The global battery cell market is anticipated to grow at a significant CAGR of 18.4% during the forecast period (2024-2031). With significant growth of the global battery cells market, Southeast Asian countries are increasingly focusing on improving the regional battery ecosystem by adopting various strategies. Additionally, the region has a considerable presence of raw materials such as Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP). According to a 2023 report by the Asian Development Bank, Southeast Asia holds approximately 25.0% of global NMC reserves, which is the main raw material for NMC batteries. Although the region contributes less than 5.0% of the global market, it is anticipated to experience significant growth in the forecasting period. Among the region, Indonesia alone possesses the major share of Southeast Asia’s nickel reserves (approximately 21% of global reserves), making it an attractive opportunity for developing an NMC technology-focused battery ecosystem. Additionally, there has been strong commitment from global players to invest in building a domestic battery value chain ($15 billion in total investments till 2023) and strong government support. The Ministry of State-Owned Enterprises in Indonesia (BUMN) has aspired to achieve a domestic production capacity of 140 GWh by 2030.
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Additionally, growing government support through investments, tax benefits, incentives and the growth of the regional EV ecosystem has further accelerated overall market growth. However, the limited availability of a skilled workforce, lack of R&D infrastructure, the limited ability of local mining companies to meet environmental, social, and governance (ESG) standards, and lack of sufficient logistical and transport infrastructure are affecting negatively overall market growth.
To summarize, although the region’s battery cell market is at an early stage, it is further expected to grow significantly in the forecasting period, presenting opportunities for market entry expansion for players.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Type of Battery
o By End-User Industry
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Panasonic Corp.,Contemporary Amperex Technology Co., Ltd. (CATL), Samsung SDI Co., Ltd.,and BYD Company Ltd. among others.
Key questions addressed by the report.
Global Battery Cell Market Report Segment
By Type of Battery
By End-User Industry
Global Battery Cell Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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