China Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Chinese battery market is expected to register a CAGR of greater than 7.5% during the forecast period of 2022 – 2027. The COVID-19 outbreak had not caused any major negative impact on the market studied, but it reduced the average income of families to afford electronic appliances. However, the country witnessed no negative impact on the energy storage systems (ESS) projects in 2020. ESS projects grew by 50% globally, and China was among the top countries to install the highest number of projects in 2020. The major factors driving the market include the rapid adoption of electric vehicles, the growing renewable sector, and increased sales of consumer electronics. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the market growth.
Key HighlightsThe Chinese battery market is fragmented. Some of the major players include Contemporary Amperex Technology Co. Limited, GS Yuasa International Ltd, TianJin Lishen Battery Joint-Stock Co. Ltd, C&D Technologies Inc., and East Penn Manufacturing Co. Inc., among others.
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