Asia-Pacific Battery Market Size (2024 - 2029)

The Asia-Pacific battery market is poised for substantial growth, driven by factors such as the declining prices of lithium-ion batteries, the rapid adoption of electric vehicles, and the expanding renewable energy sector. Despite challenges like the demand-supply mismatch of raw materials, the market has rebounded to pre-pandemic levels. The automotive batteries segment is anticipated to be the fastest-growing area, with increasing vehicle production in the region. Additionally, opportunities are expected to arise from integrating renewable energy into national grids. India is projected to see significant market expansion due to supportive government policies for the manufacturing sector.

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Market Size of Asia-Pacific Battery Industry

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Asia-Pacific Battery Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 16.50 %
Market Concentration Medium

Major Players

Asia-Pacific Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Asia Pacific Battery Market Analysis

The Asia-Pacific Battery Market is expected to register a CAGR of more than 16.5% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, factors including lithium-ion battery prices decline, rapid adoption of electric vehicles, growing renewable sector, and increased sale of consumer electronics are expected to drive the market.
  • On the other hand, the demand-supply mismatch of raw materials is likely to restrain the market's growth in the coming years.
  • Nevertheless, The automotive batteries segment is expected to be the fastest-growing segment in the battery market due to the increasing demand for new vehicles produced in the region. The segment is expected to be the leading end-user for lithium-ion batteries in the coming years. Plans to integrate renewable energy with the national grids in respective countries are expected to create a significant opportunity for lithium-ion battery manufacturers and suppliers in the future.
  • India is likely to experience significant growth in the Asia-Pacific battery market based on policy-level support from the government encouraging the manufacturing sector.

Asia Pacific Battery Industry Segmentation

A battery is an energy source that converts chemical energy into electrical energy consisting of one or two electrochemical cells by means of a redox reaction.

 The Asia-Pacific Battery market is segmented by type, technology, application, and geography. The type includes primary battery and secondary battery. By technology type, the market is segmented into lead-acid batteries, lithium-ion batteries, and other technologies. The application consists of automotive batteries (HEV, PHEV, and EV), industrial batteries (motive, stationary (telecom, UPS, and Energy Storage Systems (ESS)), portable batteries (consumer electronics), and other applications. The report also covers the market size and forecasts for the Asia-Pacific Battery market across significant regions or countries. For each segment, the market sizing and forecasts have been done based on installed capacity (Megawatt).

Type
Primary Battery
Secondary Battery
Technology
Lead-acid Battery
Lithium-ion Battery
Other Technologies
Application
Automotive Batteries (HEV, PHEV, and EV)
Industrial Batteries (Motive, Stationary (Telecom, UPS, and Energy Storage Systems (ESS))
Portable Batteries (Consumer Electronics)
Other Applications
Geography
India
China
Japan
South Korea
Rest of Asia-Pacific
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Asia-Pacific Battery Market Size Summary

The Asia-Pacific battery market is poised for significant growth, driven by several key factors such as the declining prices of lithium-ion batteries, the rapid adoption of electric vehicles, and the expanding renewable energy sector. The market has rebounded to pre-pandemic levels after the initial setbacks caused by COVID-19. The automotive batteries segment is anticipated to be the fastest-growing area, fueled by the increasing demand for new vehicles and the integration of renewable energy with national grids. However, challenges such as the demand-supply mismatch of raw materials could pose constraints to market expansion. India is expected to emerge as a major growth hub, supported by government policies that encourage manufacturing and the adoption of electric vehicles.

The automotive sector, particularly the electric vehicle segment, is projected to be a major end-user of lithium-ion batteries, with China leading in global EV sales and other countries like India transforming their public transportation infrastructure. Policy support is crucial in driving the adoption of electric vehicles, making them more appealing to consumers and reducing risks for investors. The Asia-Pacific region, with its concentration of battery production, is dominated by Chinese, Japanese, and South Korean companies, which are also expanding their presence in Europe. India's initiatives, such as the FAME India scheme, aim to boost the adoption of electric and hybrid vehicles, further propelling the automotive battery segment. Additionally, the growing telecommunication sector in India, driven by increased subscribers and the shift towards renewable energy solutions, is expected to contribute to the demand for batteries.

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Asia-Pacific Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Battery/Raw Material Price Trends and Forecast, by Major Technology Type, till 2027

    4. 1.4 Import and Export Analysis, by Major Battery Technology and Major Country, in USD million, till 2020

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

      2. 1.7.2 Restraints

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitutes Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Primary Battery

      2. 2.1.2 Secondary Battery

    2. 2.2 Technology

      1. 2.2.1 Lead-acid Battery

      2. 2.2.2 Lithium-ion Battery

      3. 2.2.3 Other Technologies

    3. 2.3 Application

      1. 2.3.1 Automotive Batteries (HEV, PHEV, and EV)

      2. 2.3.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, and Energy Storage Systems (ESS))

      3. 2.3.3 Portable Batteries (Consumer Electronics)

      4. 2.3.4 Other Applications

    4. 2.4 Geography

      1. 2.4.1 India

      2. 2.4.2 China

      3. 2.4.3 Japan

      4. 2.4.4 South Korea

      5. 2.4.5 Rest of Asia-Pacific

Asia-Pacific Battery Market Size FAQs

The Asia-Pacific Battery Market is projected to register a CAGR of greater than 16.5% during the forecast period (2024-2029)

BYD Co. Ltd , Duracell Inc. , Panasonic Corporation , GS Yuasa Corporation and Contemporary Amperex Technology Co. Limited are the major companies operating in the Asia-Pacific Battery Market.

Asia Pacific Automotive Lead-Acid Battery Market Report Snapshots

Asia Pacific Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)