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Asia Pacific Battery Market is anticipated to show a growth of over 9.5% by 2026 -Actual Market Research.
Feb, 13
2021

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Asia Pacific Battery Market is anticipated to show a growth of over 9.5% by 2026 -Actual Market Research.

 

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The recent publication of Actual Market Research, titled 'Asia Pacific Battery Market Outlook, 2026', recorded the region at a market share of 41.94% in the year 2020. Increasing population, urbanization, declining cost of electronic items, the introduction of new smart technology, and cheaper internet data, drives China and India market. China being the top contributor globally, contributes to 12.69% in 2020 showing a declining trend since a decade. The penetration of telecommunication services added with the frequent replacement of digital gadgets has impacted the battery market largely. Growing aircraft and automobile manufacturing in the developing nations of the region is expected to provide enormous potential for market growth. The multiple growing economies with substantial natural as well as human resources added with China and India expected to be major investment hotspots for battery companies in coming years, on account of policy-level support, from the governments, encouraging the manufacturing sector.

Australia being the world's largest producer of lithium and with mineral reserves that cover almost 90% of the elements that are required in Lithium-ion battery production, Australia provides an enormous opportunity for players engaged in the entire value chain. Lithium ion battery segment is expected to witness an increasing adoption backed by the technical benefits added with the decline in the price of the battery. This have been able to capture a significant market as a huge fraction of the population is still living without access to electricity and depends on the conventional fuels. However, the lead battery segment, accounting to USD 23.29 Billion in 2020, dominates the market. The increasing popularity of the lithium-ion battery is expected to allow the segment to grow with a CAGR of over 14% through the forecasted period. 

Several government measures such as the promotion of fuel-saving initiatives and clean automobile technologies etc across the region are anticipated to propel the demand for batteries. Factors such as the emergence of new and exciting markets, i.e., electric vehicle and battery energy storage systems, for different applications are expected to be the major drivers for the market. Asia Pacific region is anticipated to show a growth of over 9.5% through the forecasted period, with automotive batteries being the fastest growing segment. The segment owes its growth to the increasing demand for the electric vehicles in the region. India is among the top five emitters of CO2 in the world. To mitigate the problem of air pollution, the government has taken the initiative to implement policies favourable to increase the EV fleet count on road. Automotive production in countries like Thailand, Indonesia, and Malaysia witnessed decent growth. Automotive battery segment is expected to be the leading end-user for lithium-ion batteries in upcoming years. The industrial segment is to remain the least contributing sector with a market share of 18.24% by the end of the year 2026. The policy support enables market growth by appealing consumers, reducing risks for investors, and encouraging manufacturers to develop on a large scale. 

Some of the key players in this market are Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, Duracell Inc., Panasonic Corporation, LG Chem Ltd, and Sony Corporation among others. The regional players include ATLASBX Corporative Limited, Automotive Energy Supply Corporation, Duracell, Eveready Industries, Grepow, Leoch International Technology Limited, OptimumNano Energy, Primearth EV Energy & Zhongyin Battery Corporative Limited.