Meticulous Research®, a leading global market research company, published a report titled “Asia-Pacific EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End user, and Country—Forecast to 2029”.
The Asia-Pacific EV Battery Market is expected to grow at a CAGR of 23.3% from 2022 to reach $120.90 billion by 2029. This growth is driven by decreasing battery prices, rising adoption of EVs, and increased investment by automotive OEMs to secure battery supply chains for future EVs. Additionally, the deployment of battery-as-a-service offers significant growth opportunities. However, challenges such as low energy density of batteries and high import costs of raw materials restrain market growth.
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Market Segmentation
The Asia-Pacific EV Battery Market is segmented by type, capacity, bonding type, form, application, end user, and country.
- Type
Lithium-ion Battery: Expected to account for the largest share in 2022 due to its lightweight, high energy density, compactness, and durability. Automotive OEMs increasingly partner with battery OEMs to develop lithium-ion batteries.
- Capacity
51kWh to 100kWh: Expected to hold the largest share in 2022, driven by the rising adoption of electric cars in developing economies and initiatives by automotive OEMs to launch long-range, powerful electric cars.
- Bonding Type
Wire Bonding: Predicted to account for a larger share in 2022 due to its high reliability, better thermal relief properties, lower production cost, and easy replaceability of faulty wire bonds.
- Form
Prismatic: Expected to account for the largest share in 2022 due to its thin profile, better space utilization, and high-power quality.
- Application
Electric Cars: Expected to hold the largest share in 2022, driven by supportive government initiatives to decarbonize transportation and efforts by automotive OEMs to reduce greenhouse gas emissions.
- End User
Electric Vehicle OEMs: Predicted to account for the largest share in 2022 due to increasing consumer adoption of EVs and the launch of new EV models by automotive OEMs.
- Geographical Analysis
China: Expected to account for the largest share of the market in 2022 due to the high concentration of lithium reserves, leading global EV battery manufacturing capacities, cheap labor, and presence of global EV battery OEMs.
Japan: Expected to hold the second position due to increased awareness of transportation alternatives and initiatives by companies for the development of EV battery production.
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Key Players
Key players in the APAC EV battery market include 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).
Key Questions Answered
- Which are the high-growth market segments by type, capacity, bonding type, form, application, end user, and country?
- What is the historical market size for EV batteries in the region?
- What are the market forecasts and estimates for 2022-2029?
- What are the major drivers, restraints, opportunities, and challenges in the APAC EV battery market?
- Who are the major players, and what are their market shares?
- How is the competitive landscape for the Asia-Pacific EV Battery Market?
- What are the recent developments and strategies adopted by major players?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the Asia-Pacific EV Battery Market, and how do they compete with other players?
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