ASEAN EV Battery Pack Market Size

The ASEAN EV Battery Pack Market is experiencing significant growth, driven by the collective efforts of ASEAN countries to enhance the battery pack sector within the Asia-Pacific region. Government initiatives, abundant resources, and a focus on electric mobility are key factors contributing to this dynamic market. Thailand is emerging as a manufacturing hub due to its strategic location, investment incentives, and established automotive industry, while Indonesia is gaining traction with its electric vehicle industry and nickel reserves. Other countries in the region, such as Malaysia, Singapore, Vietnam, and the Philippines, are also fostering the market through supportive policies and infrastructure development, creating a favorable environment for the expansion of the battery pack industry.

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Market Size of asean ev battery pack Industry

ASEAN EV Battery Pack Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 0.33 Billion
svg icon Market Size (2029) USD 1.47 Billion
svg icon Largest Share by Vehicle Type Commercial Vehicle
svg icon CAGR (2024 - 2029) 34.68 %
svg icon Largest Share by Country Thailand

Major Players

ASEAN EV Battery Pack Market Major Players

*Disclaimer: Major Players sorted in no particular order

Key Players

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ASEAN EV Battery Pack Market Analysis

The ASEAN EV Battery Pack Market size is estimated at 0.33 billion USD in 2024, and is expected to reach 1.47 billion USD by 2029, growing at a CAGR of 34.68% during the forecast period (2024-2029).

0.33 Billion

Market Size in 2024 (USD)

1.47 Billion

Market Size in 2029 (USD)

174.69 %

CAGR (2021-2023)

34.68 %

CAGR (2024-2029)

Largest Segment by Body Type

98.36 %

value share, Passenger Car, 2023

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Passenger car is the most popular ASEAN EV body type due to affordable costs, less EVs due to the market's early stage, government rebates, and government push for EVs.

Largest Segment by Propulsion Type

100 %

value share, BEV, 2023

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Due to their affordabble cost, simple maintenance, negligible carbon impact, and no fuel expenditures, BEVs dominate ASEAN EV sales.

Largest Segment by Battery Chemistry

60.79 %

value share, NMC, 2023

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Due to its great range, cost effectiveness, extended lifespan, and excellent safety rating, LFP batteries dominate the ASEAN EV industry.

Largest Segment by Battery Form

47.14 %

value share, Prismatic, 2023

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Due to its cheap manufacturing costs, excellent safety ratings, ease of manufacture, and high density, prismatic cells are commonly used in ASEAN electric vehicles.

Leading Market Player

45 %

market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022

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(CATL) is the leading battery provider in ASEAN due to its strong client base, massive manufacturing capacity, and well-established export network.

An overview of the ASEAN electric vehicle battery pack market

  • The ASEAN countries collectively contribute to the growth and development of the battery pack market in the Asia-Pacific region. With various government initiatives, abundant resources, and an increasing focus on electric mobility, these countries create a dynamic market for battery pack manufacturers, suppliers, and investors.
  • Thailand is making significant strides in the battery pack market, driven by the government's push for electric vehicle production and export. The country offers attractive investment incentives, skilled labor, and a well-established automotive industry. With its strategic location in the ASEAN region, Thailand serves as a manufacturing hub for battery packs, attracting domestic and international players. Thailand's commitment to becoming a regional leader in electric mobility presents ample opportunities for the growth of the battery pack market.
  • Indonesia is emerging as a significant player in the battery pack market, driven by its growing electric vehicle industry and ample reserves of nickel, a crucial component in lithium-ion batteries. With supportive government policies and a focus on becoming a major player in the global electric vehicle and battery market, Indonesia holds promising prospects for the battery pack market. Countries like Malaysia, Singapore, Vietnam, and the Philippines are also witnessing increasing interest in electric vehicles and renewable energy sources. These countries have implemented supportive policies, incentives, and infrastructure development to promote the adoption of electric vehicles, which drives the demand for battery packs. The ASEAN region's growing consumer market, combined with a shift toward clean energy solutions, presents a favorable landscape for the expansion of the battery pack industry.

