Market Size of South 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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South Asia Battery Market Analysis
The South 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.
- Factors, such as the rapid adoption of the electric vehicle, due to the declining prices, mainly fostered by the declining price of lithium-ion batteries and the increasing demand for data centers in the region, are expected to drive the market studied.
- However, on the flip side, the region has less than 2% battery energy storage systems in comparison to the global scale battery energy storage system. Thus, less demand for energy storage systems is expected to restrain the market during the forecast period.
- The material handling industry is shifting toward li-ion batteries, as li-ion batteries provide higher efficiency compared to lead-acid batteries. Thus, this is expected to provide a great opportunity for Li-ion batteries.
- Thailand has a significant market share owing to the increasing demand from the automotive, data center, and other end-user sectors.
