Asia Pacific Lithium-ion Battery Market
According to Goldstein Research, “Rapid growth of consumer electronics market in the past few years and emergence of electric vehicles across the Asia Pacific region has significantly propelled the growth of lithium-ion batteries market.”Moreover, adoption of lithium-ion batteries by utilities and energy companies to store power generated from the non-renewable sources such as solar and wind energy.
“Asia Pacific Lithium-ion Battery Market Outlook 2024”
The Asia Pacific lithium-ion Battery Market is segmented based on power rating and by end users. End users segment is further bifurcated into consumer electronics, automotive, aerospace and defense, grid energy & industrial and other industries. The consumer electronics industry is expected to hold the largest share of the overall lithium-ion battery market during the forecast period. Lithium-ion batteries are an ideal choice for consumer electronics products as a portable power source attributed to the features such as high energy density and less recharge time.
The APAC lithium-ion battery market accounted for USD 9.4 billion in 2016 and expected to reach USD 22.3 billion by the end of forecast period i.e. 2024. Further, the market is anticipated to expand at a compound annual growth rate of 12.1% over the forecast period i.e. 2016-2024.
On account of growing consumer electronics market and the adoption of the advance lithium-ion batteries for electric vehicles, Asia Pacific accounted for the fastest growing lithium-ion Battery market. The consumer electronics market in India and China holds the fastest growth rate on the basis of consumer expenditures for buying consumer electronics provides a high potential market for the market players. China is expected to dominate the APAC lithium-ion battery market followed by Japan and India owing to the presence of market players and huge consumer base.
The Emergence of Electric Batteries: Major Boost
The global Lithium-ion Battery Market for eco-conscious vehicles has been growing in response to stricter environmental regulations for automobiles and incentive measures for electric vehicles. Moreover, the automotive battery market which is essentially required for electric vehicles is also growing rapidly, with increasing demand the leading battery manufacturers are expanding their lithium-ion battery production capacity in order to meet the rising demand. For instance, Panasonic, the leading manufacturer of automotive lithium-ion batteries has announced to expand its production capacity of automotive lithium-ion batteries in the United States, Japan, and China.
“Asia Pacific Lithium-ion Battery Market Outlook 2024” contains a detailed overview of the Asia Pacificlithium-ion Battery market in terms of market segmentation by power rating and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Asia Pacific Lithium-ion Battery Industry Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Panasonic Corporation, Hitachi Chemical Co. Ltd., BAK Group, Johnson Controls, Inc., Samsung SDI Co. Ltd., LG ChemPower Inc., Toshiba Corporation etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the Asia Pacific lithium-ion Battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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