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Asia-Pacific Electric Vehicle Battery Market Forecast 2021-2028


The Asia-Pacific electric vehicle battery market is projected to register a CAGR of 17.17% during the estimated years of 2021 to 2028. The regional market's growth is ascribed to the availability of raw materials and cheap labor, the well-established presence of automotive manufacturers, and the growing economy of emerging nations such as Japan, India, and China.


The Asia-Pacific electric vehicle battery market growth assessment entails the evaluation of Australia & New Zealand, Singapore, Japan, South Korea, China, India, and the rest of the Asia-Pacific. South Korea is a leading manufacturer as well as exporter of automotive vehicles across the world. In his regard, the nation exports approximately 70% of its automobile production as it involves in free trade agreements with the European Union (European Union Korea Free Trade Agreement (EU Korea FTA) and the United States (Korea US Free Trade Agreement (KORUS FTA). Furthermore, South Korea also houses Hyundai Motor Corporation, one of the most extensive automobile manufacturers globally. Together with Kia Motors, the company accounts for a substantial domestic revenue share.

Australia's electric vehicle market is predominantly fueled by government support and incentives, influencing the rise in growth and adoption of electric vehicles across the country's citizens. In addition, the Australian government also announced a deal with Macquarie for cheaper finance in order to purchase plug-in hybrids and electric vehicles. Hence, these factors are set to facilitate the electric vehicle battery market growth in the Asia-Pacific over the forecast period.


Some of the top firms operating in the market are SK Innovation, CATL, BYD, Panasonic, etc.

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Asia-Pacific Electric Vehicle Battery Market Forecast 2021-2028
Published By :Inkwood Research
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