The Asia-Pacific EV Battery Market is anticipated to grow at a robust compound annual growth rate (CAGR) of 23.3%, reaching USD 120.9 billion by 2029, a substantial increase from USD 27.9 billion in 2022.

This growth is driven by the rising popularity of electric vehicles (EVs) in emerging markets, significant investments by automotive OEMs in battery production facilities within the region, and supportive government initiatives for EV and battery manufacturing. The expansion of battery-as-a-service models is also expected to present lucrative opportunities for EV battery suppliers. However, challenges such as the relatively lower energy density of lithium-ion batteries and the high cost of raw material imports may impede market progress.

Key players in the Asia-Pacific EV Battery Market include:

SK Innovation Co., Ltd.

SK Innovation Co., Ltd. is a major entity in the oil and chemical industry, with operations spanning Petroleum, Petrochemicals, Lubricants, Battery, and Others. The company has pioneered the use of high energy density ternary materials in lithium-ion batteries and has secured supply deals with global giants like Hyundai, BAIC, and Daimler. SK Innovation’s extensive network includes subsidiaries such as SK Energy and SK Global Chemical, and the company had 2,443 employees globally as of March 2021.

LG Chem, Ltd.

LG Chem operates across several segments, including Petrochemicals, Energy Solutions, Advanced Solutions, Life Sciences, and Common & Others. Its battery production is managed by LG Energy Solution Co., Ltd., a subsidiary focused on this sector. LG Chem’s investment of USD 2.3 billion in a partnership with General Motors aims to establish a new EV battery plant in Tennessee. The company employed 18,800 people worldwide as of 2021.

Farasis Energy (Ganzhou) Co., Ltd.

Farasis Energy (Ganzhou) Co., Ltd. focuses on lithium-ion pouch batteries and offers solutions for green mobility, smart energy storage, and low-carbon construction. The company aims to achieve significant carbon emission reductions and provides cost-efficient energy storage solutions. Farasis Energy has partnered with TOGG in Turkey to co-develop battery modules.

SVOLT Energy Technology Co., Ltd.

SVOLT Energy Technology Co., Ltd. specializes in lithium-ion batteries, battery systems for electric vehicles, and energy storage solutions. With over 550 patents, the company is investing USD 2.4 billion in establishing a new Gigafactory in Germany. SVOLT employs around 3,000 people worldwide.

BYD Company Limited

BYD Company Limited offers a diverse portfolio, including rechargeable batteries, photovoltaic products, and urban rail transit systems. Its subsidiaries include BYD Lithium Batteries Co., Ltd., and Shanghai BYD Co., Ltd. The company’s collaboration with Changan Automobile aims to produce 10GWh of EV batteries. BYD had 288,200 employees globally as of December 2021.

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Samsung SDI Co., Ltd.

Samsung SDI Co., Ltd. operates in the secondary battery market with its Energy Solutions and Electronic Materials segments. The company provides automotive batteries and energy storage systems, with a global presence including subsidiaries in Japan, the U.S., Hungary, and Germany. Samsung SDI had approximately 245,546 employees as of March 2021.

Contemporary Amperex Technology Co. Limited

Contemporary Amperex Technology Co. Limited (CATL) is a leading provider of lithium-ion batteries and energy storage systems, with a focus on research and strategic partnerships. In 2020, CATL formed an alliance with Honda to advance EV battery technology. The company employed 20,375 people as of December 2020.
GS Yuasa International Ltd.

GS Yuasa International Ltd. manufactures and distributes automotive and industrial batteries and power supply systems. Its segments include Automotive Batteries-Japan and Automotive Lithium-ion Batteries. The company’s acquisition of Sanken Densetsu Co., Ltd. in 2021 was aimed at strengthening its market position. GS Yuasa had 14,217 employees globally as of December 2020.

Panasonic Corporation

Panasonic Corporation develops and sells electrical and electronic products, with a particular emphasis on automotive batteries. Its joint venture with Toyota Motor Corp., Prime Planet Energy & Solutions, focuses on next-generation EV battery technologies. Panasonic operates globally, including Japan, the Americas, Europe, and China, with a workforce of approximately 245,546 as of March 2021.

A123 Systems, LLC.

A123 Systems, LLC. specializes in industrial batteries and energy storage systems, leveraging Ultra Phosphate and NMC technologies. The company caters to various industries, including commercial vehicles and low-voltage hybrids. A123 Systems operates in the U.S., China, Germany, and the Czech Republic.

VISIT HERE : Asia-Pacific EV Battery Market

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