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Asia-Pacific EV Battery Pack Market Size

The Asia-Pacific EV Battery Pack Market is experiencing significant growth, driven by increasing demand for electric vehicles and supportive government policies across the region. China plays a crucial role in this market due to its substantial investments in electric vehicle production and a large consumer base. Other countries like Japan, South Korea, and India are also contributing to the market's expansion, supported by their established automotive industries and technological advancements. The region's focus on EV adoption and renewable energy targets further propels the demand for battery packs, positioning Asia-Pacific as a key player in the global electric vehicle market.

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Market Size of asia-pacific ev battery pack Industry

Asia-Pacific EV Battery Pack Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 63.54 Billion
svg icon Market Size (2029) USD 87.13 Billion
svg icon Largest Share by Propulsion Type BEV
svg icon CAGR (2024 - 2029) 6.52 %
svg icon Largest Share by Country China
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-Pacific EV Battery Pack Market Analysis

The Asia-Pacific EV Battery Pack Market size is estimated at 63.54 billion USD in 2024, and is expected to reach 87.13 billion USD by 2029, growing at a CAGR of 6.52% during the forecast period (2024-2029).

63.54 Billion

Market Size in 2024 (USD)

87.13 Billion

Market Size in 2029 (USD)

21.99 %

CAGR (2017-2023)

6.52 %

CAGR (2024-2029)

Largest Segment by Body Type

88.57 %

value share, Passenger Car, 2023

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Passenger car are the most popular body type in APAC EV sales due to reasonable prices, government subsidies, benefits over petrol cars, and good charging infrastructure.

Largest Segment by Propulsion Type

96.43 %

value share, BEV, 2023

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BEVs has the largest segment in APAC EV sales due to their affordable price tag, low maintenance, no carbon footprint, and no fuel costs.

Largest Segment by Battery Chemistry

58.97 %

value share, LFP, 2023

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LFP batteries dominate due to efficient manufacturing, extended battery range, durability, and China's dominance in the APAC EV and battery industry.

Largest Segment by Battery Form

86.88 %

value share, Prismatic, 2023

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Prismatic cells are widely utilised in APAC EVs owing to its low cost production, high safety rating, simple manufacture, and great density.

Leading Market Player

29.93 %

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

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CATL dominates the APAC LFP battery market because to its technology, pricing, financial strength, and strong sales channel.

Asia-Pacific is a prominent EV market, driven by Chinese sales, rising environmental awareness, regulations, and government support. Demand for lithium-ion batteries for EVs is growing, especially BEVs, with new product launches boosting the industry

  • Asia-Pacific is one of the prominent markets for EVs due to China being one of the major markets worldwide. The sales of electric vehicles in the region have surged as a result of rising environmental awareness, the application of EV regulations, the benefits of electric vehicles over those powered by fossil fuels, and government support in the form of rebates and subsidies. The demand for lithium-ion batteries for electric vehicles and plug-in hybrid electric vehicles parallelly increased in 2021 over 2017 across Asia-Pacific countries.
  • The demand for battery electric vehicles is higher compared to PHEVs, and the majority of the market is acquired by China. The demand for PHEVs is also growing gradually. For example, in 2022, PHEV sales in China registered a growth of 32% over 2021, which impacted the overall growth of the region. As a result, the demand for lithium-ion batteries used in electric vehicles in the region grew in 2022 compared to 2021.
  • The need for lithium-ion batteries in Asian countries is increasing, along with the demand for battery electric vehicles. The launch of new products is also attracting consumers to invest in EVs. For example, in January 2023, at Auto Expo India, Hyundai launched its battery-electric car Ionic 5. The car is equipped with a 72-kWH battery, offering a range of 488 km on a single charge. The booking of the car has already started. Therefore, new product launches are expected to boost the electric vehicle and battery industries in Asia-Pacific countries during the forecast period.
Asia-Pacific EV Battery Pack Market

Domestic production and government support propel China to become a leading player in the automotive lithium battery industry

  • Asia-Pacific presents a thriving market for battery packs, driven by factors such as government support, strong domestic demand, and a focus on EV adoption. As the demand for electric vehicles continues to rise, along with growing technological advancements in battery packs, Asia-Pacific is expected to play a pivotal role in shaping the future of the global electric vehicle market.
  • China stands out as a dominant player in the battery pack market, with consistently high market values. The country's rapid growth can be attributed to several factors, including government support for electric vehicles, a large consumer market, and a robust domestic manufacturing ecosystem. The country has made substantial investments in electric vehicle production, leading to increased demand for battery packs.
  • Japan and South Korea also contribute significantly to the Asia-Pacific battery pack market. Both countries have experienced steady growth in market value over the years. These countries have well-established automotive industries, technological expertise, and strong government support for EV adoption, thus driving the demand for battery packs. India's battery pack market is gaining momentum as the country focuses on EV adoption and renewable energy targets. With supportive government policies and increasing consumer awareness, the demand for battery packs is on the rise. Thailand's commitment to becoming a regional leader in electric mobility also presents ample opportunities for the growth of the battery pack market.

