Asia-Pacific EV Batteries Market: Meticulous Research(R) Uncovers the Reasons for Market Growth at a CAGR of 20% to Reach $90.41 Billion by 2028 [MarketWatch]
Toyota Motor Corporation (TM)
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Source: MarketWatch
Meticulous Research , in its latest publication on the Asia-Pacific EV batteries market , states that the market will grow at a CAGR of 20% from 2021 to 2028 to reach $90.41 billion. The growth of this market is backed by factors such as increasing adoption of EVs, increasing investments by leading automotive OEMs to set up battery manufacturing facilities in the region, and rising government initiatives to support EV and EV battery manufacturing in the region. Moreover, the growing deployment of battery-as-a-service provides significant opportunities for market players operating in this region. However, less energy density of batteries restrains this market's growth to some extent. Also, the high import cost of raw materials for battery manufacturing is a challenge to the growth of the Asia-Pacific EV batteries market. To provide efficient analysis, Meticulous Research has segmented this market based on type (lithium-ion batteries, sealed lead-acid batteries, nickel-metal hydrid
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