DUBLIN, Aug. 15, 2023 /PRNewswire/ — The “Asia-Pacific Dual Carbon Battery Market – Growth, Trends, and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
The market for dual carbon batteries in the Asia-Pacific region is projected to grow at a Compound Annual Growth Rate (CAGR) of approximately 3% during the forecast period. The market faced challenges due to the impact of COVID-19; however, it has now rebounded to pre-pandemic levels.
Key Highlights:
The long-term growth of the dual carbon battery market is expected to be driven by factors such as fast charging capability, cost-effectiveness compared to other batteries, and environmentally friendly features with 100% recyclability. However, the rise in graphite carbon prices and competition from other battery technologies pose hindrances to market growth. Despite this, the growth in the electric vehicles (EV) market presents opportunities as clean alternatives to internal combustion engine (ICE) vehicles, helping to reduce air pollution and noise.
China dominated the Asia-Pacific dual carbon battery market in 2021 and is expected to maintain its dominance during the forecast period, driven by the increasing number of EVs in the country.
APAC Dual Carbon Battery Market Trends:
Automotive Segment Witnessing Significant Demand
Dual carbon batteries offer extended charge life, increased battery lifetime, reduced cost, shorter charging times, and a lower environmental impact. These features drive significant demand in the automotive industry. The increasing demand for high-end batteries in electric vehicles further propels the dual carbon battery market in the region. These batteries have the potential to provide modern electric vehicles with a range of almost 500 kilometers (300 miles).
While the automotive industry exhibits a growing demand for energy-saving batteries like dual carbon batteries, the slow production rate and competition from alternatives like Lithium-Ion batteries may restrict market growth. However, innovative technologies such as the Ryden dual carbon battery developed by Power Japan Plus hold promise for bringing green technology, like electric vehicles using dual carbon batteries, into the market.
China Driving Market Demand
China stands as one of the largest markets for electric vehicles, witnessing exponential growth in EV sales since 2018. The country accounted for nearly 55% of the global electric car stock, with around 2.3 million electric cars sold in 2021. The Chinese government’s clean energy policy supports the adoption of electric vehicles, and to further boost EV sales, they have extended tax exemptions to buyers of pure-electric, plug-in hybrid, and fuel-cell cars.
Moreover, China is a global hub for battery and EV manufacturing, with Chinese EV makers expanding into global markets. The country’s mature EV and battery industry positions it to dominate the commercialization of emerging technologies, including dual carbon batteries.
Competitor Analysis:
The Asia-Pacific dual carbon battery market is consolidated, with key players like PJP Eye LTD leading the industry.
The Asia-Pacific dual carbon battery market shows promising growth potential, with China driving the demand for electric vehicles and innovative battery technologies. As the region recovers from the COVID-19 pandemic, the market is expected to gain traction and contribute significantly to the future of clean energy and electric mobility.
For more information about this report visit https://www.researchandmarkets.com/r/b1v5e1
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