Asia-Pacific 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, Others 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. China, India, Japan, South Korea, Thailand, Rest-of-Asia-Pacific are covered as segments by Country.

  • Asia-Pacific is one of the prominent markets for EVs due to China being one of the major markets worldwide. The sales of electric vehicles in the region have surged as a result of rising environmental awareness, the application of EV regulations, the benefits of electric vehicles over those powered by fossil fuels, and government support in the form of rebates and subsidies. The demand for lithium-ion batteries for electric vehicles and plug-in hybrid electric vehicles parallelly increased in 2021 over 2017 across Asia-Pacific countries.
  • The demand for battery electric vehicles is higher compared to PHEVs, and the majority of the market is acquired by China. The demand for PHEVs is also growing gradually. For example, in 2022, PHEV sales in China registered a growth of 32% over 2021, which impacted the overall growth of the region. As a result, the demand for lithium-ion batteries used in electric vehicles in the region grew in 2022 compared to 2021.
  • The need for lithium-ion batteries in Asian countries is increasing, along with the demand for battery electric vehicles. The launch of new products is also attracting consumers to invest in EVs. For example, in January 2023, at Auto Expo India, Hyundai launched its battery-electric car Ionic 5. The car is equipped with a 72-kWH battery, offering a range of 488 km on a single charge. The booking of the car has already started. Therefore, new product launches are expected to boost the electric vehicle and battery industries in Asia-Pacific countries during the forecast period.
Body Type
Bus
LCV
M&HDT
Passenger Car
Propulsion Type
BEV
PHEV
Battery Chemistry
LFP
NCA
NCM
NMC
Others
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
China
India
Japan
South Korea
Thailand
Rest-of-Asia-Pacific
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Asia-Pacific EV Battery Pack Market Size Summary

The Asia-Pacific EV Battery Pack Market is experiencing significant growth, driven by the increasing adoption of electric vehicles across the region. This surge is largely attributed to China's dominant position in the global EV market, supported by favorable government policies, environmental awareness, and the advantages of electric vehicles over traditional fossil fuel-powered vehicles. The demand for lithium-ion batteries, essential for both battery electric vehicles and plug-in hybrid electric vehicles, has seen a parallel increase, with China leading the charge. The region's market is further bolstered by new product launches, such as Hyundai's Ionic 5, which attract consumers and enhance the appeal of EVs. As technological advancements continue to evolve, Asia-Pacific is poised to play a crucial role in shaping the future of the global electric vehicle market.

China stands out as a key player in the battery pack market, benefiting from a robust domestic manufacturing ecosystem and substantial government support. Japan and South Korea also contribute significantly, leveraging their established automotive industries and technological expertise. Meanwhile, India's market is gaining momentum due to supportive government policies and increasing consumer awareness. Thailand's commitment to electric mobility further presents growth opportunities. The market is fairly consolidated, with major players like BYD, CATL, and Farasis Energy dominating the landscape. The region's electric vehicle market is characterized by a diverse range of competitors, with SUVs gaining popularity due to their utility and spaciousness. This trend is reflected in the growing sales of electric SUVs and sedans, with models like Tesla's Model Y and BYD's Song DM resonating well with consumers.

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Asia-Pacific EV 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 Battery Chemistry

      1. 1.3.1 LFP

      2. 1.3.2 NCA

      3. 1.3.3 NCM

      4. 1.3.4 NMC

      5. 1.3.5 Others

    4. 1.4 Capacity

      1. 1.4.1 15 kWh to 40 kWh

      2. 1.4.2 40 kWh to 80 kWh

      3. 1.4.3 Above 80 kWh

      4. 1.4.4 Less than 15 kWh

    5. 1.5 Battery Form

      1. 1.5.1 Cylindrical

      2. 1.5.2 Pouch

      3. 1.5.3 Prismatic

    6. 1.6 Method

      1. 1.6.1 Laser

      2. 1.6.2 Wire

    7. 1.7 Component

      1. 1.7.1 Anode

      2. 1.7.2 Cathode

      3. 1.7.3 Electrolyte

      4. 1.7.4 Separator

    8. 1.8 Material Type

      1. 1.8.1 Cobalt

      2. 1.8.2 Lithium

      3. 1.8.3 Manganese

      4. 1.8.4 Natural Graphite

      5. 1.8.5 Nickel

      6. 1.8.6 Other Materials

    9. 1.9 Country

      1. 1.9.1 China

      2. 1.9.2 India

      3. 1.9.3 Japan

      4. 1.9.4 South Korea

      5. 1.9.5 Thailand

      6. 1.9.6 Rest-of-Asia-Pacific

Asia-Pacific EV Battery Pack Market Size FAQs

The Asia-Pacific EV Battery Pack Market size is expected to reach USD 63.54 billion in 2024 and grow at a CAGR of 6.52% to reach USD 87.13 billion by 2029.

In 2024, the Asia-Pacific EV Battery Pack Market size is expected to reach USD 63.54 billion.

Asia-Pacific EV Battery Pack Market Report Snapshots

Asia-Pacific EV Battery Pack Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029