The Asia-Pacific battery market is estimated to grow at a significant CAGR during the forecast period. The increasing demand from end-user industries such as the automotive industry, consumer electronics industry, and energy & power industry tend to drive the regional growth of the market. Major economies contributing to the growth of the market include India, China, and Japan.
The growing support from the Indian government to play a key role in the growth of the Asia-Pacific battery industry. India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as the country intends to promote the use of electric vehicles and cut down its dependence on oil.
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“Currently, the battery energy storage industry is at a very nascent stage in India with investors being a little apprehensive to invest in a sunrise industry”, said the government. According to a proposal drafted by NITI Aayog, India plans to retain its import tax rate of 5% for certain types of batteries, including EV batteries, until 2022, however will increase it to 15% thereafter for promoting domestic manufacturing.
This policy creates an ample opportunity for the battery makers such as South Korea’s LG Chem and Japan’s Panasonic Corp/ as well as automotive players that have building Eves’ in India such as Tata Motors and Mahindra & Mahindra.
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Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Category, By Type, and By Application
- Regions Covered- Asia-Pacific
- Competitive Landscape- A123 Systems LLC, BYD Co. Ltd., Exide Industries Ltd., Hitachi Chemical Co. Ltd., LG Chem Ltd., Mitsui & Co. Ltd., Panasonic Corp., and Saft Group SA
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Asia-Pacific Battery Market- Segmentation
By Category
- Primary
- Secondary
By Type
- Lithium-Ion
- Nickel-Metal Hydride (NI-MH)
- Nickel Cadmium
- Lead Acid
- Others
By Application
- Automotive
- Industrial
- Consumer Electronics
- Power & Energy
- Others
This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.
