Asia Pacific Battery Market is expected to reach USD 133.60 billion by 2030
The increasing use of consumer electronics in Asia Pacific region is driving up demand for the Asia Pacific battery market during the forecast period.
Asia Pacific Battery Market was valued at USD 44.42 billion in 2022, and is predicted to reach USD 133.60 billion by 2030, with a CAGR of 14.7% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The Asia Pacific region encompasses nations like China, Japan, India, Australia, South Korea, Thailand, and Singapore. This prominence is influenced by factors including robust consumer electronics sales, such as smartphones, laptops, and cameras, particularly in densely populated countries including China, Japan, and India. For instance, in 2021, the total number of smartphone shipments in China and India accounted for 329.3 million and 160.7 million units, respectively. Lithium-ion batteries are integral component of smartphones and highly adopted across the world for portable electronic devices due to their high energy density and low discharge rate. In addition, lithium-ion battery cells can deliver up to 3.6 V and do not require scheduled cycling to maintain their battery life. Thus, high sales of portable devices in this region are fueling the growth of battery market.
However, inadequate battery management can give rise to an array of risks that affect both human health and the environment. Frequently, batteries that have been utilized or disposed of find their way into landfills, where they degrade over time and release hazardous substances. Over the course of time, these batteries corrode, enabling their chemical components to permeate the soil, which subsequently leads to the pollution of both underground and surface water sources. This contamination poses a significant peril to our ecosystem, exerting adverse effects on a diverse range of aquatic plants and animals due to the presence of hazardous battery constituents such as mercury, cadmium, lithium, and lead. Thus, it is expected to restrain the growth of the battery market in Asia Pacific.
On the other hand, the growing adoption of NDBs in various industries, including automotive, aerospace, and electronics, is expected to create future opportunities for the battery market in Asia Pacific. The introduction of NDB marks a revolutionary shift in the field of energy generation and storage, challenging the traditional battery concept. NDBs, or Nuclear Diamond Batteries, represent a game-changing innovation by tapping into the potential of radioactive decay in nuclear waste to generate usable power. These remarkable systems possess a distinctive set of qualities, underpinned by their ability to harness and convert energy from radioactive decay. NDBs stand out for their compactness, modularity, cost-effectiveness, and scalability, making them versatile and valuable across various scales, from small chipsets to large-scale industrial applications. By leveraging alpha, beta, and neutron voltaic principles within a robust diamond-based framework, NDBs offer a sustainable and enduring energy solution for diverse applications, effectively surpassing the limitations of conventional chemical battery technologies. This paves the way for substantial growth opportunities within the battery market.
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According to the report, leading players in the Asia Pacific battery market include LG Chem Ltd., CATL, Samsung SDI Co. Ltd., BYD, SKI, ENVISION AESC GROUP LTD., Gotion High tech Co Ltd, Primearth EV Energy Co., Ltd., China Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the Asia Pacific Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Asia Pacific battery market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the Asia Pacific battery market is provided in the report along with their competitive analysis.