Asia Pacific EV Battery Market

The Asia Pacific EV battery market is expected to reach USD 138.18 billion in 2035, from USD 43.54 billion in 2025, with a CAGR of 12.2%. This rapid growth is primarily driven by China, where large producers such as CATL and BYD hold the lion’s share of production and OEM supply agreements. High volumes and export contracts are driving down the cost of batteries, improving the competitive environment for cells across the Asia Pacific region. Robust policy support through incentives, subsidies, and infrastructure schemes further drives EV adoption, supporting capacity expansion. Technology advances, such as cell-to-pack designs and high-performance chemistries, continue to drive improvements in energy density and cost while improving charging efficiency. Moreover, growing demand from consumers for zero-emissions transportation, combined with fleet electrification, strategic investments in supply hubs, next-generation technologies, and recycling, underpins long-term market growth and positions the region as a global center for EV battery manufacturing.

Key players in the Asia Pacific EV battery market include Contemporary Amperex Technology Co., Limited (CATL) (China), BYD Company Ltd. (China), LG Energy Solution Ltd. (South Korea), CALB (China), and SK Innovation Co., Ltd. (South Korea). These industry leaders develop innovative products, implement expansion strategies, and foster collaborations, partnerships, mergers, and acquisitions to establish a strong foothold in the dynamically growing regional market. Organic and inorganic strategies have helped the market players expand globally by providing EV battery products and solutions. Strategic collaborations with automotive manufacturers, long-term supply agreements, and continued expansion of gigacenters support the steady scale-up of regional capacity. These combined efforts enable faster global reach and a stronger portfolio of EV battery products and solutions in Asia Pacific.

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CATL  is one of the key players in the Asia Pacific EV battery market, providing various products such as EV batteries, battery cells, and large-scale energy storage. The company has grown from being a domestic battery supplier to a significant EV battery provider to many auto giants worldwide. It works closely with major OEMs on the production of various batteries. For instance, in November 2024, CATL launched the Tectrans (Battery) series of batteries for heavy commercial vehicles. The Tectrans battery features 4C superfast charging and a range of up to 500 km on a single charge.

BYD is a prominent player in the Asia Pacific EV battery market, investing heavily in R&D and vertical integration of EV batteries. The company is constantly updating its offerings to maintain its competitive edge in the market. For instance, in November 2024, it announced that it would launch its next-generation blade battery in 2025. Earlier, in February 2024, BYD and FAW established a production facility for electric car batteries with an annual capacity of 45 GWh in China. Both companies have already established a joint venture called FAW FinDreams New Energy Technology for batteries. It started mass production in April 2024.

LG Energy Solution is at the forefront of lithium-ion battery technology. The company has a diverse portfolio and supplies battery packs to various OEMs such as Ford, Polestar, GM, and more. It uses its brand recognition and forms close ties with different OEMs. For instance, in November 2024, LG announced a supply agreement with Rivian (US). Under the contract, it will provide next-generation 4695 cylindrical batteries to Rivian’s R2 model in North America. The total capacity of the batteries is 67 GWh, and the contract will run for five years.

Market Ranking

The Asia Pacific EV battery market is highly consolidated, with the top five players collectively holding 75–85%. CATL is the world’s largest battery maker for EVs, with a market share of more than 40–50% in 2024. BYD became the second-largest EV battery manufacturer with 153.7 GWh of installed battery volume in 2024, a 37.5% rise from 111.8 GWh in 2023, capturing around 20-22% market share. LG Energy Solution was one of the first companies to commercialize NMC batteries. The company is developing next-generation battery technologies, such as solid-state batteries. CALB has rapidly climbed the ranks of global EV battery manufacturers. This growth is boosted by its innovative technologies, such as the recently developed semi-solid batteries that promise quick charging times and high energy density. SK Innovation is a major player in the development and production of lithium-ion batteries for electric vehicles. It has a diverse product portfolio, including various types of lithium-ion batteries, such as cylindrical, prismatic and pouch cells.

Related Reports:

Asia Pacific EV Battery Market by Battery Type (Li-ion, NiMH, SSB), Vehicle Type (PC, Van/Light Truck, MHCV, Bus, OHV), Propulsion, Battery Form, Material Type, Battery Capacity, Method, Li-ion Battery Component, and Country – Forecast to 2035

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