Asia-Pacific Electric Vehicle Battery Market Outlook, 2027

Asia-Pacifc Electric vehicle battery market is expected to grow with the CAGR of more than 28% by 2027. China leads the APAC Electric vehicle battery market.

Featured Companies

  • 1. Panasonic Corporation
  • 2. BYD Company Limited
  • 3. Contemporary Amperex Technology Corporation Limited
  • 4. LG Chem Limited
  • 5. Samsung SDI Co. Limited
  • 6. SK Innovation Co Limited
  • More...

Asia Pacific electric vehicle battery market is increasing due to increasing adoption of electric vehicles, increasing investments by original equipment manufacturer to set up new battery manufacturing and developing facilities. Government is also taking initiatives in order to support the growth of electric vehicle and EV battery market. Major challenge faced by the industry is the high import cost of the raw materials for batteries. Over the years, the fuel economy of battery electric vehicles has observed substantial improvements. To improve this economy, Automobiles manufacturers association proposed four major components to consider which includes traffic flow improvement, vehicle efficiency improvements, effective vehicle usage and fuel diversity. Government is also focusing on reducing carbon dioxide emissions by promising growth in electric vehicle market. Government offers subsidies to people purchasing electric vehicles. These factors are the driving forces for a growth of the electric vehicle battery market. Based on the battery type, Lithium Ion battery is estimated to have largest market share of Asia Pacific electric vehicle battery market. Battery manufactures are constantly focus on improving the battery quality and developing the new innovative battery technology which can be efficient for the forecast region. In 2020, Mahindra & Mahindra (India) and LG Chem (South Korea) announced a partnership for the research and advanced battery technology. Under this collaboration, LG Chem will produce a unique cell with the benefits of NMC (nickel-manganese-cobalt) and supply those cells to India with high energy density.

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According to the research report “Asia Pacific Electric Vehicle Battery Market Outlook, 2027" published by Bonafide Research, the electric vehicle battery market is growing rapidly. Asia-Pacifc Electric vehicle battery market is expected to grow with the CAGR of more than 28% by 2027. Based on the countries, Asia Pacific region is segmented into various parts including China, Japan, India, Australia and South Korea. China is expected to account for higher market share in Asia Pacific region. The large market share for China is mainly attributed to factors such as the higher concentration of lithium component in the region and high concentration of global EV battery manufacturers in the region. China is at the leading position in the global electric vehicle battery manufacturer facilities. Japan is forecasted to be at the second position in terms of the market share for Asia pacific region. Large market share of this country is mainly attributed to the advanced mobility industry, increasing awareness about alternative options of transportation and automotive industry development of electric vehicle battery technologies. Based on the vehicle type, Asia Pacific region is segmented into two different types which are passenger vehicles and commercial vehicles. The passenger vehicle segment is expected to occupy the largest share of the Asia Pacific electric battery market in 2021. This large market share in this region is due to growing concerns regarding the negative environmental effects of carbon emissions, supportive government initiatives and increasing efforts to reduce greenhouse gas emissions by transforming their products into green and clean technology. Based on the propulsion type of the vehicle, Asia Pacific region is segmented into three major parts which are BEV (battery electric vehicle), PHEV (plug-in hybrid electric vehicle) and HEV (hybrid electric vehicle). As per the data obtained from the report, BEV is segmented to have major market share in forecast period. Due to lack of charging stations and low convenience presented, BEV is improvising with higher improvements and technological advancements. Due to COVID-19 pandemic, Asia Pacific electric vehicle battery market was hardly impacted and many countries witnessed a sharp decline in the economy, customer demands, supply chain of batteries and other materials ad increased prices for essential components. The adoption rate for electric vehicle was also decreased which directly affected the electric battery market. Many manufactures and developers had to halt their projects due to lockdown and social distancing norms. To stabilize the situation, automobile industry took initiatives to increase the adoption rate in electric vehicle. In China, government has announced to phase out the conventional vehicles by adapting new electric vehicles by 2035. They have aimed to have 7 million electric car sales by 2025. This will help to reduce air and noise pollution and also helps to decrease the fluid import cost. In 2020, Toyota Motor Corporation (Japan) partnered up with BYD Auto Co. Ltd (China) to produce electric cars and batteries. This type of initiatives is responsible for the future growth of the electric vehicle battery in Asia Pacific region.

