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PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1666589

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PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1666589

Asia Pacific Traction Battery Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034

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PAGES: 150 Pages
DELIVERY TIME: 2-3 business days
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Asia Pacific Traction Battery Market, reaching USD 34.5 billion in 2024, is projected to expand at an impressive CAGR of 22.6% between 2025 and 2034. This surge is largely driven by the accelerating adoption of electric vehicles (EVs) across the region, along with rapid industrialization. As the world's largest EV market, one major country in the region is central to this upward trend, significantly supported by robust government incentives promoting the transition to electric mobility. Alongside the automotive sector, the global shift toward cleaner energy solutions is propelling the demand for traction batteries, particularly lithium-ion batteries, due to their high energy density, long lifespan, and reliable performance. These factors, coupled with increased environmental awareness and policy-driven initiatives, are positioning the region for sustained growth in the traction battery sector.

Asia Pacific Traction Battery Market - IMG1

Not only is the EV sector driving market expansion, but industrial applications of traction batteries are also seeing notable growth across Asia Pacific. The rising demand for electric-powered equipment in logistics, warehousing, and material handling sectors-especially forklifts and automated guided vehicles (AGVs)-is contributing to the market's momentum. With the growth of e-commerce and the escalating need for eco-friendly, cost-effective logistics solutions, the use of electric vehicles in these industries is intensifying. The operational cost savings, lower emissions, and increased efficiency of battery-powered vehicles are key drivers of this trend, further fueling the market's expansion.

Market Scope
Start Year2024
Forecast Year2025-2034
Start Value$34.5 Billion
Forecast Value$254.6 Billion
CAGR22.6%

The lithium-ion battery segment is anticipated to generate USD 186.2 billion by 2034, with the growing demand for high-performance batteries in both electric vehicles and renewable energy storage systems. Known for their superior benefits, lithium-ion batteries are in high demand due to their higher energy density, longer lifecycle, and quicker charging capabilities compared to other battery types. This makes them the preferred option for a wide range of applications, including energy storage and electric mobility.

The electric vehicle segment is expected to grow at a robust CAGR of 21.9% through 2034, fueled by the increasing global adoption of EVs, advancements in battery technology, and government policies that encourage sustainable, energy-efficient transportation. As environmental concerns continue to rise and consumers become more conscious of their carbon footprints, the demand for electric vehicles will likely continue to increase.

China traction battery market is set to generate USD 225.7 billion by 2034, driven by the growing adoption of electric vehicles and expanding use of electric-powered industrial equipment. Government initiatives and environmental regulations are stimulating the demand for electric transportation and industrial solutions, further accelerating the growth of traction batteries in the country.

Product Code: 7369

Table of Contents

Chapter 1 Methodology & Scope

  • 1.1 Market definitions
  • 1.2 Base estimates & calculations
  • 1.3 Forecast calculation
  • 1.4 Data sources
    • 1.4.1 Primary
    • 1.4.2 Secondary
      • 1.4.2.1 Paid
      • 1.4.2.2 Public

Chapter 2 Industry Insights

  • 2.1 Industry ecosystem analysis
  • 2.2 Regulatory landscape
  • 2.3 Industry impact forces
    • 2.3.1 Growth drivers
    • 2.3.2 Industry pitfalls & challenges
  • 2.4 Growth potential analysis
  • 2.5 Porter's analysis
    • 2.5.1 Bargaining power of suppliers
    • 2.5.2 Bargaining power of buyers
    • 2.5.3 Threat of new entrants
    • 2.5.4 Threat of substitutes
  • 2.6 PESTEL analysis

Chapter 3 Competitive landscape, 2024

  • 3.1 Strategic dashboard
  • 3.2 Innovation & sustainability landscape

Chapter 4 Market Size and Forecast, By Chemistry, 2021 – 2034 (USD Million)

  • 4.1 Key trends
  • 4.2 Lead acid
  • 4.3 Lithium-ion
  • 4.4 Nickel-based
  • 4.5 Others

Chapter 5 Market Size and Forecast, By Application, 2021 – 2034 (USD Million)

  • 5.1 Key trends
  • 5.2 Electric vehicles
    • 5.2.1 BEV
    • 5.2.2 PHEV
  • 5.3 Industrial
    • 5.3.1 Forklifts
    • 5.3.2 Railroads
    • 5.3.3 Others
  • 5.4 E-bike
    • 5.4.1 E-scooters
    • 5.4.2 E-motorcycles

Chapter 6 Market Size and Forecast, By Country, 2021 – 2034 (USD million)

  • 6.1 Key trends
  • 6.2 China
  • 6.3 Japan
  • 6.4 South Korea
  • 6.5 Australia
  • 6.6 India

Chapter 7 Company Profiles

  • 7.1 Amara Raja Batteries
  • 7.2 Camel Group
  • 7.3 Enersys
  • 7.4 Exide Industries
  • 7.5 Hitachi Energy
  • 7.6 Hoppecke Batteries
  • 7.7 LG Energy Solution
  • 7.8 Mutlu
  • 7.9 Panasonic
  • 7.10 Samsung SDI
  • 7.11 Toshiba
Have a question?
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Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

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Christine Sirois

Manager - Americas

+1-860-674-8796

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