The Asia-Pacific EV Battery Market is anticipated to experience a compound annual growth rate (CAGR) of 23.3%, reaching USD 120.9 billion by 2029 from USD 27.9 billion in 2022.
This growth is largely driven by the rising adoption of electric vehicles (EVs) in emerging economies, substantial investments by automotive OEMs in regional battery manufacturing, and increased government support for EV and battery production. Additionally, the emergence of battery-as-a-service models is expected to create significant opportunities for EV battery providers. However, the market may face challenges such as lower energy density of lithium-ion batteries and high costs of importing raw materials.
Top companies leading the Asia-Pacific EV Battery Market include:
SK Innovation Co., Ltd.
SK Innovation Co., Ltd., which operates in the oil and chemical sectors, has divisions including Petroleum, Petrochemicals, Lubricants, Battery, and Others. The company has introduced high energy density ternary materials in lithium-ion batteries, securing supply agreements with major automakers like Hyundai, BAIC, and Daimler. SK Innovation’s network features subsidiaries such as SK Energy and SK Global Chemical, and it employed 2,443 people globally as of March 2021.
LG Chem, Ltd.
LG Chem’s business segments include Petrochemicals, Energy Solutions, Advanced Solutions, Life Sciences, and Common & Others. LG Energy Solution Co., Ltd., a subsidiary, is responsible for the company’s battery production. LG Chem’s notable investment includes a USD 2.3 billion partnership with General Motors to build a new EV battery plant in Tennessee. The company had 18,800 employees globally as of 2021.
Farasis Energy (Ganzhou) Co., Ltd.
Farasis Energy (Ganzhou) Co., Ltd. specializes in lithium-ion pouch batteries and offers solutions for green mobility, smart energy storage, and low-carbon construction. The company aims to reduce carbon emissions and provide cost-effective 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. focuses on lithium-ion batteries, battery systems for EVs, and energy storage solutions. The company holds over 550 patents and is investing USD 2.4 billion in a new Gigafactory in Germany. SVOLT employs around 3,000 people globally.
BYD Company Limited
BYD Company Limited provides a diverse range of products, 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 joint venture 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 sector through its Energy Solutions and Electronic Materials segments. The company offers automotive batteries and energy storage systems and has a global presence with 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 major provider of lithium-ion batteries and energy storage systems. The company’s R&D efforts are supported by strategic partnerships, including a 2020 agreement with Honda to advance EV battery technology. CATL had 20,375 employees as of December 2020.
GS Yuasa International Ltd.
GS Yuasa International Ltd. manufactures a wide range of automotive and industrial batteries and power supply systems. Its operations include Automotive Batteries-Japan and Automotive Lithium-ion Batteries. GS Yuasa’s acquisition of Sanken Densetsu Co., Ltd. in 2021 was aimed at enhancing its market position. The company had 14,217 employees globally as of December 2020.
Panasonic Corporation
Panasonic Corporation develops and sells electrical and electronic products, with a focus on automotive batteries. Its joint venture with Toyota Motor Corp., Prime Planet Energy & Solutions, is working on next-generation EV batteries. Panasonic operates globally, including Japan, the Americas, Europe, and China, with approximately 245,546 employees as of March 2021.
A123 Systems, LLC.
A123 Systems, LLC. specializes in industrial batteries and energy storage systems, utilizing Ultra Phosphate and NMC technologies. The company serves various sectors, including commercial vehicles and low-voltage hybrids. A123 Systems operates in the U.S., China, Germany, and the Czech Republic.
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