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Asia Pacific EV Battery Market size was valued at USD 25293.82 million in 2019 and is poised to grow from USD 29543.18 million in 2023 to USD 119520.62 million by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

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. 'Panasonic Corporation', 'LG Chem Ltd.', 'CATL (Contemporary Amperex Technology Co. Limited)', 'Samsung SDI Co., Ltd.', 'Toshiba Corporation', 'BYD Co. Ltd.', 'GS Yuasa International Ltd.', 'Hitachi Chemical Co. Ltd.', 'Mitsubishi Electric Corporation', 'Envision AESC Group Limited', 'SK Innovation Co., Ltd.', 'Amperex Technology Limited (ATL)', 'Lishen Battery', 'Farasis Energy', 'EVE Energy Co., Ltd.', 'China Aviation Lithium Battery Co., Ltd.', 'Guoxuan High-Tech Co., Ltd.', 'Highpower International Inc.', 'Contemporary Amperex Technology (Ningde) Co., Ltd.', 'Beijing Pride Power Battery Technology Co., Ltd.'

Technological Advancements to Boost Market Growth

High technological advancement of battery chemistry for the enhancement of electric vehicles performance along with the rising adoption of new batteries chemistries for several electric vehicles are major factors influencing the growth and demand for the market. In addition, rising popularity of lithium-nickel-manganese-cobalt-aluminum oxide composition is projected to start over in the next coming years. Owing to various benefits such as better density and longer life cycle as compared to others. Thus, the development of advanced and innovated battery chemistry is a major trend fostering the market growth.

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

Product ID: SQMIR25A2285