Westford, USA, Feb. 23, 2023 (GLOBE NEWSWIRE) -- India is estimated to be a key player in the Asia-Pacific EV battery market by growing at the fastest rate during the forecast period. The growth of the market can be ascribed to the country's rising population, rapid urbanization, declining battery manufacturing costs, availability of cutting-edge technology, and expanding consumer spending power for upgrading lifestyles. The market is anticipated to develop over the course of the forecast period owing to the declining costs of various types of EV batteries as a result of increased production capabilities and technological innovations in the Asia Pacific region. Also, a number of automotive industry participants in the region are expanding their sales, and manufacturing of EVs which is predicted to aid in the market growth over the ensuing years.
SkyQuest’s latest research shows that in India around 995,320 EVs across all vehicle segments were sold in 2022, a record-breaking year for the EV industry while the all-India EV sales in 2021 were 322,870 units and a staggering 509% growth over the 163,450 EVs sold in 2019, a year prior to the Covid-19 havoc.
Browse in-depth TOC on " Asia Pacific EV Battery Market"
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In battery-powered vehicles (BEVs) or hybrid electric vehicles (HEVs), batteries are a vital part that stores energy in electric power motors. These batteries often consist of a large number of separate cells joined together into a circuit or box. Typically, the battery panels are made to shield the cells from damaging outside influences like heat, vibration, and impact, preserving the battery's performance and dependability over time.
Prominent Players in Asia Pacific EV Battery Market
- SK Innovations Co. Ltd.
- BYD Company Limited
- Vehicle Energy Japan Inc.
- Primearth EV Energy Co. Ltd.
- GS Yuasa International Ltd.
- SVOLT Energy Technology Co. Ltd.
- Samsung SDI Co. Ltd.
- A123 Systems LLC.
- Exide Industries Ltd.
- Farasis Energy Co. Ltd.
- Lithium Werks B.V.
- Contemporary Amperex Technology Co. Ltd
- Narada Power Source Co., Ltd.
- Toshiba Corporation
- Maxell Ltd.
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Lithium-Ion Segment to Dominate the Market Growth Owing to Its Increasing Usage
The lithium-ion segment dominated the Asia Pacific EV battery market and accounted for a sizable market share in 2021. This segment is expected to maintain its position throughout the forecast period owing to the widespread use of these batteries in various applications that call for lighter weights and higher energy densities. Further, lithium-ion batteries have a higher energy density per weight, and they are frequently used in electric and hybrid cars, among other automotive uses. SkyQuest noted that as their price has dropped from USD 1100/KWH in 2010 to USD 137/KWH in 2020, lithium-ion batteries are now an affordable choice for a variety of sectors.
The EV battery market in India is predicted to gain maximum market share during the forecast period. The growth of the market can be ascribed to the increasing investment by leading key automotive players and the rising environmental concerns among the people leading them to buy more sustainable transportation options and EVs is one of the major options among them.
Passenger Vehicle Segment to Gain Highest Market Share Thanks to Rising Initiatives by Governments
Owing to the increasing number of government initiatives and programs aimed at encouraging the adoption of electric passenger vehicles as part of their efforts to lower air pollution levels, passenger vehicles held the largest market share among all vehicle types in 2021. The release of an increasing number of upgraded, advanced, and highly evolved electric passenger vehicles by numerous significant manufacturing companies in an effort to promote customer adoption of these vehicles is also projected to fuel market expansion during the ensuing years.
Further, the EV battery market in China is predicted to gain significant market share during the forecast period. China's objective of becoming carbon neutral by 2060 is the key factor behind the expanding EV sale in the region. SkyQuest noted during the study that with 1.31 million total EV sales last year, or more than 40.1% of all sales worldwide, China became the world's largest market for EVs. Also, thanks to the Chinese government's incentives for consumers to switch to EVs, the adoption of electric vehicles has increased quickly in China.
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Key Developments in the Asia Pacific EV Battery Market
- China Lithium Battery Technology stated in January 2022 that it has secured two contracts with two towns in the Guangdong region of Southern China to build a new manufacturing plant.
- A Memorandum of Understanding has been signed between Hefei Gotion High-Tech Power Energy Co., Ltd. ("Gotion"), a well-known Chinese manufacturer of batteries and energy storage systems, and InoBat, a notable European provider of electric vehicle (EV) batteries (MoU). The joint venture between the two businesses has the potential to completely transform the EV battery and energy storage technology sectors.
- One of the top automakers in the world, Toyota, recently revealed plans to spend $5.6 billion to increase the production of EV batteries. The investment, which will be made in both the US and Japan, will be used to boost the North Carolina plant's production capacity. Toyota intends to increase its global battery supply by up to 40 gigawatt hours as part of the initiative.
- BYD and FAW stated in January 2022 that they intended to build a battery manufacturing plant in northeastern China with a 45 GWh annual capacity. FAW FinDreams, the new joint venture between these two businesses, was founded with a registered capacity of EUR 140 million.
- Ola intends to develop the largest electric vehicle park in the world in India. The hub, which is located in the southern Indian state of Tamil Nadu and covers 2,000 acres (809 hectares), will be utilized to produce electric two-wheelers, vehicles, and battery cells.
Key Questions Answered in the Asia Pacific EV Battery Market Research Report
- How big will the Asia Pacific EV battery market be and how fast will it grow throughout the projection period?
- Could you give me a list of the top participants in the market, together with their current market shares?
- What governmental initiatives and technological developments are anticipated to drive the market's expansion in the ensuing years?
- Which Asian nation is expected to provide the largest financial contribution to the expansion of the EV battery business in the area?
- What effects are environmental sustainability concerns and the demand for energy-efficient solutions having on the market's expansion?
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