ASEAN EV Battery Pack Industry Segmentation

Bus, LCV, M&HDT, Passenger Car are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type. Thailand are covered as segments by Country.

Body Type
Bus
LCV
M&HDT
Passenger Car
Propulsion Type
BEV
PHEV
Battery Chemistry
LFP
NCA
NCM
NMC
Capacity
15 kWh to 40 kWh
40 kWh to 80 kWh
Above 80 kWh
Less than 15 kWh
Battery Form
Cylindrical
Pouch
Prismatic
Method
Laser
Wire
Component
Anode
Cathode
Electrolyte
Separator
Material Type
Cobalt
Lithium
Manganese
Natural Graphite
Nickel
Other Materials
Country
Thailand
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ASEAN EV Battery Pack Market Size Summary

The ASEAN EV Battery Pack Market is experiencing significant growth, driven by the region's increasing focus on electric mobility and supportive government initiatives. Countries like Thailand and Indonesia are at the forefront of this expansion, with Thailand emerging as a manufacturing hub due to its strategic location, skilled labor, and established automotive industry. Indonesia, with its abundant nickel reserves and supportive policies, is positioning itself as a major player in the global electric vehicle and battery market. Other ASEAN nations such as Malaysia, Singapore, Vietnam, and the Philippines are also witnessing a rise in interest towards electric vehicles and renewable energy, further fueling the demand for battery packs. The region's growing consumer market and shift towards clean energy solutions create a favorable environment for the battery pack industry's expansion.

The demand for electric vehicles, particularly SUVs, is on the rise in the ASEAN region, with models like the Tesla Model Y and BYD Song DM gaining popularity due to their electric powertrains and appealing features. The market is moderately consolidated, with major players such as BYD Company Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), Deutsche ACCUmotive GmbH & Co. KG, LG Energy Solution Ltd., and Samsung SDI Co. Ltd. holding significant shares. Recent strategic developments, such as CATL's launch of sodium-ion batteries and partnerships with automotive groups, highlight the ongoing innovation and collaboration within the industry. These dynamics underscore the promising prospects for the ASEAN EV Battery Pack Market as it continues to evolve and expand.

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ASEAN EV Battery Pack Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Body Type

      1. 1.1.1 Bus

      2. 1.1.2 LCV

      3. 1.1.3 M&HDT

      4. 1.1.4 Passenger Car

    2. 1.2 Propulsion Type

      1. 1.2.1 BEV

      2. 1.2.2 PHEV

    3. 1.3 Battery Chemistry

      1. 1.3.1 LFP

      2. 1.3.2 NCA

      3. 1.3.3 NCM

      4. 1.3.4 NMC

    4. 1.4 Capacity

      1. 1.4.1 15 kWh to 40 kWh

      2. 1.4.2 40 kWh to 80 kWh

      3. 1.4.3 Above 80 kWh

      4. 1.4.4 Less than 15 kWh

    5. 1.5 Battery Form

      1. 1.5.1 Cylindrical

      2. 1.5.2 Pouch

      3. 1.5.3 Prismatic

    6. 1.6 Method

      1. 1.6.1 Laser

      2. 1.6.2 Wire

    7. 1.7 Component

      1. 1.7.1 Anode

      2. 1.7.2 Cathode

      3. 1.7.3 Electrolyte

      4. 1.7.4 Separator

    8. 1.8 Material Type

      1. 1.8.1 Cobalt

      2. 1.8.2 Lithium

      3. 1.8.3 Manganese

      4. 1.8.4 Natural Graphite

      5. 1.8.5 Nickel

      6. 1.8.6 Other Materials

    9. 1.9 Country

      1. 1.9.1 Thailand

ASEAN EV Battery Pack Market Size FAQs

The ASEAN EV Battery Pack Market size is expected to reach USD 331.09 million in 2024 and grow at a CAGR of 34.68% to reach USD 1.47 billion by 2029.

In 2024, the ASEAN EV Battery Pack Market size is expected to reach USD 331.09 million.

ASEAN EV Battery Pack Market Report Snapshots

ASEAN EV Battery Pack Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029