The Asia-Pacific EV Battery Market is set to expand with a remarkable compound annual growth rate (CAGR) of 23.3%, projected to reach USD 120.9 billion by 2029, up from USD 27.9 billion in 2022.

This surge in the market is largely due to the rising adoption of electric vehicles (EVs) in rapidly developing economies, significant investments by top automotive OEMs in establishing local battery manufacturing facilities, and the increasing number of governmental policies favoring EV and battery production. Additionally, the rise of battery-as-a-service models is anticipated to unlock new growth avenues for battery providers. Despite this optimistic outlook, challenges such as the lower energy density of lithium-ion batteries and high import costs for essential raw materials may pose constraints.

Leading players in the Asia-Pacific EV Battery Market include:

SK Innovation Co., Ltd.

SK Innovation Co., Ltd. operates in various sectors, including Petroleum, Petrochemicals, Lubricants, Battery, and Others. Known for integrating high energy density ternary materials into lithium-ion batteries, SK Innovation has secured key supply agreements with Hyundai, BAIC, and Daimler. The company’s extensive network includes subsidiaries such as SK Energy and SK Global Chemical, and as of March 2021, SK Innovation employed 2,443 individuals worldwide.

LG Chem, Ltd.

LG Chem, with segments including Petrochemicals, Energy Solutions, Advanced Solutions, Life Sciences, and Common & Others, manages its battery production through LG Energy Solution Co., Ltd., a dedicated subsidiary. LG Chem’s significant investment of USD 2.3 billion in partnership with General Motors is aimed at constructing a new EV battery plant in Tennessee. By 2021, LG Chem’s global workforce numbered 18,800.

Farasis Energy (Ganzhou) Co., Ltd.

Farasis Energy (Ganzhou) Co., Ltd. specializes in lithium-ion pouch batteries and focuses on green mobility, smart energy storage, and low-carbon construction. The company aims to cut carbon emissions significantly and offers cost-effective energy storage solutions. Its collaboration with TOGG in Turkey targets the joint development of battery modules.

SVOLT Energy Technology Co., Ltd.

SVOLT Energy Technology Co., Ltd. is dedicated to the development and production of lithium-ion batteries, battery systems for EVs, and energy storage solutions. Holding over 550 patents, SVOLT is investing USD 2.4 billion in a new Gigafactory in Germany. The company employs approximately 3,000 people globally.

BYD Company Limited

BYD Company Limited provides a broad range of products, including rechargeable batteries, photovoltaic products, and urban rail transit systems. With subsidiaries such as BYD Lithium Batteries Co., Ltd., and Shanghai BYD Co., Ltd., the company’s joint venture with Changan Automobile is set to produce 10GWh of EV batteries. As of December 2021, BYD had a global workforce of 288,200.

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Samsung SDI Co., Ltd.

Samsung SDI Co., Ltd. operates in the secondary battery market through its Energy Solutions and Electronic Materials segments. The company offers a variety of products, including automotive batteries and energy storage systems. Samsung SDI’s global presence is supported by subsidiaries in Japan, the U.S., Hungary, and Germany, and the company employed approximately 245,546 people as of March 2021.

Contemporary Amperex Technology Co. Limited

Contemporary Amperex Technology Co. Limited (CATL) is a prominent provider of lithium-ion batteries and energy storage systems, with a focus on R&D and strategic collaborations. A notable 2020 partnership with Honda aims to advance EV battery technology. As of December 2020, CATL employed 20,375 people.

GS Yuasa International Ltd.

GS Yuasa International Ltd. manufactures a diverse range of automotive and industrial batteries and power supply systems. Its operational segments include Automotive Batteries-Japan and Automotive Lithium-ion Batteries. The company’s acquisition of Sanken Densetsu Co., Ltd. in 2021 aimed to bolster its market position. GS Yuasa had 14,217 employees globally as of December 2020.

Panasonic Corporation

Panasonic Corporation develops and markets a wide array of electrical and electronic products, with a key focus on automotive batteries. The joint venture with Toyota Motor Corp., known as Prime Planet Energy & Solutions, is working on advanced EV battery technologies. Panasonic operates across Japan, the Americas, Europe, and China, with a global workforce of approximately 245,546 as of March 2021.

A123 Systems, LLC.

A123 Systems, LLC. is known for its industrial batteries and energy storage systems, utilizing Ultra Phosphate and NMC technologies. The company serves a range of industries, including commercial vehicles and low-voltage hybrids. A123 Systems operates in the U.S., China, Germany, and the Czech Republic.

VISIT HERE : Asia-Pacific EV Battery Market

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