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 2024-2031

Asia Pacific EV Battery Market size was valued at USD 25293.82 million in 2019 and is poised to grow from USD 29543.18 million in 2023 to USD 119520.62 million by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

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.