USD 25293.82 million
Asia Pacific EV Battery Market Size, Share, Growth Analysis, By Battery Type(Lithium-Ion, Lead-Acid, Sodium-Ion, others), By Vehicle Type(Passenger Vehicles, Commercial Vehicles), By Propulsion(Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle), By Region - Industry Forecast 2025-2032
Report ID:
SQMIR25A2285 |
Region:
Regional |
Published Date: April, 2024
Pages:
225
|Tables:
89
|Figures:
76
Asia Pacific EV Battery Market Insights
Asia Pacific EV Battery Market size was valued at USD 29543.18 Million in 2023 and is poised to grow from USD 34506.43 Million in 2024 to USD 139600.08 Million by 2032, growing at a CAGR of 16.8% during the forecast period (2025-2032).
An extensive rise in the emphasis of global automobile manufacturers like Tata Motors, Mahindra & Mahindra, and Nissan Motor Co. Ltd., on the rolling out of electric vehicles across the region is major factor anticipated to drive the growth of the Asia Pacific EV battery market during the forecast period. In addition, increasing number government policies on installation of charging stations by direct investment or public-private partnership, mainly in urban areas is further expected to boost the growth and demand for EV batteries at a significant growth rate over the coming years.
For instance, in first quarter of 2021, the Union Government announced the increased incentives on various two and three wheelers for boosting the adoption of electric vehicles extensively in the region. And, in June 2021, the Union Government decided that the FAME India Phase II Scheme will extend for two more years up to March 2024.
Furthermore, continuously rolling-out of several integrated charging stations and establishment of new green power-generation capability would likely to foster the market growth extensively in the near future. In addition, easy availability of advanced technologies and increasing innovations for the assurance of powerful propulsion are highly encouraging automakers for pursuing these innovated technologies in their respective electric vehicles, which is estimated to have a positive impact on the Asia Pacific EV battery market.
US EV Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Lithium-Ion
Fastest Growth
Lithium-Ion
Growth Rate
16.8% CAGR
Asia Pacific EV Battery Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Asia Pacific EV Battery Market Segmental Analysis
Asia Pacific EV battery market is segmented on the basis of battery type, vehicle type, propulsion, and region. By battery type, the market is segmented into lithium-ion, lead-acid, sodium-ion, and others. By vehicle type, the market is categorized into passenger vehicles and commercial vehicles. By propulsion, the market is bifurcated into battery electric vehicle and plug-in hybrid electric vehicle.
Asia Pacific EV Battery Market Analysis by Battery Type
By battery type, the lithium-ion segment dominated the market and accounted for a significant market share in 2021 and is set to retain its position throughout the forecast period owing to high usage of these batteries in various applications requiring lighter weights and better energy density. Lithium-ion batteries offers a higher energy density per weight and are widely utilizing in several automotive applications such as electric and hybrid automobiles.
Furthermore, lead-acid batteries segment anticipated to grow at significant rate throughout the forecast period owing to the rising acceptance of these batteries as an alternative for lithium-ion batteries. Lead-acid batteries are highly economical types, which are highly preferred for large power applications where weight is not constraint.
Asia Pacific EV Battery Market Analysis by Vehicle Type
By vehicle type, the passenger vehicles held the highest market share in 2021 due to the growing number of government initiatives and campaigns for promoting adoption of electric passenger vehicles as a part of their efforts to reduce air pollution levels. In addition, growing number of introductions to improved, enhanced, and highly developed electric passenger vehicles by several major manufacturing companies to encourage the adoption of these vehicles to consumers are also likely to propel the growth and fostering the market over the coming years. Several government agencies across the region are highly implementing quota systems and stringent fuel economy regulations, mainly in developing countries, that are projected to drive the adoption of passenger vehicles in the Asia Pacific Market.
Asia Pacific EV Battery Market By Battery Type, 2021 (%)
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Asia Pacific EV Battery Market Regional Insights
Geographically, Indian EV battery market is witnessing fastest growth rate over the forecast period owing to increasing population, rapid urbanization, and declining manufacturing cost of batteries coupled with the availability of advanced technology and growing consumer spending capacity towards their desires and needs in the region. Furthermore, India is projected to become a major investment hotspot for electric vehicle batteries over the coming years, based on the several policy-level support through government to encourage manufacturing sector.
