BATTERY MARKET ANALYSIS

Regional Analysis

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Asia Pacific battery market has been witnessing strong growth over the past decade and currently dominates the global battery market with share of 41.5% in 2024. The region is also the fastest growing region with CAGR of 22.42% in 2024. The region is home to leading battery manufacturers and several top automotive brands. Strong focus on the automotive industry has propelled battery demand, especially for lithium-ion batteries which are frequently used in electric vehicles. Stringent emission regulations have pushed many automakers to increase electric vehicle production. This has significantly boosted the battery market as the batteries remain the key component of any electric vehicle. Additionally, demand from other applications such as consumer electronics and energy storage is also driving the battery market growth.

With developing economies such as China, India and ASEAN nations undergoing rapid urbanization and industrialization, the region is expected to be the fastest growing market for batteries globally. The presence of a sizeable consumer electronics industry with major hubs in China, Taiwan and South Korea has boosted the consumer battery market. China, in particular, has become an important exporter of lithium-ion battery cells and packs to the automotive industry worldwide. Several manufacturing plants are also being set up across Asia to augment production. Factors such as strong government support for the adoption of electric vehicles, favourable trade policies and availability of raw materials at competitive prices makes Asia highly attractive for battery manufacturing investments. Countries like China and South Korea already have a robust domestic battery market aimed at applications like consumer electronics, power tools and automotive uses.