Market Research Report
Asia-pacific Battery Testing Equipment Market Forecast 2021-2028
|Asia-pacific Battery Testing Equipment Market Forecast 2021-2028|
Published: October 11, 2021
Content info: 118 Pages
Delivery time: 2-3 business days
The Asia-Pacific battery testing equipment market is predicted to grow with a CAGR of 5.20% during the forecasted years. The regional market's growth is primarily credited to key drivers such as the expected growth in the electric vehicle industry, the growing younger population, the increased demand for batteries across numerous end-users, and the higher penetration of the internet.
The Asia-Pacific battery testing equipment market growth analysis constitutes the assessment of South Korea, Australia, China, Indonesia, India, Japan, Thailand, and the rest of the Asia-Pacific. South Korea is considered an attractive industrial hub in the Asia-Pacific. The country excels in terms of manufacturing electronics, automobiles, telecommunication equipment, pharmaceuticals, chemicals, and others. Furthermore, with respect to the market's growth, the South Korean Agency for Technology and Standard (KATS) released a notice concerning novel safety standards for industrial lithium secondary batteries in 2019.
Conversely, the electric vehicle industry in Indonesia is anticipated to thrive over the upcoming years, predominantly with the government promoting the sector. In this regard, the country's government issued an 'EV Roadmap,' detailing several incentives in order to attract increased investments within the swiftly growing electric vehicle industry. As a result, these factors are set to supplement the battery testing equipment market growth in the Asia-Pacific over the forecast period.
Some of the top players operating in the market are: TUV SUD, Century Batteries, Xiamen Tmax Battery Equipments Limited, etc.