APAC Electric Vehicle Battery Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 15.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Electric Vehicle Battery Market Analysis
The Asia-Pacific electric vehicle battery market is expected to grow with a CAGR of around 15% during the forecast period. The COVID-19 pandemic did not significantly affect the electric vehicle battery market, as there was a sharp increase in the Electric Vehicle (EV) units manufactured in the year 2020 in the Asia-Pacific region.
- Over the short term, the Asia-Pacific electric vehicle battery market can witness high growth due to the constantly growing demand for electric vehicles in Asian countries and the government's push toward carbon-free transportation.
- On the other hand, range anxiety and temperature issues associated with electric vehicles cause low customer acceptance, which poses a great threat to the electric vehicle battery market.
- Nevertheless, the research and development endeavors made by the electric vehicle battery industry experts create ample opportunities for the smooth progress of the market. For example, China's leading industry player CATL announced plans to introduce next-generation electric vehicle batteries with higher energy density in 2023.
- China is forecasted to grow at a faster rate due to the heavy deployment of electric vehicles backed by government policies for emission-free transportation.
APAC Electric Vehicle Battery Market Trends
This section covers the major market trends shaping the APAC Electric Vehicle Battery Market according to our research experts:
Lithium-ion Battery Expected to Witness Significant Growth
- The region is predicted to witness an upsurge in lithium-ion battery sales due to its technical features that are best suited for electric vehicles. High energy efficiency, high-temperature performance, greater power-to-weight ratio, and high recyclability are some of the advantages of the technology.
- As of 2021, China and South Korea were the two leading countries in the electric vehicles market. The BEV sales recorded in South Korea were around 72000 units in 2021, whereas China stood at 2.7 million. The intensively growing demand for electric vehicles led to an escalated growth in lithium-ion battery sales in the region. Moreover, the lithium-ion battery manufacturing projects by private investors have also driven the market.
- In August 2022, BYD Ord Shs A announced that they had planned an electric vehicle battery manufacturing plant in Jiangxi, China. The plan also includes a lithium-ion mining and processing project to supply critical input to the factory. The plant is expected to produce around 30GWh of lithium batteries per year.
- Further, in September 2022, SK Innovation, the Korea-based electric vehicle battery manufacturer, entered into an agreement with Global Lithium Resources, the Australian mining company for the latter to supply lithium for lithium batteries.
- Such developments are expected to steer the lithium battery market for electric vehicle applications in the Asia-Pacific region in the coming years.
China Expected to Witness Significant Growth
- China is the largest market for electric vehicles (EVs) in the region and is also known for the mass production of batteries for various applications worldwide. The country is predicted to maintain its dominance in the future as well due to the government's efforts to promote emission-free transportation in the country.
- For example, the government of China is expected to cut subsidies on electric vehicles by 30% in 2022 and remove it by the end of the year, as the electric vehicle industry in the country is now booming. The planned subsidy cut is aimed at reducing manufacturers' reliance on government funds for developing new technologies and vehicles. Electric vehicle makers are expected to be the first to benefit from this change, thus increasing the demand in the automotive batteries segment.
- The BEV sales in China were recorded as 2.7 million in 2021, a high elevation from 930,000 units in 2020. The electric vehicle battery market is anticipated to get more impetus in the country due to the upcoming electric vehicle factory projects and expansion in the electric vehicle battery manufacturing market.
- Further, in June 2022, GAC Honda, the Honda automobile production and sales joint venture, announced that they had started the construction of a new EV plant in Guangzhou city of Guangdong state, China. The new EV plant is expected to produce around 120,000 units annually once it becomes operational in 2024. Honda also plans to introduce 10 e:N series EV models by 2027.
- Such developments have immense potential to expand China's electric vehicle battery market.
APAC Electric Vehicle Battery Industry Overview
The Asia-Pacific Electric Vehicle battery market is fragmented. Some of the key players (in no particular order) include LG Energy Solution, Panasonic Holdings Corporation, BYD Ord Shs A, Contemporary Amperex Co Ltd (CATL), and SK Innovation Co Ltd.
APAC Electric Vehicle Battery Market Leaders
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LG Energy Solution
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Contemporary Amperex Technology Co Ltd.
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BYD Ord Shs A
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Panasonic Holdings Corporation
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SK Innovation Co Ltd.
*Disclaimer: Major Players sorted in no particular order
APAC Electric Vehicle Battery Market News
- In January 2022, Panasonic announced plans to establish a new EV battery manufacturing facility in Japan. The company disclosed plans to deliver the batteries to Tesla, the United States-based automaker, for the manufacturing of EVs. It will be located in Wakayama city of Japan in the Kansai region.
APAC Electric Vehicle Battery Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Battery Type
- 5.1.1 Lithium-ion Battery
- 5.1.2 Lead-Acid Battery
- 5.1.3 Other Battery Types
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5.2 Vehicle Type
- 5.2.1 Battery Electric Vehicle (BEV)
- 5.2.2 Plug-in Hybrid Electric Vehicle (PHEV)
- 5.2.3 Hybrid Electric Vehicle (HEV)
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5.3 Geography
- 5.3.1 China
- 5.3.2 South Korea
- 5.3.3 India
- 5.3.4 Malaysia
- 5.3.5 Rest of Asia Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 LG Energy Solution
- 6.3.2 Contemporary Amperex Technology Co Ltd.
- 6.3.3 BYD Ord Shs A
- 6.3.4 Panasonic Holdings Corporation
- 6.3.5 SK Innovation Co Ltd.
- 6.3.6 Samsung SDI
- 6.3.7 EV Energy
- 6.3.8 Murata Electronics
- 6.3.9 Duracell
- 6.3.10 Enersys
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAPAC Electric Vehicle Battery Industry Segmentation
Batteries are devices that convert chemical energy into electrical energy by means of an electrochemical reaction. Electric vehicle batteries are the batteries that are used to power electric vehicles. The Asia-Pacific electric vehicle battery market is segmented by Battery Type, Vehicle Type, and Geography. The battery type is segmented into Lead-Acid Batteries, Lithium-ion batteries, and other battery types. The vehicle type is segmented into Battery Electric Vehicles (BEV), Plug-in Hybrid Electric vehicles (PHEV), and Hybrid Electric vehicles (HEV). The Geography is segmented into China, South Korea, India, Malaysia, Rest of Asia-Pacific. For each segment, the market sizing and forecasts have been done based on revenue (in USD billion).
| Battery Type | Lithium-ion Battery |
| Lead-Acid Battery | |
| Other Battery Types | |
| Vehicle Type | Battery Electric Vehicle (BEV) |
| Plug-in Hybrid Electric Vehicle (PHEV) | |
| Hybrid Electric Vehicle (HEV) | |
| Geography | China |
| South Korea | |
| India | |
| Malaysia | |
| Rest of Asia Pacific |
APAC Electric Vehicle Battery Market Research FAQs
What is the current Asia-Pacific Electric Vehicle Battery Market size?
The Asia-Pacific Electric Vehicle Battery Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Electric Vehicle Battery Market?
LG Energy Solution, Contemporary Amperex Technology Co Ltd., BYD Ord Shs A, Panasonic Holdings Corporation and SK Innovation Co Ltd. are the major companies operating in the Asia-Pacific Electric Vehicle Battery Market.
What years does this Asia-Pacific Electric Vehicle Battery Market cover?
The report covers the Asia-Pacific Electric Vehicle Battery Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Electric Vehicle Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Electric Vehicle Battery Industry Report
Statistics for the 2024 Asia-Pacific Electric Vehicle Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Electric Vehicle Battery analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
