Asia-Pacific LFP Battery Pack Market Size

The Asia-Pacific LFP battery pack market is experiencing significant growth, driven by the increasing demand for electric vehicles such as BEVs and PHEVs across the region. This expansion is particularly notable in countries like China, India, and Japan, where LFP batteries are becoming the preferred choice due to their longevity, safety, and cost-effectiveness. The market's growth is supported by governmental initiatives for green mobility, advancements in battery technology, and the establishment of new manufacturing facilities. As a result, the market size is expected to expand robustly during the forecast period, reflecting a broader acceptance and integration of LFP battery packs in the automotive industry across Asia-Pacific.

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Market Size of asia-pacific lfp battery pack Industry

Asia-Pacific LFP Battery Pack Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 46.82 Billion
svg icon Market Size (2029) USD 60.94 Billion
svg icon Largest Share by Propulsion Type BEV
svg icon CAGR (2024 - 2029) 5.42 %
svg icon Largest Share by Country China

Major Players

Asia-Pacific LFP Battery Pack Market Major Players

*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-Pacific LFP Battery Pack Market Analysis

The Asia-Pacific LFP Battery Pack Market size is estimated at 46.82 billion USD in 2024, and is expected to reach 60.94 billion USD by 2029, growing at a CAGR of 5.42% during the forecast period (2024-2029).

46.82 Billion

Market Size in 2024 (USD)

60.94 Billion

Market Size in 2029 (USD)

25.40 %

CAGR (2017-2023)

5.42 %

CAGR (2024-2029)

Largest Segment by Body Type

89.22 %

value share, Passenger Car, 2023

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Due to low pricing, government incentives, and advantages over petrol automobiles, APAC LFP battery pack sales are dominated by passenger cars.

Largest Segment by Propulsion Type

97.25 %

value share, BEV, 2023

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BEVs dominate the APAC LFP battery pack market because to their low cost opeating, low maintenance, carbon effect, and fuel savings.

Largest Segment by Battery Form

87.56 %

value share, Prismatic, 2023

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Prismatic cells are widely utilised in APAC LFP battery packs because to its low cost, high safety rating, simplicity, and high density.

Leading Market Player

2.92 %

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

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Due to its wide reach, significant production capability, and substantial exports, Contemporary Amperex Technology Co., Ltd. (CATL) dominates the APAC LFP battery market.

Largest Segment by Capacity

54.35 %

value share, 40 kWh to 80 kWh, 2023

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This capacity battery is used in long-range electric automobiles (gaining high popularity among the Asian consumers), which dominate the APAC LFP battery packs market.

The demand for LFP batteries is growing in the APAC region due to rising electric mobility leading to expansion of production facilities and increase in BEV and PHEV markets

  • Rising electric mobility across several countries, falling under Asia-Pacific, has increased the demand for batteries in recent years. In Asian countries, most auto manufacturers employ LFP battery packs as one of the most popular types of batteries in their automobiles. The installation of these batteries in various BEVs and PHEVs is encouraged by features like their extended lifespans, safety, and affordable production. As a result of these factors, LFP battery type for BEV and PHEV witnessed a growth in 2021 over 2017 across the region.
  • The main LFP batteries for PHEV and BEV markets are in Asian nations like China, India, and Japan. This battery type accounted for all BEV and PHEV battery consumption in the APAC region. Some of the major Asian manufacturers of LFP batteries include CATL, BYD, Gotion High Tech Co. Ltd, CALB, and LG. In various countries like India, Japan, China, and Thailand, the demand for BEV and PHEV is rising rapidly, increasing the need for LFP batteries. As a result, the demand for LFP batteries used in electric vehicles increased in 2022 over 2021.
  • Various companies are setting up factories to produce LFP batteries, which will be various electric vehicles in the APAC region, including BEVs and PHEVs. In November 2022, VinES Energy Solutions and Gotion High-Tech started the construction of the new battery gigafactory in Vietnam. The plant will have an annual capacity of 5gWH and produce LFP batteries. Production is expected to start by the third quarter of 2023. As a result, the demand for LFP batteries for BEV and PHEV is projected to grow in various countries, falling under the APAC region during the forecast period.
Asia-Pacific LFP Battery Pack Market

Rapid expansion of the LFP mattery pack market in Asia-Pacific countries is projected to witness a continuous growth in the forecast period

  • The recent trends in the Asia-Pacific market indicate a vigorous expansion in the LFP battery pack market across several countries. China was the frontrunner, with a substantial volume of 229.86 million kWh in 2022, projected to grow to approximately 262.54 million kWh in 2023. This growth was mirrored in other significant markets like Japan and South Korea, which showcased volumes of 31.79 million kWh and 3.02 million kWh, respectively, in 2022, with expectations of further growth in 2023. Notably, markets like India and the Rest of Asia-Pacific segment, although started from a smaller base, showed promising trends with increasing volumes in 2022 and registered a burgeoning acceptance of LFP battery packs. This upward trajectory can be attributed to several factors, including governmental initiatives promoting green mobility, advancements in battery technology, and a growing emphasis on adopting sustainable energy solutions in the automotive industry.
  • The forecast period anticipates continuous and robust growth in the LFP battery pack market in the Asia-Pacific countries. China is projected to maintain its leadership position, with volumes expected to reach around 541.58 million kWh by 2029. Japan, following suit, predicts steady growth, aiming to achieve a volume of approximately 76.54 million kWh in the same period. Similarly, South Korea, India, and the Rest of Asia-Pacific segment are forecast to witness substantial growth, emphasizing the broadening acceptance and integration of LFP battery packs in these markets. The anticipated growth is fostered by ongoing research and development in battery technology, expanding infrastructural capabilities, and governmental policies promoting the transition toward electric mobility.

