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Asia-Pacific EV Batteries Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 20% to Reach $90.41 Billion by 2028

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Asia-Pacific EV Batteries Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 20% to Reach $90.41 Billion by 2028

December 04
09:44 2021
Asia-Pacific EV Batteries Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 20% to Reach $90.41 Billion by 2028
The Asia-Pacific EV Batteries Market is expected to reach a value of $90.41 billion by 2028, at a CAGR of 20% during the forecast period 2021–2028
Asia-Pacific EV Batteries 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 2028

Electric vehicle batteries are used to power the electric motors of battery electric vehicles (BEV) or hybrid electric vehicles (HEV). EV batteries are made up of numerous cells inserted into a module to protect them from external shocks such as heat or vibration. Numerous modules combined with a BMS (Battery Management System) and a cooling device that controls and manages the battery temperature and voltage constitute the battery pack. EV batteries with high power and high energy density provide an optimal driving range to vehicles.

Meticulous Research®, in its latest publication on the Asia-Pacific EV batteries market, states that the market will grow at a CAGR of 20% from 2021 to 2028 to reach $90.41 billion.

The growth of this market is backed by factors such as increasing adoption of EVs, increasing investments by leading automotive OEMs to set up battery manufacturing facilities in the region, and rising government initiatives to support EV and EV battery manufacturing in the region. Moreover, the growing deployment of battery-as-a-service provides significant opportunities for market players operating in this region. However, less energy density of batteries restrains this market’s growth to some extent. Also, the high import cost of raw materials for battery manufacturing is a challenge to the growth of the Asia-Pacific EV batteries market.

To provide efficient analysis, Meticulous Research® has segmented this market based on type (lithium-ion batteries, sealed lead-acid batteries, nickel-metal hydride batteries, ultracapacitors, solid-state batteries, and other batteries), capacity (less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh), bonding type (wire bonding and laser bonding), form (prismatic, cylindrical, and pouch), application (electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters and motorcycles, and e-bikes), end user (electric vehicle OEMs and battery swapping stations), and country.

Download Free Sample Report Copy Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5217

Scope of the Report

Asia-Pacific EV Battery Market, by Type

  • Lithium-ion Batteries
  • Sealed Lead Acid Batteries
  • Nickel-Metal Hydride Batteries
  • Ultracapacitors
  • Solid-State Batteries
  • Other Batteries

Asia-Pacific EV Battery Market, by Capacity

  • Less Than 50 kWh
  • 51 kWh to 100 kWh
  • 101 kWh to 300 kWh
  • More Than 300 kWh

Asia-Pacific EV Battery Market, by Bonding Type

  • Wire Bonding
  • Laser Bonding

Asia-Pacific EV Battery Market, by Form

  • Prismatic
  • Cylindrical
  • Pouch

Asia-Pacific EV Battery Market, by Application

  • Electric Cars
    • Battery Electric Vehicles
      • Lithium-ion Batteries
      • Nickel-Metal Hydride Batteries
      • Ultracapacitors
      • Solid-state Batteries
      • Other Batteries
    • Plug-in Hybrid Electric Vehicles
      • Lithium-ion Batteries
      • Ultracapacitors
      • Solid-State Batteries
      • Other Batteries
    • Pure Hybrid Electric Vehicles
      • Lithium-ion Batteries
      • Nickel-Metal Hydride Batteries
      • Ultracapacitors
      • Solid-State Batteries
      • Other Batteries
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • E-scooters & Motorcycles
  • E-bikes

Asia-Pacific EV Battery Market, by End User

  • Electric Vehicle OEMs
  • Battery Swapping Stations

Asia-Pacific EV Battery Market, by Country

  • China
  • Japan
  • South Korea
  • Thailand
  • Indonesia
  • India
  • Taiwan
  • Philippines
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Rest of Asia-Pacific

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Based on type, the lithium-ion battery segment is expected to account for the largest share of the Asia-Pacific EV batteries market in 2021. The large market share of this segment is mainly attributed to its lightweight, high energy density, compactness, and durability. Various automotive OEMs are partnering with battery OEMs to develop lithium-ion batteries, secure battery supply chains for their existing and upcoming electric vehicles, and achieve technology leadership in EV batteries. Such developments contribute to the market growth of this segment in the Asia-Pacific EV batteries market.

Based on capacity, the 51kWh to 100kWh segment is expected to account for the largest share of the Asia-Pacific EV batteries market in 2021. The large market share of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, rising adoption of electric cars in developing economies in the region, and targets set by governments across the region to phase out internal combustion engine vehicles by 2030.

Based on bonding type, the wire bonding segment is expected to account for a larger share of the Asia-Pacific EV batteries market in 2021. The large market share of this segment is mainly attributed to the high reliability of wire bonding technology, lower production cost, better thermal relief properties, lower scrap production, and easy replaceability of faulty wire bonds. It can also handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Wire bonding is utilized in battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects.

Based on form, the prismatic segment is expected to account for the largest share of the Asia-Pacific EV batteries market in 2021. The large market share of this segment is attributed to its thin profile providing better space utilization, allowing flexibility in battery design, and high power quality. Additionally, Prismatic cells also offer better layering options than other types of cells, due to which they are commonly utilized in EV batteries. Also, Prismatic cells are highly stable since they are encased in steel or aluminum casing.

Based on application, the electric cars segment is expected to account for the largest share of the Asia-Pacific EV batteries market in 2021. The large market share of this segment is mainly attributed to the growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, 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. 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.

Based on end user, the electric vehicle OEMs segment is expected to account for a larger share of the Asia-Pacific EV batteries market in 2021. The large market share of this segment is mainly attributed to increasing adoption of EVs for personal use, increasing investment by automotive OEMs in EV battery manufacturing capacities to create secure supply chains for their future electric vehicles, and increasing launches of new EV models by automotive OEMs.

In addition, all major EV OEMs currently cover batteries in their warranty for eight to ten years. Hence, customers buy replacement batteries for older EVs from OEMs, further increasing the battery demand by EV OEMs.

Based on country, China is expected to account for the largest share of the Asia-Pacific EV batteries market in 2021. The country’s large market share is mainly attributed to factors, such as the rising adoption of electric vehicles in this region, the growing number of start-ups offering numerous battery solutions, high concentration of lithium reserves in the region, the country’s leading position in the global EV battery manufacturing capacities, and the high concentration of global EV battery OEMs in the region.

To gain more insights into the market with a detailed table of content and figures, click here : https://www.meticulousresearch.com/product/asia-pacific-ev-batteries-market-5217

Japan is estimated to hold the second position in terms of market share in the Asia-Pacific EV batteries market in 2021. The large market share of this country is mainly attributed to the adoption of advanced mobility solutions, increasing awareness about alternative modes of transportation, and growing government initiatives for the development of EV batteries.

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence for some of the key players operating in this market, including 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 Players

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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