The market is segmented by Application (Automotive, Industrial, Portable, and Other Applications), and Geography (China, India, Japan, and Rest of Asia-Pacific)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The market for dual carbon battery in the Asia-Pacific region is expected to grow at a CAGR of approximately 5% during the forecast period of 2020 – 2025. Dual carbon batteries (Dual-Graphite) are the batteries that have both anode and cathode made up of carbon. Fast charging capability, cheap manufacturing cost compared to other batteries, and environment friendly with 100% recyclable feature, etc. are the factors that are expected to drive the dual carbon battery market over the forecast period. On the other hand, the rise in graphite carbon prices and competition from other battery technologies are the factors hindering the market growth.
Automotive segment to witness significant demand over the forecast period, as the automotive industry remains one of the largest end-users of batteries along with the increasing market of vehicles, which in turn is likely to boost the dual carbon battery market.
Growth in electric vehicles (EV) market can create immense opportunities in the future as they offer clean alternatives to vehicles with internal combustion engines (ICE) that helps to reduce air pollution, resulting from fuel combustion and limiting noise.
China is expected to be the major investment hotspot for battery companies in coming years, on account of policy-level support from the governments, encouraging the manufacturing sector. Hence, China is likely to drive the market demand.
Scope of the report
The Asia-Pacific dual carbon battery market report include:
Geography (Qualitative Analysis Only)
Rest of Asia-Pacific
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Key Market Trends
Automotive Segment to Witness a Significant Demand
Dual carbon batteries are expected to greatly extend the length of a charge and the overall lifetime of a battery, while greatly reducing cost, charge times, and environmental impact. Moreover, the high energy density of these batteries is expected to increase the demand for automotive industry in the coming years.
The increasing demand of high-end batteries from Electric Vehicle’s (EV) is another major factor driving the dual carbon battery market in Asia-Pacific region. The manufacturers of these batteries have stated that the batteries could give a modern electric vehicle a range of almost 500 kilometers (300 miles).
The automotive industry is witnessing a huge demand for energy saving batteries such as dual carbon batteries, zinc carbon batteries, etc. and these industries are anticipated to introduce 127 models of electric batteries over the next five years. Therefore, factors mentioned above is expected to drive the dual carbon battery market.
Apart from the aforementioned, electric vehicle manufacturers have been signing contracts or deals with Asia's vehicle battery manufacturers, which, in turn, is also augmenting the demand for automotive battery in the region. For instance, BMW and Volkswagen have signed contracts to buy batteries from CATL, as well as Korean producers, LG Chem and Samsung SDI.
Although, dual carbon batteries promise to revolutionize the automotive battery segment, the low production rate of these batteries and the dominance of alternatives, such as Lithium-Ion batteries in the market, are expected to slow down the growth of dual carbon market for next few years. The dual carbon technology has not yet been deployed at a large scale, and manufacturers are still struggling to penetrate the automotive sector.
In 2018, Asia-Pacific was the largest market for EVs, which accounted for around 60.3% of the global demand, with the demand driven by countries, such as China, South Korea, and Japan.
The Ryden dual carbon battery developed by Power Japan Plus company is expected to be the energy storage break-through needed to bring green technology, like electric vehicles using dual carbon batteries, into the market.
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China to Drive the Market Demand
China is one of the largest markets for the electric vehicle and has registered ~30 times faster growth than the electric vehicle market in 2018 when compared to 2017.
The increasing adoption of electric vehicles is in line with the clean energy policy. In order to reduce the demand-supply gap, the government of China is planning to ease restriction on automakers importing car into the country.
China remained the world’s largest electric car market with nearly 1.1 million electric cars sold in 2018, and with 2.3 million units, it accounted for almost half of the global electric car stock.
As of 2018, foreign automakers faced a 25% import tariff, or they were required to build a factory in China with a cap of 50% ownership. The 50% factory ownership rule is likely to be relaxed in 2020. Electric vehicle makers are expected to be the first to benefit from this change.
Furthermore, the Chinese Government has set New Energy Vehicles (NEV) share mandates of 2019 and 2020 i.e. based on the changes made by final rule, the interim proposal is given as 10% in 2019 and 12% in 2020. Non-Chinese brands account for approximately 50% of the total passenger car sales. Most of these cars are produced in China, in joint ventures (J/Vs) with Chinese companies.
Therefore, based on these factors, China is expected to drive the market demand in Asia-Pacific region during the forecast period.
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The Asia-Pacific dual carbon battery market is consolidated. The key players include PJP Eye LTD. (As on June 30, 2017, Power Japan Plus had transferred all its assets and businesses including battery manufacturing to PJP Eye LTD.)