Asia-Pacific LFP 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. 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. Lithium, Natural Graphite are covered as segments by Material Type. China, India, Japan, South Korea, Thailand, Rest-of-Asia-Pacific are covered as segments by Country.

  • Rising electric mobility across several countries, falling under Asia-Pacific, has increased the demand for batteries in recent years. In Asian countries, most auto manufacturers employ LFP battery packs as one of the most popular types of batteries in their automobiles. The installation of these batteries in various BEVs and PHEVs is encouraged by features like their extended lifespans, safety, and affordable production. As a result of these factors, LFP battery type for BEV and PHEV witnessed a growth in 2021 over 2017 across the region.
  • The main LFP batteries for PHEV and BEV markets are in Asian nations like China, India, and Japan. This battery type accounted for all BEV and PHEV battery consumption in the APAC region. Some of the major Asian manufacturers of LFP batteries include CATL, BYD, Gotion High Tech Co. Ltd, CALB, and LG. In various countries like India, Japan, China, and Thailand, the demand for BEV and PHEV is rising rapidly, increasing the need for LFP batteries. As a result, the demand for LFP batteries used in electric vehicles increased in 2022 over 2021.
  • Various companies are setting up factories to produce LFP batteries, which will be various electric vehicles in the APAC region, including BEVs and PHEVs. In November 2022, VinES Energy Solutions and Gotion High-Tech started the construction of the new battery gigafactory in Vietnam. The plant will have an annual capacity of 5gWH and produce LFP batteries. Production is expected to start by the third quarter of 2023. As a result, the demand for LFP batteries for BEV and PHEV is projected to grow in various countries, falling under the APAC region during the forecast period.
Body Type
Bus
LCV
M&HDT
Passenger Car
Propulsion Type
BEV
PHEV
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
Lithium
Natural Graphite
Other Materials
Country
China
India
Japan
South Korea
Thailand
Rest-of-Asia-Pacific
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Asia-Pacific LFP Battery Pack Market Size Summary

The Asia-Pacific LFP Battery Pack Market is experiencing significant growth, driven by the increasing demand for electric vehicles (EVs) across the region. This demand is largely fueled by the rising adoption of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), with LFP battery packs being a preferred choice due to their longevity, safety, and cost-effectiveness. Countries like China, India, and Japan are at the forefront of this market, with major manufacturers such as CATL, BYD, and Gotion High Tech Co. Ltd. leading the charge. The establishment of new production facilities, like the gigafactory in Vietnam, further underscores the region's commitment to expanding its LFP battery production capabilities, catering to the burgeoning EV market.

The market landscape is characterized by robust competition, with key players holding substantial market shares. BYD, Toyota Group, and Tesla are among the top companies, each leveraging their strengths in technology, pricing, and distribution to capture consumer interest. The Asia-Pacific region's preference for SUVs, particularly electric SUVs, is notable, with models like Tesla's Model Y and BYD's Song DM gaining popularity. The market's growth trajectory is supported by favorable government policies, advancements in battery technology, and a shift towards sustainable energy solutions, positioning the Asia-Pacific LFP Battery Pack Market for continued expansion in the coming years.

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Asia-Pacific LFP 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 Capacity

      1. 1.3.1 15 kWh to 40 kWh

      2. 1.3.2 40 kWh to 80 kWh

      3. 1.3.3 Above 80 kWh

      4. 1.3.4 Less than 15 kWh

    4. 1.4 Battery Form

      1. 1.4.1 Cylindrical

      2. 1.4.2 Pouch

      3. 1.4.3 Prismatic

    5. 1.5 Method

      1. 1.5.1 Laser

      2. 1.5.2 Wire

    6. 1.6 Component

      1. 1.6.1 Anode

      2. 1.6.2 Cathode

      3. 1.6.3 Electrolyte

      4. 1.6.4 Separator

    7. 1.7 Material Type

      1. 1.7.1 Lithium

      2. 1.7.2 Natural Graphite

      3. 1.7.3 Other Materials

    8. 1.8 Country

      1. 1.8.1 China

      2. 1.8.2 India

      3. 1.8.3 Japan

      4. 1.8.4 South Korea

      5. 1.8.5 Thailand

      6. 1.8.6 Rest-of-Asia-Pacific

Asia-Pacific LFP Battery Pack Market Size FAQs

The Asia-Pacific LFP Battery Pack Market size is expected to reach USD 46.82 billion in 2024 and grow at a CAGR of 5.42% to reach USD 60.94 billion by 2029.

In 2024, the Asia-Pacific LFP Battery Pack Market size is expected to reach USD 46.82 billion.

Asia-Pacific LFP Battery Pack Market Report Snapshots