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Asia Pacific Traction Battery Market Size

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

Asia Pacific Traction Battery Market Size

Asia Pacific Traction Battery Market was valued at USD 24.9 billion in 2022 and is set to observe more than 21% CAGR between 2023 and 2032, attributed to the increasing awareness of environmental sustainability and a heightened emphasis on infrastructure development, accompanied by a surge in Foreign Direct Investment (FDI). In 2021, Japan and China collectively dominated the market, accounting for more than 95% of the market share in the region. Furthermore, faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which is expected to have a positive impact on the growth of traction batteries.

 

Asia Pacific Traction Battery Market

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The growing shift toward electrifying the transportation sector is driving an increased demand for traction batteries. These batteries are not only environmentally friendly but also highly recyclable, which promotes their widespread adoption. Various industries are emphasizing the integration of battery electric or hybrid models in their industrial vehicles, such as forklifts and excavators. Additionally, government laws and regulations aimed at encouraging the production and sale of industrial electric vehicles to reduce emissions at manufacturing and processing sites are expected to have a positive impact on market.
 

Lead-acid batteries pose safety concerns due to their surplus of lead and sulfuric acid. The corrosive nature of the acid makes it a carrier for soluble lead and lead particulates, resulting in several countries categorizing lead-acid batteries as hazardous materials. Improper handling of these batteries can pose health hazards, as excessive lead exposure can lead to kidney and brain damage, hearing impairment, and various other associated health issues. Therefore, it is imperative to ensure the appropriate collection and environmentally friendly recycling of lead-acid batteries once they reach the end of their operational life.

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.

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.

Asia Pacific Traction Battery Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 11
  • Tables & Figures: 248
  • Countries covered: 6
  • Pages: 150
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