Asia Pacific EV Battery Market

According to a research report "Asia Pacific EV Battery Market by Battery Type (Li-ion, NiMH, SSB), Vehicle Type (PC, Vans/Light Truck, MHCV, Bus & OHV), Propulsion, Battery Form, Material Type, Battery Capacity, Method, Li-ion Battery Component, and Region - Global Forecast to 2035" published by MarketsandMarkets, the Asia Pacific EV battery Market is expected to grow from 607 GWh in 2024 to 2,569 GWh by 2035 at a CAGR of 14.0% during the forecast period.

Browse 391 market data Tables and 100 Figures spread through 370 Pages and in-depth TOC on "EV Battery Market by Battery Type (Li-ion, NiMH, SSB), Vehicle Type (PC, Vans/Light Truck, MHCV, Bus & OHV), Propulsion, Battery Form, Material Type, Battery Capacity, Method, Li-ion Battery Component, and Region - Global Forecast to 2035"
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China leads the Asia Pacific region, followed by Japan and South Korea. Companies in these countries having technological breakthroughs like BYD’s upcoming next-generation Blade battery and CATL's Shenxing Plus LFP battery, capable of a 1,000 km range, are setting new benchmarks for performance and efficiency. Additionally, BYD announced in December 2024 plans to launch the next generation of its Blade battery in 2025. following the widespread adoption of the current version by OEMs like Hyundai, Kia, and Toyota. China's market strength is also bolstered by the presence of leading EV manufacturers such as BYD, Geely Auto, and NIO, alongside major battery producers like CATL, CALB, and Sunwoda Electronic. These factors collectively position China as the largest and most influential player in the Asia Pacific EV battery market.

Key factors driving this dominance include the presence of industry giants like CATL and BYD, robust government support for EV adoption, such as China's target for BEVs to constitute over 50% of new personal vehicle purchases by 2025 and more than 40% of car stock by 2035, and a thriving domestic EV market. Furthermore, major players are expanding their presence in the region. In late 2024, Mitsubishi Corporation announced plans to expand anode material production capacity at its Kagawa plant, while Panasonic Holdings revamped its Wakayama Factory to support the production of next-generation 4680 automotive battery cells. These developments, coupled with stringent government regulations aimed at reducing emissions are driving significant growth in the Asia Pacific EV battery market. The Asia Pacific region is poised for continued dominance, driven by technological advancements, increasing government support, and the expansion of key players within the EV battery value chain.

The region’s growth is bolstered by substantial investments in battery manufacturing and innovation with CATL's USD 6 billion investment in Indonesia (April 2022), Honda's launch of an all-solid-state battery demonstration line in Japan (November 2024), and a USD 1.5 billion EV battery joint venture by LG Energy Solution and JSW Energy (December 2024).  These developments showcase Asia Pacific’s pivotal role in shaping the global EV battery market, leveraging a combination of innovation, partnerships, and resource-driven strategies to meet the surging demand for electric mobility.

South Korea is expected to experience the significant growth opportunities in coming decade, driven by the country's ambitious environmental goals and the growing demand for electric vehicles. In October 2024, South Korea's Nationally Determined Contribution (NDC) outlined plans to reduce emissions by up to 40% by 2030, which is set to further fuel the adoption of EVs and, consequently, the demand for EV batteries. Additionally, key South Korean battery manufacturers such as LG Energy Solution and SK On are strategically expanding their footprint in the EV sector, with notable partnerships like SK On's USD 1.8 billion deal with Nissan in January 2025 to supply EV batteries for Nissan's US plants starting in 2028. These developments reflect the significant growth positioning South Korea as a major player in the global EV battery market.

The Battery-as-a-Service (BaaS) model is creating a significant growth opportunity for the EV battery market by offering an alternative approach to traditional EV battery ownership. For manufacturers, the BaaS model offers the advantage of predictable demand as they can more accurately assess market size by collaborating with companies providing battery rental services. One prominent example is NIO, a Chinese EV manufacturer, which has adopted the BaaS model, and by July 2021, NIO’s global network of battery swapping stations had been used 2.9 million times. The company has also installed over 300 swapping stations in China, with plans to expand to 4,000 by end of 2025. Additionally, battery swapping has gained traction as an alternative to fast charging, with major challenges being addressed by developments in swapping infrastructure. In India, the government introduced a Battery Swapping Policy in its 2022-2023 budget, aiming to boost EV adoption. Furthermore, in December 2024, Mahindra Last Mile Mobility Ltd. partnered with Vidyut, a Bangalore-based startup, to launch a BaaS financing program aimed at reducing EV ownership costs, adding to the growing opportunities in the EV battery market.

Key Players

The major players in the asia pacific EV battery market include Contemporary Amperex Technology Co., Limited (China), BYD Company Ltd. (China), LG Energy Solution Ltd. (South Korea), CALB (China), and SK Innovation Co., Ltd. (South Korea). These companies offer various EV battery products and solutions and have strong global distribution networks.

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