PUBLISHER: Inkwood Research | PRODUCT CODE: 1088371
PUBLISHER: Inkwood Research | PRODUCT CODE: 1088371
The Asia-Pacific battery market is evaluated to develop with a CAGR of 17.68% over the forecasted years of 2022 to 2030. Key factors such as the increasing adoption of electric vehicles, the launch of high-quality energy as well as power storage technology, and the developing renewable sector are mainly ascribed to the regional market's growth.
The Asia-Pacific battery market growth evaluation covers the assessment of South Korea, India, Australia & New Zealand, Japan, China, and Rest of Asia-Pacific. The increasing adoption of electric vehicles, in addition to the developments within the automotive industry, are among the key driving forces propelling the battery market growth in India. The country's government is also taking numerous steps for the promotion and subsequent adoption of electric vehicles. Since electric vehicles are set to play an essential role in achieving the UN Sustainable Development Goals, the adoption of electric vehicles in India is anticipated to rise on account of the increasing need for clean energy sources.
On the other hand, in South Korea, Samsung SDI, as well as LG Energy Solutions (LGES), announced the launch of the new generation 21700 lithium-ion battery in 2022, thus increasing energy density by approximately 10%. This factor could further enhance the country's edge, primarily in terms of electric vehicle battery manufacturing. Hence, such drivers are estimated to influence the Asia-Pacific battery market growth over the forecast period.
Eminent players operating in the market are: Toshiba Corporation, LG Chem Ltd, GS Yuasa International Ltd, etc.