DUBLIN–(BUSINESS WIRE)–The “Asia-Pacific Electric Vehicle Battery Market Outlook, 2027” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific electric vehicle battery market is growing due to increasing adoption of electric vehicles and increasing investments by equipment manufacturers to set up new battery manufacturing and developing facilities. Governments are also taking initiatives in order to support the growth of electric vehicle and EV battery market.
A major challenge faced by the industry is the high import cost of the raw materials for batteries. Over the years, the fuel economy of battery electric vehicles has observed substantial improvements. To improve this economy, the Automobiles manufacturers association proposed four major components to consider which includes traffic flow improvement, vehicle efficiency improvements, effective vehicle usage and fuel diversity.
Government is also focusing on reducing carbon dioxide emissions by promising growth in electric vehicle market. Government offers subsidies to people purchasing electric vehicles. These factors are the driving forces for a growth of the electric vehicle battery market. Based on the battery type, Lithium Ion battery is estimated to have largest market share of Asia Pacific electric vehicle battery market. Battery manufactures are constantly focus on improving the battery quality and developing the new innovative battery technology which can be efficient for the forecast region. In 2020, Mahindra & Mahindra (India) and LG Chem (South Korea) announced a partnership for the research and advanced battery technology. Under this collaboration, LG Chem will produce a unique cell with the benefits of NMC (nickel-manganese-cobalt) and supply those cells to India with high energy density.
According to the research report ‘Asia Pacific Electric Vehicle Battery Market Outlook, 2027’, the electric vehicle battery market is growing rapidly. Asia-Pacifc Electric vehicle battery market is expected to grow with the CAGR of more than 28% by 2027. Based on the countries, Asia Pacific region is segmented into various parts including China, Japan, India, Australia and South Korea. China is expected to account for higher market share in Asia Pacific region. The large market share for China is mainly attributed to factors such as the higher concentration of lithium component in the region and high concentration of global EV battery manufacturers in the region. China is at the leading position in the global electric vehicle battery manufacturer facilities. Japan is forecasted to be at the second position in terms of the market share for Asia pacific region. Large market share of this country is mainly attributed to the advanced mobility industry, increasing awareness about alternative options of transportation and automotive industry development of electric vehicle battery technologies.
Based on the vehicle type, Asia Pacific region is segmented into two different types which are passenger vehicles and commercial vehicles. The passenger vehicle segment is expected to occupy the largest share of the Asia Pacific electric battery market in 2021. This large market share in this region is due to growing concerns regarding the negative environmental effects of carbon emissions, supportive government initiatives and increasing efforts to reduce greenhouse gas emissions by transforming their products into green and clean technology. Based on the propulsion type of the vehicle, Asia Pacific region is segmented into three major parts which are BEV (battery electric vehicle), PHEV (plug-in hybrid electric vehicle) and HEV (hybrid electric vehicle). As per the data obtained from the report, BEV is segmented to have major market share in forecast period. Due to lack of charging stations and low convenience presented, BEV is improvising with higher improvements and technological advancements.
Countries covered in the report
Types of batteries in the report
By Propulsion Type in the report
Type of Vehicle in the report:
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Market Structure
4. Economic/Demographic Snapshot
5. Global Electric Vehicle Battery Market Outlook
6. Asia-Pacific Electric Vehicle Battery Market Outlook
7. Market Dynamics
8. Market Trends and Developments
9. Company Profiles
10. Strategic Recommendations
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/onu4n5
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
HOHHOT, CHINA - Media OutReach Newswire - 7 November 2024 - In Q4 2024, the…
TAIPEI, TAIWAN - Media OutReach Newswire - 7 November 2024 - TVBS is a leading…
Redefining the Golden Years with “Care Food” HONG KONG SAR - Media OutReach Newswire -…
TAIPEI, TAIWAN - Media OutReach Newswire - 7 November 2024 - The UK's Competition and…
PHNOM PENH, CAMBODIA - Media OutReach Newswire - 7 November 2024 - The way people…
The facility caters to high-tech end-user industries, such as Aerospace, Healthcare, 5G, Artificial Intelligence (AI)…
