Asia-Pacific Electric Vehicle Battery Market Size (2024 - 2029)

The Asia-Pacific electric vehicle battery market is poised for significant expansion, driven by the increasing demand for electric vehicles and supportive government initiatives aimed at promoting carbon-free transportation. Despite challenges such as range anxiety and temperature-related issues that hinder customer acceptance, the market's growth is bolstered by ongoing research and development efforts within the industry. China, in particular, is expected to experience rapid growth due to its aggressive deployment of electric vehicles and favorable government policies.

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Market Size of Asia-Pacific Electric Vehicle Battery Industry

Asia-Pacific Electric Vehicle Battery Market Summary
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

Asia-Pacific Electric Vehicle Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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Asia-Pacific Electric Vehicle Battery Market Size Summary

The Asia-Pacific electric vehicle battery market is poised for significant growth, driven by the increasing demand for electric vehicles and supportive government policies promoting carbon-free transportation. Despite challenges such as range anxiety and temperature issues affecting customer acceptance, advancements in research and development within the industry are creating substantial opportunities. China, in particular, is expected to experience rapid growth due to its robust deployment of electric vehicles and favorable government initiatives. The region is also witnessing a surge in lithium-ion battery sales, attributed to the technology's high energy efficiency and recyclability, which are well-suited for electric vehicle applications.

China stands out as the largest market for electric vehicles in the Asia-Pacific region, with mass production capabilities for batteries. The country's commitment to emission-free transportation is further bolstered by strategic government policies, including planned subsidy cuts aimed at fostering innovation and reducing dependency on government support. This shift is anticipated to enhance demand in the automotive batteries segment. Additionally, significant developments such as new electric vehicle manufacturing plants and partnerships for lithium supply are expected to drive the market forward. The Asia-Pacific electric vehicle battery market remains fragmented, with key players like LG Energy Solution, Panasonic Holdings Corporation, BYD Ord Shs A, Contemporary Amperex Co Ltd, and SK Innovation Co Ltd playing pivotal roles in shaping the industry's landscape.

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Asia-Pacific Electric Vehicle Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Battery Type

      1. 2.1.1 Lithium-ion Battery

      2. 2.1.2 Lead-Acid Battery

      3. 2.1.3 Other Battery Types

    2. 2.2 Vehicle Type

      1. 2.2.1 Battery Electric Vehicle (BEV)

      2. 2.2.2 Plug-in Hybrid Electric Vehicle (PHEV)

      3. 2.2.3 Hybrid Electric Vehicle (HEV)

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 South Korea

      3. 2.3.3 India

      4. 2.3.4 Malaysia

      5. 2.3.5 Rest of Asia Pacific

Asia-Pacific Electric Vehicle Battery Market Size FAQs

The Asia-Pacific Electric Vehicle Battery Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)

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.

Asia-Pacific Electric Vehicle Battery Report Snapshots

Asia-Pacific Electric Vehicle Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)