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Asia Pacific Traction Battery Market Trends

Report ID: GMI7369
Published Date: Nov 2023
Report Format: PDF

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Asia Pacific Traction Battery Market Trends

The inherent structural constraints of densely populated urban areas with a substantial presence of on-street and large commercial garage parking facilities will serve as key drivers for heightened demand in public electric vehicle charging infrastructure, particularly in the Asia Pacific region. China's commitment to strategic planning and the sustained implementation of policies to support the proliferation of new energy vehicles is significantly amplifying the expansion of charging stations on a grand scale. These policies encompass the extension of incentives for electric vehicle customers until 2023, the initiation of pilot projects, provision of tax incentives, subsidy programs, and the elevation of technological standards, all of which represent overarching strategies aimed at fostering the growth of the electric vehicle industry within the nation.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

Asia Pacific market for traction battery was valued USD 24.9 billion in 2022 and is projected to grow at a CAGR of over 21% through 2032, driven by the increasing awareness of environmental sustainability and a heightened emphasis on infrastructure development, accompanied by a surge in Foreign Direct Investment (FDI).

China traction battery market held over 89.5% revenue share in 2022 and will continue to grow, backed by the Chinese government's policies and incentives to promote EVs, along with increasing environmental awareness.

Hitachi Energy Ltd, Toshiba Corporation, Samsung SDI Co., Ltd., Panasonic Corporation, LG Energy Solution, Camel Group Co., Ltd are some of the major industry contenders.