Asia-Pacific Electric Vehicle Battery Market Trends, Drivers and Projections Reports from 2019-2025

The Asia-pacific electric vehicle battery market is estimated to grow at a considerable growth rate during the forecast period. The declining lithium-ion battery prices, rapidly increasing adoption of electric vehicles, and the growing renewable sector are the key factors to contribute towards the growth of the electric vehicle battery market in the region. Japan and China are the major countries to make a considerable contribution to the market growth of the electric vehicle batteries market in the Asia-Pacific region. These countries are actively involved in promoting citizens to adopt electric vehicle by offering a different type of subsidies and incentives. For instance, in April 2018, the panel set up by the trade ministry made an announcement about the aim of the Japanese central government to have all new cars sold in Japan be electric or hybrid vehicles by 2050.

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Some of the major companies which are contributing to the growth of the Asia-Pacific electric vehicle market include Shenzhen BAK Technology Co. Ltd, BYD Co. Ltd., Contemporary Amperex Technology Co., Ltd., and Hitachi, Ltd. and others.

The market is segmented on the basis of battery type vehicle type, and propulsion technology. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period.

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These players are involved in expansion of their market presence by the launch of new battery manufacturing plants in this region. For instance, The Dutch battery manufacturing company Lithium Werks BV made an investment of around $1.9 billion to build a lithium-ion battery factory in China to meet the growing demand for electric vehicle batteries in China.

Market Segmentation

Battery Electric Vehicle Market by Vehicle Type

o Passenger Car
o Commercial Vehicle
o Others

Battery Electric Vehicle Market by Battery Type

o NiMH
o Li-Ion
o Others

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