Pakistan Lithium-Ion Battery Market
Lithium-Ion Battery Market Overview
The Pakistan
lithium-ion battery market is expected to register a CAGR above 1.2% during
the forecast period from 2021 to 2026. The emergence of COVID-19 has caused
major disruptions in economic activity across the world whole, including in
Pakistan. This downturn in the economy translates into lower demand for
consumer products and other components, which is likely to worsen the already
fledgling economy. Factors such as the growth of electric vehicles and
renewable energy along with favorable government initiatives for the
development of the lithium-ion battery
manufacturing sector are expected to boost the market during the forecast
period. However, economic restraints such as rupiah devaluation and surging
interest rates are expected to hamper the growth of the lithium-ion battery market in Pakistan during the forecast period.
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The consumer electronics segment is expected to witness
significant growth during the forecast period, owing to the significant
increase in production and demand for electronic devices such as smartphones,
watches, televisions, electric motors, etc. during the last years.
The increase in FDI (Foreign Direct Investment) through OBOR
(One Belt One Road) project, which includes various infrastructure projects, is
likely to create huge opportunities for battery
companies by meeting the requirement of demand for energy storage.
Growth in electric vehicles and the renewable energy sector is
expected to drive the lithium-ion
battery market in Pakistan, owing to increasing government incentives to
support the adoption and domestic manufacturing of electric vehicles as well as
the deployment of new wind and solar power plants to expand the country's clean
environment energy capacity.
Main market trends
Consumer Electronics Application Will See Significant Growth
Lithium-ion batteries
are commonly used in electronic devices, such as smartphones, laptops, clocks,
watches, and remote controls. Consumer electronics sales are highly dependent
on population and disposable income. The increase in the disposable income of the
people of Pakistan leads to an increase in the standard of living and drives
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 to dominate in the
coming years, due to a significant increase in production and demand for
electronic devices, such as smart phones, cooling equipment, electric motors,
televisions, watches and electronic security systems in recent years. a few
years.
Additionally, Dawlance (one of the leading consumer
electronics brands in Pakistan), in November 2020, was ranked the top home
appliance brand in the country by IPSOS (Institute of Public Opinion Poll Sector),
a company global market research. . The company has been serving consumers for
over 40 years and is one of the market leaders with three manufacturing units
in the country and over 10 million refrigerators produced through 2020.
Additionally, Daraz (one of the largest e-commerce players
in Pakistan) said that over 1.7 million shoppers have purchased electronics and
over 4 million orders have been placed through their platform, which which
resulted in the sale of over 5 million items. In addition, smart TVs, washing
machines, traditional laptops, LED TVs, smart watches, refrigerators and food
preparation units have also been popular, increasing the demand from the large
electronics sector. public in the country.
Hence, based on the factors mentioned above, the consumer
electronics segment is expected to witness significant growth in Pakistan over
the forecast period.
Growth of electric vehicles and renewable energy driving the market
The launch of electric vehicle assembly projects in Pakistan
is expected to boost the lithium-ion
battery market in the coming years. The lithium-ion battery (LIB) is a commonly used type of battery and is
considered one of the key components in electric vehicles. Moreover, LIB is
increasingly becoming a preferred application choice in electric vehicles due
to its economic advantages.
The government has been working to increase the integration
of electric vehicles into the country's automotive sector and has set a target
of 30% battery-powered vehicles by 2030.
The transport sector in Pakistan is experiencing
double-digit growth. Almost the entire transport sector depends on
petroleum-based products, and the country spends nearly $13 billion annually on
importing petroleum. If the transport sector continues to grow at the same
rate, the oil import bill is expected to reach around USD 30 billion by 2025.
Therefore, the shift to electric vehicles is likely to solve the current and
impending problems of several sectors, including transport, environment,
economy, electricity and oil import bill.
The running cost of electric vehicles is one-third that of a
flexible fuel vehicle (FFV), but the investment cost is quite high. Moreover,
the current infrastructure for electric vehicles in the country is not good
enough. Therefore, the Pakistani government has planned to put in place
incentives to support the domestic adoption and manufacturing of electric
vehicles. The five national electric vehicle manufacturers have joined forces
in the Pakistan Electric Vehicle Manufacturing Association (PEVMA) to make
significant investments in the sector, which has led to an increase in demand
for lithium-ion batteries in the country.
Additionally, the introduction of net metering legislation
for solar installations, which allows consumers to sell electricity to the
grid, is also expected to increase the demand for batteries. Net metering
increases adoption of rooftop solar by homeowners and provides an opportunity
to electrify remote villages and commercial enterprises that have sufficient
rooftop space and available land.
Therefore, such a large expansion of renewable energy
capacity is expected to come primarily from sources including wind and solar.
Since the supply of electricity from renewable energy is not stable, batteries
are indispensable for storing (especially lithium-ion
batteries) when excess electricity is supplied, and then supplying more
electricity. late when production from renewable energy declines.
Competitive landscape
The Pakistani
lithium-ion battery market is consolidated. Major players include Litech, Zhejiang
Narada Power Source Co., Ltd., Atlas Battery Limited, Phoenix Battery Ltd, and
Exide Pakistan Limited.
RECENT DEVELOPMENTS
In August 2020, after the introduction of the electric
vehicle policy, Pakistan had signed an agreement with China for the purchase of
electric buses. Under the strategic alliance agreement, Skywell Automobile is
expected to set up a chain of electric vehicles across Pakistan, with electric
buses running in the first phase between Islamabad and Lahore. In addition,
Skywell is expected to invest around $30 billion to set up the electric vehicle
chain in the country.
In December 2018, the Asian Development Bank (AfDB) and the
Government of Pakistan signed loan and grant agreements amounting to $284
million. AfDB's financial support is for the construction of the first
large-scale, grid-connected lithium-ion
battery energy storage system at the Jhimpir-I grid station to improve the
stability of the transmission grid. In 2020, the BESS is still under
construction.
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What is the study period of this market?
The Pakistan Lithium-ion Battery Market is studied from 2019
- 2026.
What is the growth rate of the Pakistan Lithium-ion Battery
Market?
The Pakistan Lithium-ion Battery Market is growing at a CAGR
of >1.2% over the next 5 years.
Who are the key players in Pakistan Lithium-ion Battery
Market?
Litech, Zhejiang Narada Power Source Co., Ltd., Phoenix
Battery Ltd, Atlas Battery Limited, Exide Pakistan Limited are the major
companies operating in Pakistan Lithium-ion Battery Market.
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