Asia-pacific Battery Market: Forecast Analysis 2024-2032

Asia-pacific Battery Market: Forecast Analysis 2024-2032

According to Triton’s research report, the Asia-Pacific battery market is estimated to progress at a CAGR of 16.32% during the forecast period 2024-2032.

In both developed and developing economies of the region, the adoption of electric vehicles is rapidly increasing. China leads in global electric vehicle sales, while other developing countries like India are revamping their public transportation systems to accommodate electric vehicles. For instance, in February 2024, the Indian government announced its plan to boost the electric vehicle ecosystem, focusing on enhancing public transportation. As noted by IEA, under its National Electric Bus Program 2022, the nation aims to deploy around 50,000 e-buses over the next five years. This surge in demand for electric vehicles is expected to be a key driver of the battery market’s growth in the Asia-Pacific region.

The countries analyzed in this region comprise China, Japan, South Korea, Australia & New Zealand, India, ASEAN Countries, and Rest of Asia-Pacific.

China leads with the majority of market share, acquiring $38270.97 million in 2023

- The expansion of China’s battery market is driven by the growing renewable energy sector, the rapid adoption of electric vehicles, and increased sales of consumer electronics.

- As per OICA, China produced 30,160,966 vehicles, witnessing an almost 12% increase in 2023. Moreover, the number of electric car registrations surged by 35%, reaching 8.1 million the same year, as noted by IEA.

- According to the National Bureau of Statistics, the total retail sales of consumer goods, including electronics, were up by around 7.2% year-on-year in 2023. As consumer spending increases, the demand for rechargeable batteries, especially lithium-ion batteries, is expected to surge.

Market Forecast for Japan

The growing advancements in battery technology, coupled with expansions across varied sectors, widen the scope of the battery market in Japan. For instance, in 2023, researchers at the University of Tokyo introduced a prototype cobalt-free Li-Ion battery, storing approximately 60% more energy than same-size alternatives. By focusing on innovations that enhance efficiency, capacity, and longevity, Japan is advancing key sectors like electric vehicles, renewable energy storage, and consumer electronics. Breakthroughs in solid-state and lithium batteries are making Japanese products more competitive and attracting global investment. Thus, continuous R&D improvements are set to amplify Japan’s leadership in the global battery market.

The market is sectioned into battery type, technology, and end-use. The battery type segment includes primary and secondary batteries.

A primary battery, also known as a primary cell, is designed for single use and is discarded after its energy is depleted. These batteries typically contain electrolytes within an absorbent material or a separator; hence, they are often called dry batteries. As the battery is used, the chemical reactions that generate power consume the active chemicals, ceasing electricity production once these chemicals are exhausted. Primary batteries are commonly used in small household devices such as portable radios and flashlights.

Contender Analysis in the Battery Market:

Panasonic Corporation, a prominent Japanese multinational conglomerate headquartered in Kadoma, Osaka, offers a diverse array of products and services, including automotive and avionics systems, rechargeable batteries, industrial systems, and home renovation and construction. The company’s specialties encompass home appliances, automotive and industrial equipment, business solutions, housing, engineering, artificial intelligence, audio-visual solutions, manufacturing, etc. With a global presence, it has operations across various regions, including Asia (38 bases).

In April 2024, the company announced the completion of its new battery production development facility inside its Suminoe factory in Osaka, Japan, to expand its global production capacity.

Other notable companies offering battery technologies include Samsung SDI Co Ltd, A123 Systems LLC, Enersys, and Exide Technologies.