Market Size of Asia-Pacific Lithium-ion Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 15.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Lithium-ion Battery Market Analysis
The Asia-Pacific lithium-ion battery market is expected to register a CAGR of approximately 15.5% during the forecast period. The COVID-19 restrictions negatively impacted the supply of critical raw materials, such as lithium, which witnessed a significant demand drop for batteries in 2020, adversely affecting lithium-ion battery manufacturers in the region. The major factors driving the market include declining lithium-ion battery prices, rapid adoption of electric vehicles, the 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 growth in the coming years.
The automotive sector is expected to be one of the major end-user segments for lithium-ion batteries in the near future. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion battery industry growth.
A significant fraction of Asia-Pacific's population is estimated to be living without access to electricity and is dependent on conventional fuels, such as kerosene and diesel, for their lighting and mobile phone charging needs. Lithium-ion battery integrated energy storage solutions are likely to witness an increasing rate of adoption due to the technical benefits associated with them and declining lithium-ion battery prices. This, in turn, is expected to create a significant number of opportunities for the Li-ion battery manufacturers in the near future.
China is likely to be the dominant player in the Asia-Pacific lithium-ion battery market, supported by increasing urbanization, consumer spending, and electric vehicle (EV) market growth.
