Africa Nematicide - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

ASEAN EV Battery Pack - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The ASEAN EV Battery Pack Market size is estimated at 0.33 billion USD in 2024, and is expected to reach 1.47 billion USD by 2029, growing at a CAGR of 34.68% during the forecast period (2024-2029).

An overview of the ASEAN electric vehicle battery pack market

• The ASEAN countries collectively contribute to the growth and development of the battery pack market in the Asia-Pacific region. With various government initiatives, abundant resources, and an increasing focus on electric mobility, these countries create a dynamic market for battery pack manufacturers, suppliers, and investors.
• Thailand is making significant strides in the battery pack market, driven by the government's push for electric vehicle production and export. The country offers attractive investment incentives, skilled labor, and a well-established automotive industry. With its strategic location in the ASEAN region, Thailand serves as a manufacturing hub for battery packs, attracting domestic and international players. Thailand's commitment to becoming a regional leader in electric mobility presents ample opportunities for the growth of the battery pack market.
• Indonesia is emerging as a significant player in the battery pack market, driven by its growing electric vehicle industry and ample reserves of nickel, a crucial component in lithium-ion batteries. With supportive government policies and a focus on becoming a major player in the global electric vehicle and battery market, Indonesia holds promising prospects for the battery pack market. Countries like Malaysia, Singapore, Vietnam, and the Philippines are also witnessing increasing interest in electric vehicles and renewable energy sources. These countries have implemented supportive policies, incentives, and infrastructure development to promote the adoption of electric vehicles, which drives the demand for battery packs. The ASEAN region's growing consumer market, combined with a shift toward clean energy solutions, presents a favorable landscape for the expansion of the battery pack industry.

ASEAN EV Battery Pack Market Trends

The ASEAN region has several EV manufacturers, but Wuling, Tesla, and BYD were the primary demand generators for battery packs in 2022

• In several ASEAN countries, the demand for electric cars has risen sharply during the last few years. The interest in purchasing EVs varies by location and country. However, in the ASEAN region, SUVs are the most popular EVs. The rising popularity of SUVs as a practical and spacious alternative to sedans is driving the demand for electric SUVs throughout the ASEAN region.
• The demand for compact sport utility vehicles (SUVs) among ASEAN customers has increased dramatically in recent years. Several key ASEAN countries have made the Tesla Model Y one of their top picks due to the vehicle's all-electric powertrain, 5-star NCAP safety certification, room for up to 7 people, long range, and other attributes. The BYD Song DM's plug-in hybrid engine has been well-accepted by consumers in numerous ASEAN nations as well, owing to the vehicle's low price and high fuel economy.
• The Model 3 was one of Tesla's best-selling cars in ASEAN countries in 2022. This is because it has a fully electric engine and several features that make it appealing to buyers. There are also electric SUVs and sedans from different foreign brands in the ASEAN EV market. The Haval H6, Nissan Licks, is a popular car that sold well in 2022. Other cars in the ASEAN EV market that are in competition include the Toyota Innova and Hyundai Ionic.

ASEAN EV Battery Pack Industry Overview

The ASEAN EV Battery Pack Market is moderately consolidated, with the top five companies occupying 53.19%. The major players in this market are BYD Company Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), Deutsche ACCUmotive GmbH & Co. KG, LG Energy Solution Ltd. and Samsung SDI Co. Ltd. (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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