Asia-Pacific Battery Market Growth, Trends & Share | 2022-27

 

Market Overview

The Asia-Pacific battery market is expected to register a CAGR of more than 16.5% during the forecast period (2022–202)7, reaching a value of approximately USD 134 billion by 2027, up from USD 46.26 billion in 2020. The COVID-19 outbreak slightly impacted the region’s battery market, especially lithium-ion batteries, which are used in many applications, including consumer electronics, electric vehicles, and other applications. The largest growth area has been electric vehicles (EVs) during the pandemic. China, which dominates global lithium-ion battery production, has seen its biggest lithium-ion manufacturers (Contemporary Amperex Technology Co. Ltd (CATL) and BYD) curtail production due to a lack of workers and access to raw materials. Major factors driving the market include declining lithium-ion battery prices, rapid adoption of electric vehicles, growing renewable sector, and increased sale of consumer electronics. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the market’s growth in the coming years.

  • 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.

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