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Asia-Pacific Lithium-ion Battery For Electric Vehicle Market Size (2024 - 2029)

The Asia-Pacific lithium-ion battery market for electric vehicles is projected to experience significant expansion over the forecast period, driven by factors such as decreasing battery costs, the rising adoption of electric vehicles, and favorable government policies. Despite potential challenges posed by emerging alternative battery technologies, the demand for lithium-ion batteries, particularly for hybrid electric vehicle applications in developing regions, is anticipated to offer substantial growth opportunities within the market.

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Market Size of Asia-Pacific Lithium-ion Battery For Electric Vehicle Industry

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Asia-Pacific Lithium-ion Battery For Electric Vehicle Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 36.85 Billion
Market Size (2029) USD 104.80 Billion
CAGR (2024 - 2029) 23.25 %
Market Concentration Medium

Major Players

Asia-Pacific Lithium-ion Battery For Electric Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Asia-Pacific Lithium-ion Battery for Electric Vehicle Market Analysis

The Asia Pacific Lithium-ion Battery For Electric Vehicle Market size is estimated at USD 36.85 billion in 2024, and is expected to reach USD 104.80 billion by 2029, growing at a CAGR of 23.25% during the forecast period (2024-2029).

  • Declining lithium-ion battery prices, the increasing adoption of electric vehicles, and supportive government policies and initiatives are expected to drive the growth of the Asia-Pacific lithium-ion battery for electric vehicle market over the medium term of the forecast period.
  • On the other hand, emerging alternative battery technologies are likely to hinder market growth during the forecast period.
  • Nevertheless, the need for lithium-ion batteries for hybrid electric vehicle (HEV) applications in emerging economies is expected to create vast opportunities for lithium-ion batteries for the electric vehicle market in Asia-Pacific.

Asia-Pacific Lithium-ion Battery for Electric Vehicle Industry Segmentation

  • A lithium-ion battery for electric vehicles (EVs) is a type of rechargeable battery commonly used to power electric cars and other electric transportation. Known for its high energy density, long cycle life, and lightweight design, this battery technology enables efficient storage and delivery of electrical energy. Lithium-ion batteries consist of cells containing an anode, cathode, separator, and electrolyte. These batteries offer a high power-to-weight ratio, excellent energy efficiency, and reduced self-discharge compared to other rechargeable batteries, making them a preferred choice for modern electric vehicles.
  • The Asia-Pacific lithium-ion battery for electric vehicle market is segmented into vehicle type, propulsion type, and geography. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and other vehicle types (bikes, scooters, etc.). By propulsion type, the market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). The report also covers the market size and forecasts for the lithium-ion battery for the electric vehicle market across major countries. The report offers the market size and forecasts for the market in revenue in USD for all the segments mentioned above.
By Vehicle Type
Passenger Vehicles
Commercial Vehicles
Other Vehicle Types (Bikes, Scooters, etc.)
By Propulsion Type
Battery Electric Vehicle (BEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
By Geography
India
China
Japan
South Korea
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
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Asia-Pacific Lithium-ion Battery For Electric Vehicle Market Size Summary

The Asia-Pacific lithium-ion battery market for electric vehicles is poised for significant growth, driven by declining battery prices, increased adoption of electric vehicles, and supportive government policies. The region's dominance in the electric vehicle sector, particularly in battery electric vehicles (BEVs), is bolstered by technological advancements and a growing charging infrastructure. Major automakers are contributing to the popularity of BEVs by offering affordable models, which are becoming a viable solution to environmental challenges and reducing fossil fuel dependence. The Asia-Pacific region, especially China, leads in both BEV adoption and lithium-ion battery manufacturing capacity, underscoring its pivotal role in the global market.

India is emerging as a rapidly growing market for lithium-ion batteries, supported by government initiatives and policies aimed at boosting electric vehicle adoption. The Indian government's ambitious targets and incentives, such as the Production Linked Incentive Scheme and the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, are fostering a conducive environment for market expansion. Investments from local and international players in battery manufacturing facilities further highlight the country's potential. The semi-fragmented market features key players like Panasonic, Samsung SDI, and LG Energy Solution, with ongoing collaborations and investments aimed at meeting the increasing demand for EV batteries in the region.

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Asia-Pacific Lithium-ion Battery For Electric Vehicle Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD until 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Declining Lithium-ion Battery Prices

        2. 1.5.1.2 Increasing Adoption of Electric Vehicles

        3. 1.5.1.3 Supportive Government Policies and Initiatives

      2. 1.5.2 Restraints

        1. 1.5.2.1 Emerging Alternative Battery Technologies

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Vehicle Type

      1. 2.1.1 Passenger Vehicles

      2. 2.1.2 Commercial Vehicles

      3. 2.1.3 Other Vehicle Types (Bikes, Scooters, etc.)

    2. 2.2 By Propulsion Type

      1. 2.2.1 Battery Electric Vehicle (BEV)

      2. 2.2.2 Plug-in Hybrid Electric Vehicle (PHEV)

      3. 2.2.3 Hybrid Electric Vehicle (HEV)

    3. 2.3 By Geography

      1. 2.3.1 India

      2. 2.3.2 China

      3. 2.3.3 Japan

      4. 2.3.4 South Korea

      5. 2.3.5 Thailand

      6. 2.3.6 Indonesia

      7. 2.3.7 Vietnam

      8. 2.3.8 Rest of Asia-Pacific

Asia-Pacific Lithium-ion Battery For Electric Vehicle Market Size FAQs

The Asia-Pacific Lithium-ion Battery For Electric Vehicle Market size is expected to reach USD 36.85 billion in 2024 and grow at a CAGR of 23.25% to reach USD 104.80 billion by 2029.

In 2024, the Asia-Pacific Lithium-ion Battery For Electric Vehicle Market size is expected to reach USD 36.85 billion.

Asia-Pacific Lithium-ion Battery for Electric Vehicle Market Report Snapshots

Asia-Pacific Lithium-ion Battery for Electric Vehicle Market - Growth, Trends, and Forecasts (2024 - 2029)