East Asia Battery Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 10.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
East Asia Battery Market Analysis
The East Asia battery market is expected to witness a CAGR of more than 10.2% over the forecast period.
The market was negatively impacted by COVID-19. However, it has now reached pre-pandemic levels.
- Over the medium term, factors such as growing demand from the automotive sector, declining lithium-ion battery prices, and plans to make East Asia a data center hub are expected to drive the market during the forecast period.
- On the other hand, Despite the growing demand for batteries in the automotive, data centers, and telecommunications sectors, the battery energy storage segment is expected to witness stagnant growth as most countries depend on other energy storage alternatives. This, in turn, is likely to hinder the growth of the battery market in the energy storage segment during the forecast period.
- Nevertheless, plans to integrate renewable energy with the national grids in respective countries are expected to create a significant amount of opportunity for lithium-ion battery manufacturers and suppliers in the near future.
- China dominates the market owing to the increasing demand from the automotive and other end-user sectors.
East Asia Battery Market Trends
This section covers the major market trends shaping the East Asia Battery Market according to our research experts:
Automotive Segment to Drive the Market
- The automotive sector is expected to be one of the major end-user segments for lithium-ion batteries shortly. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion battery industry's growth.
- A range of different vehicle types is now available globally, featuring increasing degrees of hybridization and electrification. There are various types of vehicles, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles, and electric vehicles (EVs).
- In both developed and developing economies, the adoption of electric vehicles is increasing at a high growth rate. The United States and China are already leading global EV sales, along with other developing economies like Japan, which has already begun transforming its public transportation infrastructure for EVs.
- Moreover, in 2021, electric vehicles accounted for over 16% of the automotive market in China. With the increasing adoption of EVs, the use of lithium-ion batteries in the automotive segment is expected to grow, which, in turn, will drive the battery market in the forecast period.
- In the current market scenario, policy support plays a crucial role in driving the adoption of electric vehicles. Policy support enables market growth by making vehicles appealing to consumers, reducing risks for investors, and encouraging manufacturers to develop electric vehicles on a large scale.
- Falling battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating demand for battery technologies.
China to Dominated the Market
- East Asia has multiple growing economies with substantial natural and human resources. China is expected to be a significant investment hotspot for battery companies in the coming years on account of policy-level support from the governments, encouraging the manufacturing sector.
- The deployment of electric vehicles and the installation of renewable power plants in China are increasing rapidly, which is expected to foster massive demand for batteries.
- China is one of the largest markets for electric vehicles, and the percentage share of electric vehicles in car sales increased by 11% in 2021 compared to 2020.
- The increasing adoption of electric vehicles aligns with the clean energy policy. To reduce the demand-supply gap, the government of China is planning to ease restrictions on automakers importing cars into the country.
- China is likely to be the dominant player in the battery market, supported by increasing urbanization and consumer spending across the country, which is expected to ramp up the demand for technically advanced devices and vehicles due to the benefits provided. Consecutively, leading to a growth in demand for batteries.
East Asia Battery Industry Overview
The East Asia battery market is partially fragmented. Some of the key players in this market (not in a particular order) include BYD Co. Ltd, C&D Technologies Inc., Tianjin Lishen Battery Joint-Stock Co. Ltd, GS Yuasa Corporation, and LG Chem Ltd.
East Asia Battery Market Leaders
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BYD Co. Ltd.
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C&D Technologies Inc.
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Tianjin Lishen Battery Joint-Stock Co. Ltd
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GS Yuasa Corporation
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LG Chem Ltd.
*Disclaimer: Major Players sorted in no particular order
East Asia Battery Market News
- Nov 2022: Factorial Energy (Factorial), a company involved in the development of solid-state batteries for electric vehicle (EV) applications, announced its opening of a new office in Pangyo, South Korea. In addition to strengthening Factorial's relationship with strategic partners in the region, this new site will also facilitate the expansion of Factorial's products and services.
- Jun 2022: Contemporary Amperex Technology Co. Ltd (CATL), a manufacturer of automotive lithium-ion batteries in China, introduced a new battery that gives electric vehicles a driving range of more than 1,000 kilometers on a single charge. The battery, known as Qilin, or CTP 3.0 battery, uses the third generation of cell-to-pack (CTP) technology and provides an energy density of up to 255 Wh/kg for ternary battery systems.
East Asia Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION AND ANALYSIS
5.1 Type
5.1.1 Lead Acid Battery
5.1.2 Lithium-ion Battery
5.1.3 Other Types
5.2 End User
5.2.1 Automotive
5.2.2 Data Centers
5.2.3 Telecommunication
5.2.4 Energy Storage
5.2.5 Other End Users
5.3 Geography
5.3.1 China
5.3.2 Japan
5.3.3 Mongolia
5.3.4 South Korea
5.3.5 Rest of East Asia
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Key Company Profiles
6.3.1 BYD Co. Ltd
6.3.2 C&D Technologies Inc.
6.3.3 Tianjin Lishen Battery Joint-Stock Co. Ltd
6.3.4 GS Yuasa Corporation
6.3.5 LG Chem Ltd
6.3.6 Tesla, incorporation
6.3.7 Samsung SDI Co. Ltd
6.3.8 Leoch International Technology Limited
6.3.9 Contemporary Amperex Technology Co. Ltd
6.3.10 ZHEJIANG NARADA POWER SOURCE CO. LTD
6.3.11 Vision Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
East Asia Battery Industry Segmentation
A battery comprises one or more cells connected in series, parallel, or both ways and is made for a particular output voltage and capacity. Likewise, a cell is an electrochemical component used to produce or store electrical energy in a battery.
The market is segmented by type, end users, and geography. By type, the market is segmented into lead-acid batteries, lithium-ion batteries, and other types. By end users, the market is segmented into automotive, data centers, telecommunication, energy storage, and other end users. The report also covers the market size and forecasts for the East Asia battery market across the major countries in the region. For each segment, the market sizing and forecasts have been done on the revenue (USD Billion).
| Type | |
| Lead Acid Battery | |
| Lithium-ion Battery | |
| Other Types |
| End User | |
| Automotive | |
| Data Centers | |
| Telecommunication | |
| Energy Storage | |
| Other End Users |
| Geography | |
| China | |
| Japan | |
| Mongolia | |
| South Korea | |
| Rest of East Asia |
East Asia Battery Market Research FAQs
What is the current East Asia Battery Market size?
The East Asia Battery Market is projected to register a CAGR of greater than 10.20% during the forecast period (2024-2029)
Who are the key players in East Asia Battery Market?
BYD Co. Ltd., C&D Technologies Inc., Tianjin Lishen Battery Joint-Stock Co. Ltd, GS Yuasa Corporation and LG Chem Ltd. are the major companies operating in the East Asia Battery Market.
What years does this East Asia Battery Market cover?
The report covers the East Asia Battery Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the East Asia Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
East Asia Battery Industry Report
Statistics for the 2024 East Asia Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. East Asia Battery analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