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Manmayi Raval

Manmayi Raval

Research Consultant

Major Companies present in the market 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) Considered in this report • Geography: Global • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Asia pacific electric vehicle battery market with its value and forecast along with its segments • Country-wise electric vehicle battery market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Manmayi Raval

Countries covered in the report • China • Japan • India • Australia • South Korea Types of batteries in the report • Lithium-Ion battery • Lead Acid battery • Others (Nickel Metal Hybrid battery, Sodium Ion battery and Solid state) By Propulsion Type in the report: • Battery Electric Vehicle • Plug-In Hybrid Electric Vehicle • Hybrid Electric Vehicle Type of Vehicle in the report: • Passenger Vehicle • Commercial Vehicle The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to EV battery industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Companies Mentioned

  • Panasonic Corporation
  • BYD Company Limited
  • Contemporary Amperex Technology Corporation Limited
  • LG Chem Limited
  • Samsung SDI Co. Limited
  • SK Innovation Co Limited
  • Targray Technology International Inc
  • Altair Nanotechnologies Inc.
  • Tianneng Power International Co. Limited
  • Primearth EV Energy Co. Limited
  • E-One Moli Energy Corporation
  • StoreDot Limited
  • QuantumScape Corporation
  • Svolt Energy Technology Co. Limited
  • Narada Power Source Co. Limited

Table of Contents

  • Table of Contents
  • 1. Executive Summary
  • 2. Report Methodology
  • 3. Market Structure
  • 3.1. Market Considerate
  • 3.2. Market Definition
  • 4. Economic /Demographic Snapshot
  • 5. Global Electric Vehicle Battery Market Outlook
  • 5.1. Market Size By Value
  • 5.2. Market Share
  • 5.2.1. By Region
  • 5.2.2. By Propulsion Type
  • 5.2.3. By Battery Type
  • 5.2.4. By Vehicle Type
  • 5.2.5. By Company
  • 5.2.6. By Country
  • 6. Asia-Pacific Electric Vehicle Battery Market Outlook
  • 6.1. Market Size By Value
  • 6.2. Market Share
  • 6.2.1. By Country
  • 6.2.2. By Propulsion Type
  • 6.2.3. By Battery Type
  • 6.2.4. By Vehicle Type
  • 6.3. China Electric Vehicle Battery Market Outlook
  • 6.3.1. Market Size By Value
  • 6.3.2. Market Share
  • 6.4. Japan Electric Vehicle Battery Market Outlook
  • 6.4.1. Market Size By Value
  • 6.4.2. Market Share
  • 6.5. India Electric Vehicle Battery Market Outlook
  • 6.5.1. Market Size By Value
  • 6.5.2. Market Share
  • 6.6. Australia Electric Vehicle Battery Market Outlook
  • 6.6.1. Market Size By Value
  • 6.6.2. Market Share
  • 6.7. South Korea Electric Vehicle Battery Market Outlook
  • 6.7.1. Market Size By Value
  • 6.7.2. Market Share
  • 7. Market Dynamics
  • 7.1. Key Drivers
  • 7.2. Key Challenges
  • 8. Market Trends and Developments
  • 8.1. XXXX
  • 8.2. XXXX
  • 8.3. XXXX
  • 8.4. XXXX
  • 8.5. XXXX
  • 9. Company Profiles
  • 9.1. Contemporary Amperex Technology Co.,Limited
  • 9.2. LG Chem Limited
  • 9.3. Panasonic Corporation
  • 9.4. BYD Company Limited
  • 9.5. Samsung SDI Co. Limited
  • 9.6. SK Innovation Co Limited
  • 9.7. Targray Technology International Inc
  • 9.8. Altair Nanotechnologies Inc.
  • 9.9. Tianneng Power International Co. Limited
  • 9.10. Primearth EV Energy Co. Limited
  • 9.11. E-One Moli Energy Corporation
  • 9.12. StoreDot Limited
  • 9.13. QuantumScape Corporation
  • 9.14. Svolt Energy Technology Co. Limited
  • 9.15. Vehicle Energy Japan Co. Ltd. (Under Hitachi Automotive Systems, Limited)
  • 10. Strategic Recommendations
  • 11. Disclaimer

