Asia’s Electric Vehicle Battery Market Growing with the Rise in Adoption of Electric & Hybrid Vehicles
As per the electric vehicle battery market analysis, countries such as India, China, and South Korea are leading the market in Asia. Government initiatives undertaken in China, Japan, and South Korea to push the adoption of EV and curb the environmental pollution are bolstering the market growth.
Over the past couple of years, China has maintained its dominant position in the battery industry with its cost-effective supply chain. With the new government policies and continuously developing supply chain across the country, the demand for EV battery is expected to soar in China in the coming years.
While the COVID-19 outbreak restricted the growth to an extent, recovery is on cards, following the easing of stringent lockdown regulations. With automotive production gradually returning to normalcy, the industry has begun focusing on product launches and strategic business plans.
For instance, in 2021, Tesla announced the launch of its 4 new electric cars; Tesla Model S, Tesla Model 3, Tesla Model X, and Tesla Model Y across India.
Tesla, in March 2020, was able to continue its production throughout the pandemic. High demand for lithium-ion based electric and hybrid vehicle prompted the manufacturers to resume the production.
The demand for rechargeable batteries across Japan improved the market growth, compelling industry giants such as Toshiba Corporation to increase the production of rechargeable batteries offering high energy density and rapid recharging.
“Notable rise in demand for zero-emission vehicles due to the increasing fuel prices and to curb the pollution are accelerating the sales of electric vehicles across China, South Korea, and Japan. This is fueling the sales of electric vehicle batteries across Asia,” says a lead analyst at Fact.MR.
Environment Conservation and Government Policies Key to Rising EV Battery Demand
Environmental issues and deteriorating climatic condition due to the carbon emission caused by vehicles have prompted the government to push the adoption of electric vehicles.
In addition to government push, consumer consciousness towards eco-friendly solutions have given a boost to the sales of electric and hybrid passenger vehicles across the globe. Evolving purchasing behavior and inclination for luxury & advanced electric vehicles are likely to influence the EV battery market growth.
According to the China Association of Automobile Manufacturers, around 193,000 new energy passenger vehicles and 13,000 commercial vehicles were sold across China in April 2021. With automotive production consistently rising, the demand for EV batteries is expected to rise in the coming years.
Fact.MR’s study on electric vehicle battery market takes into account of the existing government regulations as well as norms likely to be imposed in the future. Demand for lithium-ion battery production across South Korea, Japan and India is rising at a robust pace, amplifying the sales of electric vehicle batteries.
Advent of Cutting-Edge Technologies Driving Electric Vehicle Battery Market Sales
Electric vehicle battery manufacturers are entering into strategic partnerships with original equipment manufacturers and adopting cutting-edge technologies to expand their global reach.
With a significant increase in demand of electric vehicles, manufacturers are conducting research & development activities for the development of high-density of lithium-ion batteries, solid state battery technology, and others.
For instance, in November 2020, Samsung SDI announced the commercialization of a lithium-ion battery product that will replace liquid electrolyte in a battery cell with a solid electrolyte, improving the battery as well as vehicle performance.
Also, in July 2020, LG Chem announced that it will recycle the used batteries proactively and invested high amount for the research & development of technologies that will predict the remaining life by collecting the batteries supplied to the consumers.
Industry giants across South Korea, China and Japan are extensively recycling the lithium-ion batteries to improve the battery performance, improving the electric vehicle battery sales.
Fact.MR study has profiled leading players in the electric vehicle battery market include:
· LG Chem Ltd
· Denso Corporation
· Samsung SDI Co. Ltd.
· Delphi Automotive PLC
· Toshiba Corporation
· GS Yuasa Corporation
· Duracell Inc.
· BYD Co. Ltd.
· Panasonic Corporation.
Key Questions Answered by the Report
· What is the Asia electric vehicle battery market size?
· How will demand for electric vehicle battery grow in Asia?
· Who are the leading electric vehicle battery manufactures and what is their strategy?
· Which countries in Asia Pacific are prime for investment in electric vehicle battery market?
· What is the Covid-19 impact on global electric vehicle battery market?
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