Market Size of asean ev battery pack Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 0.33 Billion |
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Market Size (2029) | USD 1.47 Billion |
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Largest Share by Vehicle Type | Commercial Vehicle |
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CAGR (2024 - 2029) | 34.68 % |
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Largest Share by Country | Thailand |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
ASEAN EV Battery Pack Market Analysis
The ASEAN EV Battery Pack Market size is estimated at 0.33 billion USD in 2024, and is expected to reach 1.47 billion USD by 2029, growing at a CAGR of 34.68% during the forecast period (2024-2029).
0.33 Billion
Market Size in 2024 (USD)
1.47 Billion
Market Size in 2029 (USD)
174.69 %
CAGR (2021-2023)
34.68 %
CAGR (2024-2029)
Largest Segment by Body Type
98.36 %
value share, Passenger Car, 2023
Passenger car is the most popular ASEAN EV body type due to affordable costs, less EVs due to the market's early stage, government rebates, and government push for EVs.
Largest Segment by Propulsion Type
100 %
value share, BEV, 2023
Due to their affordabble cost, simple maintenance, negligible carbon impact, and no fuel expenditures, BEVs dominate ASEAN EV sales.
Largest Segment by Battery Chemistry
60.79 %
value share, NMC, 2023
Due to its great range, cost effectiveness, extended lifespan, and excellent safety rating, LFP batteries dominate the ASEAN EV industry.
Largest Segment by Battery Form
47.14 %
value share, Prismatic, 2023
Due to its cheap manufacturing costs, excellent safety ratings, ease of manufacture, and high density, prismatic cells are commonly used in ASEAN electric vehicles.
Leading Market Player
45 %
market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022
(CATL) is the leading battery provider in ASEAN due to its strong client base, massive manufacturing capacity, and well-established export network.
An overview of the ASEAN electric vehicle battery pack market
- The ASEAN countries collectively contribute to the growth and development of the battery pack market in the Asia-Pacific region. With various government initiatives, abundant resources, and an increasing focus on electric mobility, these countries create a dynamic market for battery pack manufacturers, suppliers, and investors.
- Thailand is making significant strides in the battery pack market, driven by the government's push for electric vehicle production and export. The country offers attractive investment incentives, skilled labor, and a well-established automotive industry. With its strategic location in the ASEAN region, Thailand serves as a manufacturing hub for battery packs, attracting domestic and international players. Thailand's commitment to becoming a regional leader in electric mobility presents ample opportunities for the growth of the battery pack market.
- Indonesia is emerging as a significant player in the battery pack market, driven by its growing electric vehicle industry and ample reserves of nickel, a crucial component in lithium-ion batteries. With supportive government policies and a focus on becoming a major player in the global electric vehicle and battery market, Indonesia holds promising prospects for the battery pack market. Countries like Malaysia, Singapore, Vietnam, and the Philippines are also witnessing increasing interest in electric vehicles and renewable energy sources. These countries have implemented supportive policies, incentives, and infrastructure development to promote the adoption of electric vehicles, which drives the demand for battery packs. The ASEAN region's growing consumer market, combined with a shift toward clean energy solutions, presents a favorable landscape for the expansion of the battery pack industry.
ASEAN EV 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. LFP, NCA, NCM, NMC 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. Thailand are covered as segments by Country.
| Body Type | |
| Bus | |
| LCV | |
| M&HDT | |
| Passenger Car |
| Propulsion Type | |
| BEV | |
| PHEV |
| Battery Chemistry | |
| LFP | |
| NCA | |
| NCM | |
| NMC |
| 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 | |
| Thailand |
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ASEAN EV Battery Pack Market Size Summary
The ASEAN EV Battery Pack Market is experiencing significant growth, driven by the region's increasing focus on electric mobility and supportive government initiatives. Countries like Thailand and Indonesia are at the forefront of this expansion, with Thailand emerging as a manufacturing hub due to its strategic location, skilled labor, and established automotive industry. Indonesia, with its abundant nickel reserves and supportive policies, is positioning itself as a major player in the global electric vehicle and battery market. Other ASEAN nations such as Malaysia, Singapore, Vietnam, and the Philippines are also witnessing a rise in interest towards electric vehicles and renewable energy, further fueling the demand for battery packs. The region's growing consumer market and shift towards clean energy solutions create a favorable environment for the battery pack industry's expansion.
The demand for electric vehicles, particularly SUVs, is on the rise in the ASEAN region, with models like the Tesla Model Y and BYD Song DM gaining popularity due to their electric powertrains and appealing features. The market is moderately consolidated, with major players such as BYD Company Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), Deutsche ACCUmotive GmbH & Co. KG, LG Energy Solution Ltd., and Samsung SDI Co. Ltd. holding significant shares. Recent strategic developments, such as CATL's launch of sodium-ion batteries and partnerships with automotive groups, highlight the ongoing innovation and collaboration within the industry. These dynamics underscore the promising prospects for the ASEAN EV Battery Pack Market as it continues to evolve and expand.
ASEAN EV 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 Body Type
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1.1.1 Bus
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1.1.2 LCV
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1.1.3 M&HDT
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1.1.4 Passenger Car
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1.2 Propulsion Type
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1.2.1 BEV
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1.2.2 PHEV
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1.3 Battery Chemistry
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1.3.1 LFP
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1.3.2 NCA
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1.3.3 NCM
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1.3.4 NMC
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1.4 Capacity
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1.4.1 15 kWh to 40 kWh
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1.4.2 40 kWh to 80 kWh
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1.4.3 Above 80 kWh
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1.4.4 Less than 15 kWh
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1.5 Battery Form
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1.5.1 Cylindrical
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1.5.2 Pouch
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1.5.3 Prismatic
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1.6 Method
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1.6.1 Laser
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1.6.2 Wire
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1.7 Component
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1.7.1 Anode
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1.7.2 Cathode
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1.7.3 Electrolyte
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1.7.4 Separator
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1.8 Material Type
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1.8.1 Cobalt
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1.8.2 Lithium
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1.8.3 Manganese
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1.8.4 Natural Graphite
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1.8.5 Nickel
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1.8.6 Other Materials
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1.9 Country
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1.9.1 Thailand
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ASEAN EV Battery Pack Market Size FAQs
How big is the ASEAN EV Battery Pack Market?
The ASEAN EV Battery Pack Market size is expected to reach USD 331.09 million in 2024 and grow at a CAGR of 34.68% to reach USD 1.47 billion by 2029.
What is the current ASEAN EV Battery Pack Market size?
In 2024, the ASEAN EV Battery Pack Market size is expected to reach USD 331.09 million.
