Asia-Pacific Lithium-ion Battery Market, Forecast to 2025
NEW YORK, Oct. 22, 2019 /PRNewswire/ -- Increasing use of smartphones that offer the mobile Internet facility loaded with multiple applications has become a way of life around the world. The Asia-Pacific region includes countries with high populations, emerging economies, and increasing urbanization.
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All this paves the way for higher demand for smartphones and improved telecommunications and data center infrastructures, boosting the use of lithium-ion batteries directly or indirectly. Lithium-ion batteries have also become the norm for all consumer electronic equipment, including mobile phones, laptops, tablets, power banks, and wearable devices (e.g., smart watches). There is a growing penetration of lithium-ion batteries in industrial applications including cordless power drills, data center and backup power, energy storage, advanced medical devices, material handling equipment, and aerospace and defense. Although lithium-ion is yet to fully replace the existing battery chemistries, the number of equipment fitted with lithium-ion batteries each year is increasing significantly. This drives lithium-ion battery demand for the industrial applications segment. Growing adoption of electric vehicles (EVs) is one of the key emerging trends in APAC, where each country has a supportive policy for the growth of EVs in place. This further drives the demand for lithium-ion batteries and creates growth opportunities for all major battery manufacturers in the region.
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