USD 26.21 billion
Report ID: SQSG25A2022 | Region: Global | Published Date: December, 2022 | Pages: 225 | Tables: 89 | Figures: 66
Asia Pacific EV Battery Market was valued at USD 26.21 billion in 2021 and it is expected to reach a value of USD 114.2 billion by 2028, at a CAGR of 23.4% over the forecast period (2022-2028).
An extensive rise in the emphasis of global automobile manufacturers like Tata Motors, Mahindra & Mahindra, and Nissan Motor Co. Ltd., on the rolling out of electric vehicles across the region is major factor anticipated to drive the growth of the Asia Pacific EV battery market during the forecast period. In addition, increasing number government policies on installation of charging stations by direct investment or public-private partnership, mainly in urban areas is further expected to boost the growth and demand for EV batteries at a significant growth rate over the coming years.
For instance, in first quarter of 2021, the Union Government announced the increased incentives on various two and three wheelers for boosting the adoption of electric vehicles extensively in the region. And, in June 2021, the Union Government decided that the FAME India Phase II Scheme will extend for two more years up to March 2024.
Furthermore, continuously rolling-out of several integrated charging stations and establishment of new green power-generation capability would likely to foster the market growth extensively in the near future. In addition, easy availability of advanced technologies and increasing innovations for the assurance of powerful propulsion are highly encouraging automakers for pursuing these innovated technologies in their respective electric vehicles, which is estimated to have a positive impact on the Asia Pacific EV battery market.
US EV Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 26.21 billion
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Asia Pacific EV battery market is segmented on the basis of battery type, vehicle type, propulsion, and region. By battery type, the market is segmented into lithium-ion, lead-acid, sodium-ion, and others. By vehicle type, the market is categorized into passenger vehicles and commercial vehicles. By propulsion, the market is bifurcated into battery electric vehicle and plug-in hybrid electric vehicle.
Asia Pacific EV Battery Market Analysis by Battery Type
By battery type, the lithium-ion segment dominated the market and accounted for a significant market share in 2021 and is set to retain its position throughout the forecast period owing to high usage of these batteries in various applications requiring lighter weights and better energy density. Lithium-ion batteries offers a higher energy density per weight and are widely utilizing in several automotive applications such as electric and hybrid automobiles.
Furthermore, lead-acid batteries segment anticipated to grow at significant rate throughout the forecast period owing to the rising acceptance of these batteries as an alternative for lithium-ion batteries. Lead-acid batteries are highly economical types, which are highly preferred for large power applications where weight is not constraint.
Asia Pacific EV Battery Market Analysis by Vehicle Type
By vehicle type, the passenger vehicles held the highest market share in 2021 due to the growing number of government initiatives and campaigns for promoting adoption of electric passenger vehicles as a part of their efforts to reduce air pollution levels. In addition, growing number of introductions to improved, enhanced, and highly developed electric passenger vehicles by several major manufacturing companies to encourage the adoption of these vehicles to consumers are also likely to propel the growth and fostering the market over the coming years. Several government agencies across the region are highly implementing quota systems and stringent fuel economy regulations, mainly in developing countries, that are projected to drive the adoption of passenger vehicles in the Asia Pacific Market.
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Geographically, Indian EV battery market is witnessing fastest growth rate over the forecast period owing to increasing population, rapid urbanization, and declining manufacturing cost of batteries coupled with the availability of advanced technology and growing consumer spending capacity towards their desires and needs in the region. Furthermore, India is projected to become a major investment hotspot for electric vehicle batteries over the coming years, based on the several policy-level support through government to encourage manufacturing sector.
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Asia Pacific EV battery Market Drivers
Decreasing prices of several types of EV batteries owing to the rise in production capacities and technological advancements in the Asia Pacific region is major key factor expected to drive the growth of the market over the forecast period. In addition, several players in the Asia Pacific market are increasing their focus on the reduction of dependence for EV batteries on other regions, which is further projected to propel the growth of the market rapidly throughout the forecast period.
Asia Pacific EV battery Market Restraint
Low number of charging infrastructures and scarce supply of several type of materials needs to store and utilize capacity such as graphite, nickel, manganese, and cobalt are major factors expected to hamper the growth of the market during the forecast period. Furthermore, high initial cost required in setup of charging infrastructure and cost-efficiency for consumers is likely to be another factors restraining the market growth over the coming years.
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The Asia Pacific EV battery market is moderately fragmented with the existence of several large market players operating in the region. Kay players of the market are highly focusing on the implementation on various business developing strategies such as technology advancements, innovations, partnerships, and collaborations for the expansion of their geographical presence and strengthen their market position ahead of its competitors.
Asia Pacific EV battery Market Top Player’s Company Profiles
Asia Pacific EV battery Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Asia Pacific EV battery market is witnessing a significant growth throughout the forecast period due to increasing number of stringent emissions regulations and decreasing prices of lithium-ion batteries. Additionally, an extensive rise in research & development activities and large-scale industrial manufacturing plants for lithium-ion battery cells are some other factors expected to fuel the growth of the market exponentially over the coming years. However, growing environmental impacts because of extracting lithium and toxic waste from disposal of used batteries are likely to hinder the adoption of EV batteries during the forecast period.
|Market size value in 2021||USD 26.21 billion|
|Market size value in 2028||USD 114.2 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Asia Pacific EV Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Asia Pacific EV Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25A2022