High Voltage Battery Market Share

APAC Market Forecast

The high voltage battery market in the Asia Pacific region is predicted to dominate the market by expanding at a CAGR of 32% in the estimated period. The growth of the market is driven mainly due to the increase in automobile sales in the region. Total vehicle sales in China, including passenger cars, trucks, and buses, were approximately 27 million units. Sales of sedans and minivans will increase, reaching 24 million units in 2022. Furthermore, the Asia Pacific region is experiencing high investments in renewable energy projects such as solar and wind power. Thus, high-voltage batteries play a vital role in storing excess energy generated from these renewable sources and offer a stable power supply as well.

North American Market Statistics

The North America high voltage battery market is estimated to gain a substantial market share in the projection timeframe. The market growth is mainly due to increased investment in battery manufacturing. The U.S. battery-manufacturing investment plans have skyrocketed since President Biden signed a bill that would give a big boost to electric vehicles and renewable energy. For instance, in order to meet growing demand from automakers looking to ramp up production of electric cars and trucks, a South Korean battery maker said it would triple its investment plans for a new plant in Arizona. In addition, LG Energy announced that it will invest nearly USD 5 billion to build a new plant in the United States to start producing batteries for electric vehicles in 2025.