Asia Pacific Lithium-ion (Li-ion) Battery Market Size Booming at Electrifying CAGR to Touch USD 37 Billion by 2030

Published | 22 July 2024

Asia Pacific Lithium-ion (Li-ion) Battery Market is booming primarily due to an increasing demand for electric vehicles (EVs), staggering sales of smartphones, laptops, tablets, and wearable devices, and rising renewable energy deployment (solar and wind).

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia Pacific Lithium-ion (Li-ion) Battery Market size by value at USD 14.4 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Asia Pacific Lithium-ion (Li-ion) Battery Market size to expand at a CAGR of 17.2% reaching a value of USD 37.0 billion by 2030. The Lithium-ion (Li-ion) Battery Market in Asia Pacific is propelled by the increasing adoption of electric vehicles (EVs), widespread use of portable electronics, and the expansion of renewable energy systems in the region. Leading countries such as China, Japan, and South Korea are leading this growth, supported by stringent environmental regulations, government incentives, and the urgent need to effectively manage growing battery waste. The surge in these technologies has resulted in a higher volume of Li-ion batteries needing recycling, highlighting the importance of efficient recycling processes. These processes recover valuable materials such as lithium, cobalt, and nickel, reducing reliance on imported raw materials and minimizing environmental impact. Advances in recycling technologies and substantial infrastructure investments further strengthen APAC's position as a key player in the global Li-ion battery recycling sector.

Opportunity – High Adoption of EVs and renewable energy storage systems

In the dynamic Asia Pacific region, led by major countries like China, Korea, and Japan, the Li-ion Battery Market stands at the forefront of global growth, bolstered by supportive governmental policies and robust market incentives. With substantial investments in electric vehicles (EVs) and renewable energy solutions, the demand for Li-ion batteries is set to rise significantly. This growth trajectory is fueled by increasing environmental awareness and stringent emission standards, prompting governments to embrace cleaner energy alternatives. Companies like BALLUFF are pivotal in this landscape, providing essential automation solutions to support the rapid development of EV and energy storage sectors across the region.

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India to Dominate Asia Pacific Lithium-ion (Li-ion) Battery Market

India is rapidly emerging as a pivotal market for Li-ion batteries, driven by the escalating adoption of electric vehicles (EVs). In 2023, battery electric vehicle (BEV) sales soared to approximately 82,000 units, reflecting an impressive 70% increase from the previous year. The Indian government has set ambitious targets for EV adoption by 2030, aiming for EVs to comprise 30% of new private car registrations, 40% of buses, 70% of commercial vehicles, and 80% of 2-wheelers and 3-wheelers. These targets are projected to generate substantial demand for EV batteries, especially Li-ion batteries, in the coming years. The Indian Government’s supportive initiatives, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and a newly approved USD 500 million EV policy, are accelerating the transition from internal combustion engines to EVs. These policies are enhancing investments in charging infrastructure, battery manufacturing, and subsidies, creating a favorable environment for market growth. Both local and international companies are investing significantly in Indian Lithium-ion (Li-ion) Battery Market to meet the country's growing energy storage needs and support its shift towards sustainable transportation solutions.

Impact of Escalating Geopolitical Tensions on Asia Pacific Lithium-ion (Li-ion) Battery Market

Intensifying geopolitical tensions can have a multifaceted impact on Asia Pacific Lithium-ion (Li-ion) Battery Market. With China's dominant processing and manufacturing capabilities, the region faces heightened supply chain vulnerabilities amid these tensions. Concurrently, efforts by the United States and European Union to achieve mineral self-sufficiency add further complexity. Australia, possessing abundant lithium resources, stands at a strategic crossroads, contemplating a shift from raw material supplier to battery manufacturer amidst these global dynamics. Meanwhile, Japan and South Korea are diversifying their supply chains to reduce reliance on Chinese processing, while India is scaling up domestic battery production. These geopolitical realities compel Asia Pacific countries to navigate between national security imperatives and economic interests, striving to secure stable lithium supplies crucial for maintaining leadership in the global clean energy transition amidst evolving geopolitical landscapes.

Competitive Landscape

Asia Pacific Lithium-ion (Li-ion) Battery Market is highly fragmented, with numerous players serving the market. The key players dominating the market include BYD Co Ltd, Contemporary Amperex Technology Co Limited, EnerSys, GS Yuasa Corporation, Johnson Controls International PLC, LG Chem Ltd, Panasonic Corporation, Samsung SDI Co Ltd, Sony Corporation, Tesla Inc, TianJin Lishen Battery Joint-Stock Co Ltd, and CALB Co Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in Asia Pacific Lithium-ion (Li-ion) Battery Market.

Don’t miss the business opportunity of Asia Pacific Lithium-ion (Li-ion) Battery Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and Asia Pacific Lithium-ion (Li-ion) Battery Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia Pacific Lithium-ion (Li-ion) Battery Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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