country.
- Moreover, the introduction of net-metering legislation for solar installations which allows consumers to sell power to the grid is also expected to increase the demand for batteries. Net-metering is increasing the adoption of rooftop solar by homeowners and presents an opportunity to electrify remote villages and commercial enterprises that have sufficient rooftop space and available land.
- Hence, such a significant expansion of renewable energy capacity is expected to come from sources majorly, including wind and solar. Since electricity supply from renewable energy is not stable, batteries are a must to store (especially lithium-ion batteries) when excess electricity is being supplied and then later supply electricity when generation from renewable energy drops.
Pakistan Lithium-ion Battery Industry Overview
The Pakistan lithium-ion battery market is consolidated. Some of the major players include Zhejiang Narada Power Source Co., Ltd., Atlas Battery Limited, Phoenix Battery Ltd, and Exide Pakistan Limited.
Pakistan Lithium-ion Battery Market Leaders
Zhejiang Narada Power Source Co., Ltd.
Phoenix Battery Ltd
Atlas Battery Limited
Exide Pakistan Limited
*Disclaimer: Major Players sorted in no particular order
Pakistan Lithium-ion Battery Market News
- In August 2020, post the introduction of EV policy, Pakistan had signed an agreement with China to procure electric buses. Under the Strategic Alliance Agreement, Skywell Automobile is expected to set up an electric vehicles chain throughout Pakistan, with electric buses running in the first phase between Islamabad and Lahore. Further, Skywell is expected to make an investment of around USD 30 billion for setting up the EV chain in the country.
- In December 2018, the Asian Development Bank (ADB) and the Government of Pakistan signed a loan and grant agreements amounting to USD 284 million. The funding support from ADB is targeted for building the first large-scale, grid-connected Lithium-Ion Battery Energy Storage System (BESS) at Jhimpir-I Grid Station for improving transmission network stability. As of 2020, the BESS is still under-construction.
Pakistan Lithium-ion Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
4.8 Assessment of COVID-19 Impact on the Industry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Consumer Electronics
5.1.2 Automotive
5.1.3 Industrial
5.1.4 Other Applications (Medical Devices, Power Tools, etc.)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Zhejiang Narada Power Source Co., Ltd.
6.3.2 Atlas Battery Limited
6.3.3 Phoenix Battery Ltd
6.3.4 Exide Pakistan Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pakistan Lithium-ion Battery Industry Segmentation
The Pakistan lithium-ion battery market report includes:
| Application | |
| Consumer Electronics | |
| Automotive | |
| Industrial | |
| Other Applications (Medical Devices, Power Tools, etc.) |
Pakistan Lithium-ion Battery Market Research FAQs
What is the current Pakistan Lithium-ion Battery Market size?
The Pakistan Lithium-ion Battery Market is projected to register a CAGR of greater than 1.20% during the forecast period (2024-2029)
Who are the key players in Pakistan Lithium-ion Battery Market?
Zhejiang Narada Power Source Co., Ltd., Phoenix Battery Ltd, Atlas Battery Limited and Exide Pakistan Limited are the major companies operating in the Pakistan Lithium-ion Battery Market.
What years does this Pakistan Lithium-ion Battery Market cover?
The report covers the Pakistan Lithium-ion Battery Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Pakistan Lithium-ion Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pakistan Lithium-ion Battery Industry Report
Statistics for the 2024 Pakistan Lithium-ion Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pakistan Lithium-ion Battery analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
