EV Battery Market in Asia-Pacific Worth $90.41 Billion by 2028 — Exclusive Report by Meticulous Research®
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
Redding, California, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled *“Asia-Pacific EV batteries 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 2028,” published by Meticulous Research®, *the Asia-Pacific EV batteries market is expected to grow at a CAGR of 20% from 2021 to 2028 to reach $90.41 billion by 2028.
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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 and 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 for electric vehicles.
The major factors driving the Asia-Pacific EV batteries market include 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.
However, the high Import cost of raw materials for battery manufacturing is a major challenge for the growth of the EV batteries market in the region.
*The Impact of COVID-19 on the APAC EV Battery Market*
The COVID-19 pandemic led to disrupted supply chains, limited operations and workforce, and factory closures. These factors caused a severe decline in electric vehicle sales, which directly affected the sales of batteries. The Asia-Pacific EV batteries market was also severely impacted as several countries witnessed a sharp decline in their economy due to low consumer demands, a low supply chain of batteries and other materials, and increased prices for essential commodities. The adoption of EVs also decreased significantly, affecting the EV batteries market in the region. Also, various automotive OEMs halted their plans due to the pandemic. For instance, LG Chem halted its lithium-ion battery project in India as the automotive sector struggled amidst the ongoing COVID-19 pandemic.
Aggressive government initiatives in stabilizing the automobile industry are anticipated as key factors to trigger the adoption rate of EVs in the coming years. In China, amidst the pandemic, the government announced to phase out conventional combustion engine vehicles by 2035 and planned numerous strategies to boost the demand for electric vehicles. The Chinese government has set a target of achieving 7 million electric cars sales by 2025 to reduce air pollution and dependence on petroleum imports. In order to achieve the set target, the authorities are offering tax rebates and pushing automotive OEMs to improve the driving range of electric cars.
Moreover, many foreign automotive OEMs have started investing in the Chinese new energy vehicles market, which is expected to boost the EV batteries market in the region. For instance, in 2020, Toyota Motor Corporation (Japan) partnered with BYD Auto Co., Ltd. (China) to create a joint venture to produce electric cars and batteries. Such developments contribute to the growth of the EV batteries market in Asia-Pacific.
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The Asia-Pacific EV batteries market is segmented based on type, capacity, bonding type, form, application, end user, and country. The study also evaluates industry competitors and analyzes the market at the country level.
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 high energy density, lightweight, compactness, and durability. Various automotive OEMs are partnering with battery OEMs to develop lithium-ion batteries and secure battery supply chains for their existing and upcoming electric vehicles and achieve technology leadership in the EV batteries market. For instance, in April 2020, Mahindra & Mahindra Ltd. (India) and LG Chem (South Korea) announced a collaboration in advanced Li-ion battery technology. Under this collaboration, LG Chem will develop a unique cell exclusively for application in India and supply Li-ion cells based on NMC (nickel-manganese-cobalt) chemistry with high energy density.
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 targets set by governments across the region to phase out internal combustion engine vehicles by 2030 and the rising adoption of electric cars. Also, the increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars also contribute to the growth of this segment. For instance, in 2021, Tesla Inc. launched Tesla Model S plaid with a 100-kWh battery pack, along with Tesla Model X 100D with a 100-kWh lithium-ion battery and providing a driving range of about 265 miles when fully charged.
Based on bonding type, the wire bonding 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 high reliability of wire bonding technology, low 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. Various manufacturers of EV batteries utilize wire bonding technology for manufacturing battery packs as wire bonding provides high reliability and requires lower production costs, further increasing the market growth of this segment.
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. Prismatic cells offer better layering options than other types of cells, due to which they are commonly used in EV batteries. Also, prismatic cells are highly stable since they are encased in steel or aluminum casing.
Various companies are taking initiatives for the development of prismatic cells. For instance, in February 2020, Toyota Motor Corporation and Panasonic Corporation signed a joint venture agreement to establish Prime Planet Energy & Solutions, Inc., an EV prismatic battery business, by the end of 2020. Such developments contribute to the market growth of this segment in the Asia-Pacific EV batteries market.
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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 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. For instance, Samsung SDI (South Korea) commercialized a li-ion battery product to replace liquid electrolytes in a battery cell with a solid electrolyte to improve battery performance.
Based on end user, the electric vehicle OEMs 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 rising adoption of EVs, increasing investments by automotive OEMs in EV battery manufacturing capacities to create a secure supply chain 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 warranties for eight to ten years. Hence, customers buy replacement batteries for older EVs from OEMs, further driving 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 is mainly attributed to factors such as the higher 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.
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 advanced mobility industry, increasing awareness about alternative modes of transportation, and automotive OEMs initiatives for the development of EV battery technologies.
The key players operating in the Asia-Pacific EV batteries 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) among others.
*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*
*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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*About Meticulous Research®*
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Content Source: https://www.meticulousresearch.com/pressrelease/437/asia-pacific-ev-batteries-market-2028
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Meticulous Research®
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