Meticulous Research®—a leading global market research company, published a research report titled “Asia-Pacific EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End user, and Country—Forecast to 2029”.
The Asia-Pacific EV Battery Market is expected to grow at a CAGR of 23.3% from 2022 to reach $120.90 billion by 2029. This market is largely driven by factors such as decreasing battery prices, rising adoption of EVs, and growing investment by leading automotive OEMs to secure battery supply chains for their future electric vehicles. Moreover, the increase in the deployment of battery-as-a-service provides attractive growth opportunities for market players operating in the region.
However, the less energy density of batteries restrains the growth of this market to some extent. Also, the high import cost of raw materials for the manufacturing of batteries is a major challenge for the growth of the APAC EV battery market.
The Asia-Pacific EV Battery Market is segmented based on type, capacity, bonding type, form, application, end user, and country. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the Asia-Pacific EV Battery Market is segmented into lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state battery, and other batteries. In 2022, the lithium-ion battery segment is expected to account for the largest share of the Asia-Pacific EV batteries market. The large market share of this segment is mainly attributed to its lightweight, high energy density, compactness, and durability.
In addition, various automotive OEMs are increasingly partnering with battery OEMs to develop lithium-ion batteries to secure battery supply chains for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries. Such developments are significantly driving the market growth of this segment.
Based on capacity, the Asia-Pacific EV Battery Market is segmented into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. In 2022, the 51kWh to 100kWh segment is expected to account for the largest share of the EV batteries market. The large market share of this segment is mainly attributed to the rising adoption of electric cars in developing economies, increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, and targets set by governments across the region to phase out internal combustion engine vehicles by 2030.
Based on bonding type, the Asia-Pacific EV Battery Market is segmented into wire bonding and laser bonding. In 2022, the wire bonding segment is expected to account for a larger share of the EV batteries market. The large market share of this segment is mainly attributed to the high reliability of wire bonding technology, better thermal relief properties, lower production cost, easy replaceability of faulty wire bonds, and lower scrap production. Wire bonding can span considerable distances and height differences between interconnect points. It can also handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Wire bonding is utilized in battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects.
Based on form, the Asia-Pacific EV Battery Market is segmented into prismatic, cylindrical, and pouch. In 2022, the prismatic segment is expected to account for the largest share of the Asia-Pacific EV Battery Market. The large market share of this segment is mainly attributed to its thin profile providing better space utilization and high-power quality. Also, prismatic cells have high power quality and offer better layering options than other types of cells, due to which they are commonly utilized in EV batteries.
Based on application, the Asia-Pacific EV Battery Market is segmented into electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters & motorcycles, and e-bikes. In 2022, the electric cars segment is expected to account for the largest share of the APAC EV battery market. The large market share of this segment is mainly attributed to supportive government initiatives to decarbonize transportation, growing concerns regarding the negative environmental effects of vehicular emissions, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their products line-ups into green and clean, environment-friendly vehicles. Also, Battery OEMs are increasingly investing in the R&D of new battery technologies to reduce the battery size of EVs and improve their performance and power-to-weight ratio.
Based on end user, the Asia-Pacific EV Battery Market is segmented into electric vehicle OEMs and battery swapping stations. In 2022, the electric vehicle OEMs segment is expected to account for the largest share of the Asia-Pacific EV batteries market. The large market share of this segment is mainly attributed to increasing consumer adoption of EVs for fuel efficiency, more power, and reduced CO2 emissions, and increasing launch of new EV models by automotive OEMs.
In addition, all major EV OEMs currently cover batteries in their warranties for eight to ten years. Hence, customers buy replacement batteries for older EVs from OEMs, further increasing the battery demand by EV OEMs.
Based on country, China is expected to account for the largest share of the Asia-Pacific EV Battery Market in 2022. The country’s large market share is mainly attributed to factors, such as the high concentration of lithium reserves in the region, the country’s leading position in the global EV battery manufacturing capacities, availability of cheap labor for the manufacturing industry, and high concentration of global EV battery OEMs in the region.
Japan is expected to hold the second position in terms of market share in the Asia-Pacific EV batteries market in 2022. The large market share of this country is mainly attributed to the increased awareness among the locals about transportation alternatives and increasing initiatives by companies for the development and advancement of EV battery production.
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Key Players
The key players operating in the APAC EV battery market are SK Innovations Co., Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), and E-One Moli Energy Corp. (Taiwan).
Key Questions Answered in the Report-
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