The Asia-Pacific EV Battery Market is forecasted to grow at 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 trajectory is supported by rising electric vehicle (EV) adoption in developing regions, increased investment by automotive OEMs in regional battery production, and supportive governmental policies for EV and battery manufacturing. Furthermore, the battery-as-a-service model is anticipated to open significant opportunities for EV battery suppliers. Nonetheless, challenges such as lower energy density in lithium-ion batteries and high costs of raw material imports may pose hurdles.
The leading companies in the Asia-Pacific EV Battery Market are:
SK Innovation Co., Ltd.
SK Innovation Co., Ltd. is a major player in the oil and chemical industries, operating through segments including Petroleum, Petrochemicals, Lubricants, Battery, and Others. The company has made advancements in lithium-ion batteries with high energy density ternary materials and secured contracts with Hyundai, BAIC, and Daimler. SK Innovation’s global network includes subsidiaries like SK Energy and SK Global Chemical, and it employed 2,443 people worldwide as of March 2021.
LG Chem, Ltd.
LG Chem operates through multiple segments, including Petrochemicals, Energy Solutions, Advanced Solutions, Life Sciences, and Common & Others. Its battery production is managed by LG Energy Solution Co., Ltd., a subsidiary dedicated to battery manufacturing. LG Chem has committed USD 2.3 billion in a partnership with General Motors to build a new EV battery plant in Tennessee. As of 2021, LG Chem employed 18,800 people globally.
Farasis Energy (Ganzhou) Co., Ltd.
Farasis Energy (Ganzhou) Co., Ltd. is known for its lithium-ion pouch batteries, catering to green mobility, smart energy storage, and low-carbon construction needs. The company aims to reduce carbon emissions and provide cost-effective energy storage. Farasis Energy has partnered with TOGG in Turkey to co-develop battery modules.
SVOLT Energy Technology Co., Ltd.
SVOLT Energy Technology Co., Ltd. specializes in lithium-ion batteries, battery systems for EVs, and energy storage solutions. With over 550 patents, the company is investing USD 2.4 billion in a new Gigafactory in Germany. SVOLT has around 3,000 employees globally.
BYD Company Limited
BYD Company Limited offers a wide array of products, including rechargeable batteries, photovoltaic products, and urban rail transit systems. Its subsidiaries, such as BYD Lithium Batteries Co., Ltd., and Shanghai BYD Co., Ltd., are crucial to its operations. The company’s joint venture with Changan Automobile is set 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’s product range includes automotive batteries and energy storage systems, with a global footprint including 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 leading provider of lithium-ion batteries and energy storage systems, focusing on R&D and strategic partnerships. The company’s 2020 agreement with Honda aims to advance EV battery technology. CATL had 20,375 employees as of December 2020.
GS Yuasa International Ltd.
GS Yuasa International Ltd. manufactures automotive and industrial batteries and power supply systems. Its operations include Automotive Batteries-Japan and Automotive Lithium-ion Batteries. The company’s acquisition of Sanken Densetsu Co., Ltd. in 2021 was aimed at enhancing its market position. GS Yuasa had 14,217 employees globally as of December 2020.
Panasonic Corporation
Panasonic Corporation develops and markets electrical and electronic products, with a focus on automotive batteries. Its joint venture with Toyota Motor Corp., Prime Planet Energy & Solutions, is dedicated to next-generation EV battery development. 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 manufacturing industrial batteries and energy storage systems using Ultra Phosphate and NMC technologies. The company serves a range of 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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