Asia-Pacific Electric Vehicle Battery Market
The Asia-Pacific electric vehicle battery market is dominated by key players such as CATL, BYD, and
LG Energy Solution, with China leading the way in battery production. The
region benefits from strong government support for battery manufacturing and
innovation, particularly in China, South Korea, and Japan. The market is
critical to the global EV industry, as Asia-Pacific is the largest producer of
EV batteries.
The electric vehicle (EV) battery market is rapidly
expanding, driven by increasing consumer interest in EVs and government
incentives to promote sustainable transportation. As more Australians shift
towards electric vehicles to reduce carbon emissions, the demand for
high-performance and long-lasting batteries has surged. Major global and local
battery manufacturers are investing in advanced battery technologies, including
lithium-ion and solid-state batteries, to meet the needs of Australia’s growing
EV market. Additionally, the country's abundant natural resources, particularly
lithium, give it a strategic advantage in developing a domestic supply chain
for EV batteries.
Government policies aimed at reducing greenhouse
gas emissions and promoting renewable energy sources are also accelerating the
growth of the EV battery market. Incentives such as rebates, tax benefits, and
infrastructure development are making EV ownership more accessible. Moreover,
Australia's focus on expanding its charging network and improving battery
recycling technologies is expected to strengthen the overall market. With the
combination of consumer interest, government support, and technological
advancements, the Electric Vehicle Battery Market is positioned for significant
growth in the coming years.
Electric Vehicle Battery
Market is Projected to Grow from USD 18.97 Billion in 2024 to USD 192.55
billion by 2032, at a CAGR of 33.60%
The Electric Vehicle Battery Market is growing continuously,
mainly due to the growing production and sales of electric vehicles over the
last few years. Besides, the spurring rise in advanced EV batteries foments
innovation races around range and power.
Battery manufacturers focus on improving their battery performance and
management technologies that have already altered the market capitalization.
EV battery manufacturers
strive to improve the suppressed demand and supply chain, rectify production
challenges, and scramble to keep pace with technologies. They focus on the
immediate prospect for industry consolidation and adjusting demand, largely via
consumer subsidies and through taxes and fees.
On the other hand,
changing regulatory norms, market dynamics, and technological trends are major
factors impeding market growth. Also, price volatility and the demand-supply
gap in raw materials required for battery production pose significant
challenges to the growth of the market.
Get a Free PDF Sample of Electric Vehicle Battery Market
Industry/Innovation/Related News
April 09, 2021 – Epsilon Advanced Materials Pvt. Ltd. announced
opening a new anode production facility in Karnataka State, India. Anode
materials are used in lithium-ion batteries for electric vehicles (EV). The
company is an upcoming global supplier of synthetic graphite anode materials.
Epsilon is looking to convert coal tar into graphite anodes to cut the
dependence on China, which has a monopoly in electric-car batteries.
Electric Vehicle Battery Market - Competitive
Analysis
The EV battery market size is estimated to witness
significant strategic approaches, such as expansion, collaboration, mergers
& acquisitions, and advanced technologies integration. Leading industry
players also make strategic investments in driving research and development
activities and fostering their expansion plans.
Major Players
Players leading the EV
battery market include Panasonic Corporation (Japan), Automotive Energy Supply
Corporation (Japan), BYD Company Limited (China), Quallion (US), LG Chem Ltd.
(South Korea), Boston-Power (US), Narada Power Source (China), Johnson Controls
International (US), GS Yuasa Corporation (Japan), Crown Battery Corporation
(US), Tianneng Power International (China), and Hitachi Chemical Company
(Japan), among others.
Electric Vehicle Battery Market - Segments
The EV battery market is
segmented into battery type, vehicle technology, end market, and region. The
battery type segment is sub-segmented into lithium-ion battery, lead-acid
battery, nickel hydride battery, and others. Among these, the sub-segment
lithium-ion battery holds the largest market share, followed by nickel hydride
and lead-acid battery.
The vehicle technology
segment is sub-segmented into battery electric vehicles, hybrid electric
vehicles, plug-in hybrid electric vehicles and others. Among these, the
sub-segment battery electric vehicle holds the largest market share, followed
by hybrid electric vehicles.
The end market segment is
sub-segmented into OEMs and aftermarkets. The region segment is sub-segmented
into the Americas, Europe, Asia Pacific, and rest-of-the-world.
Electric Vehicle Battery Market – Regional Market
The Asia Pacific region
dominates the global Electric Vehicle Battery Market. China, South Korea,
Japan, and India account for major market share due to the raw material
advantages and the availability of cost-competitive workforces. Besides, the increasing
demand for EVs and growing awareness of eco-friendly vehicles are major growth
drivers. The APAC EV battery market is projected to maintain its market
position throughout the review period.
Europe holds the second
position in terms of Electric Vehicle Battery Market value. The region
witnesses a rise in the sales of new electric vehicles, augmenting the demand
for EV batteries. Also, Germany, UK and France being the leading countries in
Europe, have fuelled the market growth. Additionally, stringent regulations and
increasing demand for environment-friendly vehicles boost the Electric Vehicle
Battery Market revenue.
North America has
been witnessing a spurring rise in the Electric Vehicle Battery Market
revenues. Factors providing impetus to market growth include advances in
technologies and storage capacities. Furthermore, the proliferation of EVs and
the presence of key industry players act as a major tailwind for the region's
market growth. The North American EV battery market is expected to grow at a
significant rate over the forecast period.
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