Asia-Pacific NMC Battery Pack Market Size

Asia-Pacific NMC Battery Pack Market Analysis

The Asia-Pacific NMC Battery Pack Market size is estimated at 16.66 billion USD in 2024, and is expected to reach 25.97 billion USD by 2029, growing at a CAGR of 9.28% during the forecast period (2024-2029).

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16.66 Billion

Market Size in 2024 (USD)

25.97 Billion

Market Size in 2029 (USD)

14.79 %

CAGR (2017-2023)

9.28 %

CAGR (2024-2029)

Largest Segment by Body Type

86.66 %

value share, Passenger Car, 2023

Passenger car are the most popular body type in APAC NCM battery packs sales due to reasonable prices, government subsidies, benefits over petrol cars, etc.

Largest Segment by Propulsion Type

89.31 %

value share, BEV, 2023

BEVs dominate the APAC NCM battery pack market owing to their cheap cost, minimal maintenance, little carbon impact, and no fuel expenditures.

Largest Segment by Battery Form

99.59 %

value share, Prismatic, 2023

Due to its cheap cost, high safety rating, simplicity, and density, prismatic cells are majorly used in APAC NMC battery packs market.

Leading Market Player

17 %

market share, BYD Company Ltd., 2022

Due to its wide reach, great production capability, and large Asian exports, BYD dominates APAC NMC battery packs market.

Largest Segment by Capacity

82.25 %

value share, 15 kWh to 40 kWh, 2023

Usage of this capacity batteries in the affordable electric cars (have most of the sales in all EVs) has acquired majority of share in the APAC NMC battery packs market.

Growing demand for NCM batteries in APAC due to government regulations and increase in BEV and PHEV markets, with Asia-based producers such as CATL, LG Chem, and Samsung SDI Leading the charge

Japan, South Korea, India, and Thailand contribute to the expansion of the Asia-Pacific NCM battery pack market

Asia-Pacific NMC 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. 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.

• The demand for different types of batteries has increased as a result of the rapid growth of electric mobility in numerous APAC nations over the past few years. Few automakers are choosing NCM batteries for BEV and PHEV models, although the battery type is still in the early stages of deployment to vehicles compared to other batteries like LFP and NMC. Due to government regulations that are strict and the impending prohibition on fossil fuel vehicles, more individuals are choosing BEVs and PHEVs. These considerations have led to a small increase in the NCM battery type in a few vehicles in the APAC region from 2017 to 2021.
• Japan and China are among the countries with a growing demand for NCM batteries for PHEV and BEV in Asia-Pacific. In addition, some of the leading producers of NCM batteries, such as CATL, LG Chem, and Samsung SDI, are from Asia. The demand for BEV and PHEV is rising gradually in various countries, including India, Thailand, and South Korea, which has also helped to increase the demand for NCM batteries throughout the APAC region. As a result, the regional market for NCM batteries used in electric vehicles increased in 2022 over 2021.
• Various automakers are launching new products which are expected to enhance the battery industry. In February 2023, Chinese automaker BYD unveiled the 2023 model Tang, which is equipped with a plug-in hybrid system powered by the NCM battery pack. Such launches in other countries are expected to accelerate the demand and sales of NCM batteries in BEV and PHEV during the forecast period in the region.