Meticulous Research®, a prominent global market research company, has released a new report titled “Asia-Pacific EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country—Forecast to 2029.”

The Asia-Pacific EV battery market is projected to grow at a CAGR of 23.3% from 2022, reaching $120.90 billion by 2029. This robust growth is primarily driven by decreasing battery prices, the rising adoption of electric vehicles (EVs), and increased investments by leading automotive OEMs to secure battery supply chains for future EVs. Additionally, the growing deployment of battery-as-a-service models presents significant opportunities for market players in the region.

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.

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Based on type, The Asia-Pacific EV battery market is categorized into lithium-ion batteries, sealed lead acid batteries, nickel-metal hydride batteries, ultracapacitors, solid-state batteries, and other battery types. In 2022, the lithium-ion battery segment is anticipated to hold the largest share of the market. This dominance is primarily due to the lithium-ion battery's lightweight, high energy density, compact design, and durability.

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Based on capacity, The Asia-Pacific EV battery market is segmented by capacity into less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh. In 2022, the 51 kWh to 100 kWh segment is expected to hold the largest market share. This significant share is largely due to the rising adoption of electric cars in developing economies, increased initiatives by leading automotive OEMs to introduce long-range, more powerful electric cars, and government targets across the region to phase out internal combustion engine vehicles by 2030.

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.

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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.

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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).

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