Market Size of East Asia Battery Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 10.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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East Asia Battery Market Analysis
The East Asia battery market is expected to witness a CAGR of more than 10.2% over the forecast period.
The market was negatively impacted by COVID-19. However, it has now reached pre-pandemic levels.
- Over the medium term, factors such as growing demand from the automotive sector, declining lithium-ion battery prices, and plans to make East Asia a data center hub are expected to drive the market during the forecast period.
- On the other hand, Despite the growing demand for batteries in the automotive, data centers, and telecommunications sectors, the battery energy storage segment is expected to witness stagnant growth as most countries depend on other energy storage alternatives. This, in turn, is likely to hinder the growth of the battery market in the energy storage segment during the forecast period.
- Nevertheless, plans to integrate renewable energy with the national grids in respective countries are expected to create a significant amount of opportunity for lithium-ion battery manufacturers and suppliers in the near future.
- China dominates the market owing to the increasing demand from the automotive and other end-user sectors.