List of Tables

Table 1: Top 10 Counties Economic Snapshot 2020
Table 2: Economic Snapshot of Other Prominent Countries 2020
Table 3: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 4: Global Electric Vehicle Battery Market Share By Region (2016, 2021&2027F)
Table 5: Global Electric Vehicle Battery Market Share By Battery Type (2016,2021&2027F)
Table 6: Global Electric Vehicle Battery Market Share By Company (2020)
Table 7: Global Electric Vehicle Battery Market Share By Country (2016, 2021&2027F)
Table 8: Asia-Pacific Electric Vehicle Battery Market Share By Country (2016, 2021&2027F)
Table 9: Asia-Pacific Electric Vehicle Battery Market Share By Battery Type (2016,2021&2027F)
Table 10: China Electric Vehicle Battery Market Share By Battery Type (2016,2021&2027F)
Table 11: Japan Electric Vehicle Battery Market Share By Battery Type (2016,2021&2027F)
Table 12: India Electric Vehicle Battery Market Share By Battery Type (2016,2021&2027F)
Table 13: Australia Electric Vehicle Battery Market Share By Battery Type (2016,2021&2027F)
Table 14: South Korea Electric Vehicle Battery Market Share By Battery Type (2016,2021&2027F)
Table 15: Key Facts of Contemporary Amperex Technology Co., Limited
Table 16: Key Facts of LG Chem Limited
Table 17: Key Facts of Panasonic Corporation
Table 18: Key Facts of BYD Company Limited
Table 19: Key Facts of Samsung SDI Co. Limited
Table 20: Key Facts of SK Innovation Co Limited
Table 21: Key Facts of Targray Technology International Inc
Table 22: Key Facts of Altair Nanotechnologies Inc.
Table 23: Key Facts of Tianneng Power International Co. Limited
Table 24: Key Facts of Primearth EV Energy Co. Limited
Table 25: Key Facts of E-One Moli Energy Corporation
Table 26: Key Facts of StoreDot Limited
Table 27: Key Facts of QuantumScape Corporation
Table 28: Key Facts of Svolt Energy Technology Co. Limited
Table 29: Key Facts of Vehicle Energy Japan Co. Ltd. (Under Hitachi Automotive Systems, Limited)
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List of Figures

Figure 1: Global Electric Vehicle Battery Market Size By Value2016 to 2027F (In USD Million)
Figure 2: Global Electric Vehicle Battery Market Share By Propulsion Type (2016, 2021&2027F)
Figure 3: Global Electric Vehicle Battery Market Share By Vehicle Type (2016, 2021&2027F)
Figure 4: Asia-Pacific Electric Vehicle Battery Market Size By Value2016 to 2027F (In USD Million)
Figure 5: Asia-Pacific Electric Vehicle Battery Market Share By Propulsion Type (2016, 2021&2027F)
Figure 6: Asia-Pacific Electric Vehicle Battery Market Share By Vehicle Type (2016, 2021&2027F)
Figure 7: China Electric Vehicle Battery Market Size By Value2016 to 2027F (In USD Million)
Figure 8: China Electric Vehicle Battery Market Share By Propulsion Type (2016, 2021&2027F)
Figure 9: Japan Electric Vehicle Battery Market Size By Value2016 to 2027F (In USD Million)
Figure 10: Japan Electric Vehicle Battery Market Share By Propulsion Type (2016, 2021&2027F)
Figure 11: India Electric Vehicle Battery Market Size By Value2016 to 2027F (In USD Million)
Figure 12: India Electric Vehicle Battery Market Share By Propulsion Type (2016, 2021&2027F)
Figure 13: Australia Electric Vehicle Battery Market Size By Value2016 to 2027F (In USD Million)
Figure 14: Australia Electric Vehicle Battery Market Share By Propulsion Type (2016, 2021&2027F)
Figure 15: South Korea Electric Vehicle Battery Market Size By Value2016 to 2027F (In USD Million)
Figure 16: South Korea Electric Vehicle Battery Market Share By Propulsion Type (2016, 2021&2027F)
Figure 17: Market Attractiveness Index, 2021
Figure 18: Market Attractiveness Index, 2027F

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Market Research FAQs

The electric vehicle battery market in North America is expected to grow at CAGR of more than 24.37% in value terms in forecast period.

USA is dominating the market with more than 80% market share in North America.

The key players operating in the Asia-Pacific EV batteries 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).

China maintains its dominance in terms of the operating and production capacity of EV batteries. CATL is now the world's largest EV battery maker, boasting a market share of about 30 per cent, ahead of LG Energy Solution's 25 per cent, according to SNE Research.

Lithium-ion batteries which are the most common battery types used in electric vehicles are formed of certain elements including carbon or graphite, a metal oxide and lithium salt.



The Asia-Pacific Battery Market is studied from region 2016 – 2027.
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Asia-Pacific Electric Vehicle Battery Market Outlook, 2027

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