Market Size of asia-pacific ev battery pack Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 63.54 Billion |
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Market Size (2029) | USD 87.13 Billion |
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Largest Share by Propulsion Type | BEV |
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CAGR (2024 - 2029) | 6.52 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
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
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
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
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
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
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.
Understand The Key Trends Shaping This 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 |
Need A Different Region Or Segment?
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.
Asia-Pacific 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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1.3.5 Others
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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 China
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1.9.2 India
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1.9.3 Japan
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1.9.4 South Korea
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1.9.5 Thailand
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1.9.6 Rest-of-Asia-Pacific
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Asia-Pacific EV Battery Pack Market Size FAQs
How big is the Asia-Pacific EV Battery Pack Market?
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.
What is the current Asia-Pacific EV Battery Pack Market size?
In 2024, the Asia-Pacific EV Battery Pack Market size is expected to reach USD 63.54 billion.
