Market Size of Asia-Pacific Electric Vehicle Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 15.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Electric Vehicle Battery Market Analysis
The Asia-Pacific electric vehicle battery market is expected to grow with a CAGR of around 15% during the forecast period. The COVID-19 pandemic did not significantly affect the electric vehicle battery market, as there was a sharp increase in the Electric Vehicle (EV) units manufactured in the year 2020 in the Asia-Pacific region.
- Over the short term, the Asia-Pacific electric vehicle battery market can witness high growth due to the constantly growing demand for electric vehicles in Asian countries and the government's push toward carbon-free transportation.
- On the other hand, range anxiety and temperature issues associated with electric vehicles cause low customer acceptance, which poses a great threat to the electric vehicle battery market.
- Nevertheless, the research and development endeavors made by the electric vehicle battery industry experts create ample opportunities for the smooth progress of the market. For example, China's leading industry player CATL announced plans to introduce next-generation electric vehicle batteries with higher energy density in 2023.
- China is forecasted to grow at a faster rate due to the heavy deployment of electric vehicles backed by government policies for emission-free transportation.
