Rest of Asia Pacific Battery Market is expected to reach USD 11.76 billion by 2030
Strategic business expansions and increasing adoption of EVs & consumer electronics are driving up demand for the Rest of Asia Pacific battery market during the forecast period.
Rest of Asia Pacific Battery Market was valued at USD 3.59 billion in 2022, and is predicted to reach USD 11.76 billion by 2030, with a CAGR of 15.9% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The Rest of Asia Pacific consists of Indonesia, the Philippines, Malaysia, and others. Business expansions by key players including Tesla in Indonesia drive the market. For instance, in May 2022, Tesla's revelation of plans to establish a battery and electric vehicle (EV) manufacturing facility within an industrial complex in Indonesia's Central Java province is catalyzing the market's growth. Moreover, the surge in EV introductions by various manufacturers in Indonesia is amplifying the regional demand for batteries.
For instance, in August 2022, SAIC-GM-Wuling (SGMW) launched the production of an EV in Indonesia, named Wuling Air EV. The launch of Air EV brings major changes to the Indonesian automotive industry chain, from product research and development, and manufacturing, to marketing, and drives the battery market in Indonesia.
However, the inadequate handling of batteries carries a spectrum of risks that have repercussions for both human health and the environment. Frequently, batteries that are no longer in use or have been disposed of improperly end up in landfills, where they gradually break down and discharge harmful substances. As these batteries deteriorate, the chemicals they contain can permeate the soil, resulting in the pollution of both underground and surface water reservoirs. This contamination poses a significant menace to our ecosystem, causing harmful impacts on aquatic flora and fauna due to the presence of perilous battery elements such as mercury, cadmium, lithium, and lead. Consequently, this scenario is anticipated to hinder the growth of the battery market in Rest of Asia Pacific.
On the other hand, the increasing adoption of NDBs across diverse sectors such as automotive, aerospace, and electronics is poised to open up future opportunities in the Rest of Asia Pacific's battery market. The emergence of NDBs signals a revolutionary departure in the realm of energy generation and storage, challenging the established norms of conventional battery technology. These Nuclear Diamond Batteries (NDBs) represent a groundbreaking advancement, harnessing the latent energy within radioactive decay of nuclear waste to generate usable power. Distinguished by their unique attributes, these exceptional systems excel in capturing and converting energy derived from radioactive decay. NDBs stand out due to their compact design, modular capabilities, cost-effectiveness, and scalability, making them adaptable and valuable across a wide spectrum, from small-scale chipsets to expansive industrial applications. By employing alpha, beta, and neutron voltaic principles within a sturdy diamond-based framework, NDBs offer a sustainable and enduring energy solution for a diverse array of applications, effectively surpassing the limitations of traditional chemical battery technologies.
Request for a sample here: https://www.nextmsc.com/rest-of-asia-pacific-battery-market/request-sample
According to the report, leading players in the Rest of 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., Rest of Asia Pacific Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the Rest of Asia Pacific Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Rest of 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 Rest of Asia Pacific battery market is provided in the report along with their competitive analysis.