Market Trends of Battery Anode Materials Industry
This section covers the major market trends shaping the Battery Anode Materials Market according to our research experts:
Rising Demand in Automotive Industry
The market for electric vehicles is expected to grow in the future, driven by the adoption of various environmental norms and emission regulations.
Owing to environmental concerns and awareness about clean and sustainable fuel, there is a rise in the demand for electric vehicles.
The anode material in the battery determines how fast the vehicle battery can be charged and, with an increase in the energy density, helps to extend the driving range per charge.
According to a study, the number of electric cars on the world's roads by the end of 2021 was ~16.5 million, triple the amount in 2018.
According to the U.S. Department of Energy, in the United States, sales of new light-duty plug-in electric vehicles, including all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), nearly doubled from 308,000 in 2020 to 608,000 in 2021. EV sales accounted for 73% of all plug-in electric vehicle sales in 2021.
All the aforementioned factors will likely propel the demand for battery anode materials during the forecast years.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy in terms of GDP. China and India are among the fastest emerging economies in the world.
China is the largest producer & exporter of Consumer Electronics in the world. It is the world's most extensive electronics manufacturing ecosystem with a labor force of electrical goods workers of close to 150 million.
Furthermore, electric car sales in China were ~3.3 million, nearly triple in 2021 compared to 2018.
As per the India Brand Equity Foundation, overall, in 2021, 329,190 EVs were sold in India, indicating a 168% YoY growth over last year's sales of 122,607 units.
Moreover, according to NITI Aayog and Rocky Mountain Institute (RMI), India's EV finance industry is likely to reach USD 50 billion by 2030.
Due to all the above-mentioned factors, the Asia-Pacific region is expected to see an increase in demand during the forecast period.
