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Electric Vehicles, Energy Storage, and Industrial Applications Boost Demand
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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. 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.
The study tracks the demand for lithium-ion batteries emanating from the APAC region that includes Japan, South Korea, Taiwan, Southeast Asian countries (such as Thailand, Indonesia, Philippines, Singapore, and Malaysia), Australia, and New Zealand. Morevoer, it throws light on lithium-ion battery market revenues generated from consumer, industrial, and automotive applications in the region. China, India, and South Asian countries are excluded from the scope of this study, and revenue forecast is provided for the period of 2018 to 2025. The study tracks the role of key battery manufacturers such as Samsung SDI, LG Chem, SK Innovation, Panasonic Corporation, and Kokam. The transition of these manufacturers from consumer to industrial and then automotive applications is also highlighted.
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Author: Suba Arunkumar
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