Market Size of asia-pacific electric bus battery pack Industry
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 4.55 Billion |
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Market Size (2029) | USD 6.46 Billion |
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Largest Share by Propulsion Type | BEV |
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CAGR (2024 - 2029) | 7.26 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Electric Bus Battery Pack Market Analysis
The Asia-Pacific Electric Bus Battery Pack Market size is estimated at 4.55 billion USD in 2024, and is expected to reach 6.46 billion USD by 2029, growing at a CAGR of 7.26% during the forecast period (2024-2029).
4.55 Billion
Market Size in 2024 (USD)
6.46 Billion
Market Size in 2029 (USD)
-10.29 %
CAGR (2017-2023)
7.26 %
CAGR (2024-2029)
Largest Segment by Propulsion Type
99.74 %
value share, BEV, 2023
BEV segment in e-buses dominate APAC region due to zero emissions, inexpensive technology over PHEV, little maintenance, and government regulations.
Largest Segment by Battery Chemistry
56.70 %
value share, LFP, 2023
LFP batteries dominate APAC electric bus sales due to low cost production, high safety rating from explosions, long range offerings, and lifespan.
Largest Segment by Battery Form
86.68 %
value share, Prismatic, 2023
Prismatic batteries dominate the APAC e-bus market due to their inexpensive price, simple construction with fewer electrical connections, high energy density, and safety.
Leading Market Player
7.21 %
market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022
Due to its wide reach, powerful production capability, and large Asian exports, Contemporary Amperex Technology Co., Ltd. (CATL) dominates APAC e bus market.
Largest Segment by Capacity
54.66 %
value share, 40 kWh to 80 kWh, 2023
Intercity journey, cost-effective long-distance transit, and easy accessibility are driving demand for huge buses with batteries above 250 kWH.
The demand for electric bus batteries in Asia-Pacific is expected to grow, driven by rising environmental concerns, stringent government norms, and increasing adoption
- Buses constitute one of the major parts of public transportation in various countries in Asia-Pacific. Old conventional buses are responsible for excessive carbon emissions. Hence, the demand for electric buses has been increasing in various Asian countries over the past few years. Rising environmental concerns, the implication of stringent norms for EVs by the government, and the benefits of EVs increased the demand for electric buses in 2021 over 2017. Hence, the demand for battery packs for battery electric buses and plug-in hybrid electric buses increased in 2021 over 2017.
- Electric buses are widely used in various Asian countries. China is one of the leaders in the electric vehicle and battery industry; it held the highest share of sales of electric buses in 2022. Major players operating in the battery industry in China include BYD, CATL, and Shenzhen BYD Lithium Battery Co. Ltd. India, Japan, South Korea, and Thailand also contributed to the growth of battery packs owing to the increased demand for electric buses in these countries. As a result, the region witnessed growth in the demand for electric buses in 2022 over 2021.
- Various EV and battery manufacturers are unveiling their battery production plans in APAC countries. In March 2023, the Chinese automaker BYD announced the construction of a bus assembly plant and battery manufacturing plant for various types of buses, such as battery electric and PHEB, in Indonesia. Such developments are expected to accelerate battery demand for buses during the forecast period in Asia-Pacific.
China emerging as a key player in the electric vehicle (EV) market, driving the demand for automotive lithium batteries
- The APAC region presents a thriving market for battery packs, driven by factors such as government support, strong domestic demand, and a focus on electric vehicle adoption. As the demand for EVs continues to rise and technological advancements in battery packs continue, Asia-Pacific is expected to play a pivotal role in shaping the future of the global electric vehicle industry.
- China is a dominant player in the battery pack market, with consistently high market values. China's rapid growth can be attributed to several factors, including government support for electric vehicles, a large consumer market, and a robust domestic manufacturing ecosystem. The country has made substantial investments in electric vehicle production, leading to increased demand for battery packs.
- Japan and South Korea also contribute significantly to the Asia-Pacific battery pack market. Both countries have experienced steady growth in market value over the years. These countries have well-established automotive industries, technological expertise, and strong government support for EV adoption, which is driving the demand for battery packs. India's battery pack market is gaining momentum as the country focuses on electric vehicle adoption and renewable energy targets. With supportive government policies and increasing consumer awareness, the demand for battery packs is rising. Additionally, Thailand's commitment to becoming a regional leader in electric mobility presents ample opportunities for the growth of the Asia-Pacific battery pack market.
Asia-Pacific Electric Bus Battery Pack Industry Segmentation
BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC, Others 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. China, India, Japan, South Korea, Thailand, Rest-of-Asia-Pacific are covered as segments by Country.