Asia Pacific EV Battery Market By Geography, 2021-2028
- Largest
- Fastest
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Asia Pacific EV Battery Market Dynamics
Asia Pacific EV battery Market Drivers
- Technological Advancements to Boost Market Growth
Decreasing prices of several types of EV batteries owing to the rise in production capacities and technological advancements in the Asia Pacific region is major key factor expected to drive the growth of the market over the forecast period. In addition, several players in the Asia Pacific market are increasing their focus on the reduction of dependence for EV batteries on other regions, which is further projected to propel the growth of the market rapidly throughout the forecast period.
Asia Pacific EV battery Market Restraint
- High Initial Setup Cost
Low number of charging infrastructures and scarce supply of several type of materials needs to store and utilize capacity such as graphite, nickel, manganese, and cobalt are major factors expected to hamper the growth of the market during the forecast period. Furthermore, high initial cost required in setup of charging infrastructure and cost-efficiency for consumers is likely to be another factors restraining the market growth over the coming years.
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Asia Pacific EV Battery Market Competitive Landscape
The Asia Pacific EV battery market is moderately fragmented with the existence of several large market players operating in the region. Kay players of the market are highly focusing on the implementation on various business developing strategies such as technology advancements, innovations, partnerships, and collaborations for the expansion of their geographical presence and strengthen their market position ahead of its competitors.
Asia Pacific EV battery Market Top Player’s Company Profiles
- Panasonic Corporation
- LG Chem Ltd.
- CATL (Contemporary Amperex Technology Co. Limited)
- Samsung SDI Co., Ltd.
- Toshiba Corporation
- BYD Co. Ltd.
- GS Yuasa International Ltd.
- Hitachi Chemical Co. Ltd.
- Mitsubishi Electric Corporation
- Envision AESC Group Limited
- SK Innovation Co., Ltd.
- Amperex Technology Limited (ATL)
- Lishen Battery
- Farasis Energy
- EVE Energy Co., Ltd.
- China Aviation Lithium Battery Co., Ltd.
- Guoxuan High-Tech Co., Ltd.
- Highpower International Inc.
- Contemporary Amperex Technology (Ningde) Co., Ltd.
- Beijing Pride Power Battery Technology Co., Ltd.
Asia Pacific EV battery Market Recent Developments
- In January 2022, China Lithium Battery Technology, announced that it signed two contracts with two cities in the Southern Chinese province of Guangdong to construct a new production facility with an annual capacity of 50 GWh.
- In January 2022, BYD and FAW announced about their plan to create a production facility for electric car batteries with a capacity of 45 GWh annually in north-eastern China. The new joint venture between these two companies called FAW FinDreams and established with a registered capacity of EUR 140 million.
Asia Pacific EV Battery Key Market Trends
- High technological advancement of battery chemistry for the enhancement of electric vehicles performance along with the rising adoption of new batteries chemistries for several electric vehicles are major factors influencing the growth and demand for the market. In addition, rising popularity of lithium-nickel-manganese-cobalt-aluminum oxide composition is projected to start over in the next coming years. Owing to various benefits such as better density and longer life cycle as compared to others. Thus, the development of advanced and innovated battery chemistry is a major trend fostering the global market growth.
Asia Pacific EV Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Asia Pacific EV battery market is witnessing a significant growth throughout the forecast period due to increasing number of stringent emissions regulations and decreasing prices of lithium-ion batteries. Additionally, an extensive rise in research & development activities and large-scale industrial manufacturing plants for lithium-ion battery cells are some other factors expected to fuel the growth of the market exponentially over the coming years. However, growing environmental impacts because of extracting lithium and toxic waste from disposal of used batteries are likely to hinder the adoption of EV batteries during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 25293.82 million |
| Market size value in 2031 | USD 119520.62 million |
| Growth Rate | 16.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Asia Pacific EV Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Asia Pacific EV Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Asia Pacific EV Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Asia Pacific EV Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Asia Pacific EV Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Asia Pacific EV Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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