Market Size of China Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Battery Market Analysis
The Chinese battery market is expected to register a CAGR of greater than 7.5% during the forecast period of 2022 - 2027. The COVID-19 outbreak had not caused any major negative impact on the market studied, but it reduced the average income of families to afford electronic appliances. However, the country witnessed no negative impact on the energy storage systems (ESS) projects in 2020. ESS projects grew by 50% globally, and China was among the top countries to install the highest number of projects in 2020. The major factors driving the market include the rapid adoption of electric vehicles, the growing renewable sector, and increased sales of consumer electronics. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the market growth.
- The automotive batteries segment is expected to witness significant growth during the forecast period, owing to the increasing demand for new vehicles produced in the country.
- Plans to integrate renewable energy with the national grids are expected to create a significant amount of opportunity for lithium-ion battery manufacturers and suppliers in the near future.
- Declining lithium-ion battery prices are likely to be one of the significant factors driving the battery market in China during the forecast period.