- Buses constitute one of the major parts of public transportation in various countries in Asia-Pacific. Old conventional buses are responsible for excessive carbon emissions. Hence, the demand for electric buses has been increasing in various Asian countries over the past few years. Rising environmental concerns, the implication of stringent norms for EVs by the government, and the benefits of EVs increased the demand for electric buses in 2021 over 2017. Hence, the demand for battery packs for battery electric buses and plug-in hybrid electric buses increased in 2021 over 2017.
- Electric buses are widely used in various Asian countries. China is one of the leaders in the electric vehicle and battery industry; it held the highest share of sales of electric buses in 2022. Major players operating in the battery industry in China include BYD, CATL, and Shenzhen BYD Lithium Battery Co. Ltd. India, Japan, South Korea, and Thailand also contributed to the growth of battery packs owing to the increased demand for electric buses in these countries. As a result, the region witnessed growth in the demand for electric buses in 2022 over 2021.
- Various EV and battery manufacturers are unveiling their battery production plans in APAC countries. In March 2023, the Chinese automaker BYD announced the construction of a bus assembly plant and battery manufacturing plant for various types of buses, such as battery electric and PHEB, in Indonesia. Such developments are expected to accelerate battery demand for buses during the forecast period in Asia-Pacific.
| Propulsion Type | |
| BEV | |
| PHEV |
| Battery Chemistry | |
| LFP | |
| NCA | |
| NCM | |
| NMC | |
| Others |
| 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 | |
| China | |
| India | |
| Japan | |
| South Korea | |
| Thailand | |
| Rest-of-Asia-Pacific |
Asia-Pacific Electric Bus Battery Pack Market Size Summary
The Asia-Pacific Electric Bus Battery Pack Market is experiencing significant growth, driven by the increasing demand for electric buses as a sustainable alternative to conventional buses. This shift is largely due to rising environmental concerns and stringent government regulations promoting electric vehicles (EVs). The region, particularly China, is at the forefront of this transformation, with major players like BYD and CATL leading the charge in battery production. The market is further bolstered by developments such as BYD's new manufacturing facilities in Indonesia, which are expected to enhance battery supply for electric buses. The Asia-Pacific region is poised to play a crucial role in the global electric vehicle industry, supported by strong domestic demand and technological advancements in battery technology.
China's dominance in the battery pack market is supported by substantial government backing and a robust manufacturing ecosystem, making it a key player in the region. Other countries like Japan, South Korea, and India are also contributing to market growth, driven by their established automotive industries and supportive government policies. The market is competitive, with major companies like BYD, Toyota, and Tesla holding significant market shares. The increasing popularity of electric SUVs and the introduction of new models further indicate a thriving market landscape. The Asia-Pacific Electric Bus Battery Pack Market is characterized by its fragmented nature, with leading companies collectively holding a substantial portion of the market, reflecting the dynamic and rapidly evolving industry environment.
Asia-Pacific Electric Bus Battery Pack Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
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1.1 Propulsion Type
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1.1.1 BEV
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1.1.2 PHEV
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1.2 Battery Chemistry
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1.2.1 LFP
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1.2.2 NCA
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1.2.3 NCM
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1.2.4 NMC
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1.2.5 Others
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1.3 Capacity
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1.3.1 15 kWh to 40 kWh
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1.3.2 40 kWh to 80 kWh
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1.3.3 Above 80 kWh
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1.3.4 Less than 15 kWh
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1.4 Battery Form
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1.4.1 Cylindrical
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1.4.2 Pouch
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1.4.3 Prismatic
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1.5 Method
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1.5.1 Laser
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1.5.2 Wire
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1.6 Component
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1.6.1 Anode
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1.6.2 Cathode
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1.6.3 Electrolyte
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1.6.4 Separator
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1.7 Material Type
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1.7.1 Cobalt
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1.7.2 Lithium
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1.7.3 Manganese
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1.7.4 Natural Graphite
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1.7.5 Nickel
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1.7.6 Other Materials
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1.8 Country
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1.8.1 China
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1.8.2 India
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1.8.3 Japan
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1.8.4 South Korea
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1.8.5 Thailand
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1.8.6 Rest-of-Asia-Pacific
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Asia-Pacific Electric Bus Battery Pack Market Size FAQs
How big is the Asia-Pacific Electric Bus Battery Pack Market?
The Asia-Pacific Electric Bus Battery Pack Market size is expected to reach USD 4.55 billion in 2024 and grow at a CAGR of 7.26% to reach USD 6.46 billion by 2029.
What is the current Asia-Pacific Electric Bus Battery Pack Market size?
In 2024, the Asia-Pacific Electric Bus Battery Pack Market size is expected to reach USD 4.55 billion.
