ASEAN Countries Hybrid Electric Vehicle Battery Market Size and Share
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 0.13 Billion |
| Market Size (2030) | USD 0.31 Billion |
| CAGR (2025 - 2030) | 18.89% |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
ASEAN Countries Hybrid Electric Vehicle Battery Market Analysis by Mordor Intelligence
The ASEAN Countries Hybrid Electric Vehicle Battery Market size is estimated at USD 0.13 billion in 2025, and is expected to reach USD 0.31 billion by 2030, at a CAGR of 18.89% during the forecast period (2025-2030).
- Over the medium term, declining lithium-ion battery prices, and growing adoption of electric vehicles are expected to drive the demand for the ASEAN countries hybrid electric vehicle battery market during the forecast period.
- On the other hand, the demand-supply mismatch of raw materials is expected to hinder the market's growth during the forecast period.
- Nevertheless, the technological advancements in battery technologies and the automaker-battery manufacturer collaborations are expected to create vast opportunities for ASEAN countries hybrid electric vehicle battery market in the future.
- Particularly, Thailand stands out, anticipating notable growth, driven by its commitment to amplifying the electric vehicle's presence in its automotive sector.
ASEAN Countries Hybrid Electric Vehicle Battery Market Trends and Insights
Passenger Vehicle Segment to Witness Significant Growth
- The ASEAN (Association of Southeast Asian Nations) countries are poised for significant growth in the market for hybrid electric vehicle (HEV) batteries, especially for passenger vehicles. This surge is driven by the increasing adoption of electric vehicles (EVs), government initiatives championing clean energy, and heightened consumer awareness of environmental concerns. In recent years, nations like Indonesia, Malaysia, Thailand, Vietnam, and the Philippines have emerged as pivotal players in the EV landscape.
- Data from the ASEAN Automotive Federation (AAF) reveals that the ASEAN region produced 2.748 million passenger vehicles in 2023, marking a 3.11% rise from 2.665 million in 2022. In 2022, production was approximately 2.212 million units, and the 2023 figure of 2.283 million units represents a 3.21% uptick. Notably, Indonesia, Malaysia, and Thailand collectively accounted for over 83% of the region's passenger vehicle output.
- Looking ahead, the region's growth in passenger vehicles is anticipated to be bolstered by government initiatives promoting electric vehicle adoption, subsequently driving demand for HEV batteries. Countries like Thailand, Indonesia, Singapore, Malaysia, and the Philippines are set to experience swift EV adoption, thanks to supportive government measures. For instance, the Philippines aims for EVs to constitute 21% of its total vehicles by 2030 and 50% by 2040. Additionally, the Electric Vehicle Association of the Philippines (EVAP) has upped its e-vehicle adoption target from 300,000 units in 2030 to a bold 1.0 million, banking on sector incentives, clearer regulations, and rising EV benefits awareness.
- Indonesia's ambitions are equally pronounced, targeting 20% EV representation in car sales by 2025 and a goal of 600,000 domestically produced EVs by 2030. These targets encompass various milestones in the EV supply chain, including sales, production, and charging infrastructure, all of which are set to spur HEV battery growth.
- In early 2024, Thailand's EV Board greenlit the EV 3.5 package, a four-year initiative (2024-2027) aimed at propelling the EV industry's momentum and attracting investments in local manufacturing. This comprehensive package not only seeks to invigorate the entire EV ecosystem but also includes government subsidies for EV purchases, tailored to vehicle types and battery capacities, fostering a conducive environment for the HEV battery market.
- In 2023, the Philippines' Department of Energy (DOE) unveiled plans to have 6.3 million electric vehicles (EVs) by 2040, targeting 50% of the road traffic. This ambitious goal is complemented by the installation of approximately 147,000 EV charging stations. The DOE's immediate objective includes deploying 2.45 million electric cars, motorcycles, and buses by 2028. Such expansive plans underscore the burgeoning battery market within the passenger vehicle segment, further propelling the HEV battery market's growth.
- Given these dynamics, the passenger vehicle segment is set for substantial growth in the coming years.
Thailand to Witness a Significant Growth
- Thailand stands out as a prime destination for investments in the automobile sector. Over the past five decades, Thailand has evolved from merely assembling auto components to becoming Southeast Asia's foremost automotive production and export hub. With rising investments from automakers, Thailand's battery industry is poised for steady growth, especially with the surge in electric vehicle (EV) production, including hybrids.
- As reported by the Electric Vehicle Association of Thailand (EVAT), Thailand registered approximately 85,069 new hybrid electric vehicles (HEVs) in 2023, marking a significant 32% increase from the previous year. Furthermore, by the end of February 2024, new HEV registrations reached around 26,134 units, underscoring the rapid growth and heightened demand for batteries in the nation.
- The surge in EV adoption, particularly HEVs, can be attributed to government incentives for buyers and supportive measures for manufacturers. For instance, Thailand's introduction of a purchase subsidy scheme for domestically produced EVs underscores its ambition to be Southeast Asia's EV production hub. The EV3.5 scheme, active from 2024 to 2027, offers subsidies between THB 50,000 (USD 1,397.02) and THB 100,000 (USD 2,794.04) per vehicle, highlighting the government's dedication to nurturing the EV sector and drawing in foreign investments.
- Thailand aims to have EVs make up 30% of all vehicle sales by 2030. This ambition, coupled with current initiatives, positions Thailand as a future hub for HEV batteries, especially lithium-ion types, presenting vast opportunities for battery manufacturers.
- In line with this vision, numerous battery manufacturers are ramping up their production capabilities in Thailand. For instance, in March 2024, BMW Group broke ground on its 'Gen-5' high-voltage battery manufacturing facility in Thailand. Situated in Rayong, on the eastern coast, the 4,000 square meter battery assembly is integrated into BMW's existing car plant. As BMW gears up to launch EVs from this Rayong facility in the latter half of 2025, the new battery assembly line will play a pivotal role, converting imported battery cells into modules for high-voltage batteries. BMW has reportedly invested over USD 45 million in this venture.
- Given these developments, Thailand is poised to lead the HEV battery market in the ASEAN region during the forecast period.
Competitive Landscape
The ASEAN Countries Hybrid Electric Vehicle Battery is semi-fragmented. Some of the key players in the market (not in any particular order) include Samsung SDI Co. Ltd., VinES Energy Solutions Joint Stock Company, Contemporary Amperex Technology Co. Ltd (CATL), LiRON LIB Power Pte Ltd and GS Yuasa Corporation.
ASEAN Countries Hybrid Electric Vehicle Battery Industry Leaders
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Samsung SDI Co. Ltd.
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VinES Energy Solutions Joint Stock Company
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Contemporary Amperex Technology Co. Ltd (CATL)
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LiRON LIB Power Pte Ltd
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GS Yuasa Corporation
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- March 2024: SVOLT Energy, a leading Chinese battery manufacturer, has kicked off mass production of electric vehicle (EV) battery packs at its newly inaugurated facility in Si Racha town, located in Chonburi province, Thailand. This plant is set to produce around 60,000 modules and packs each year. The battery packs from the Thai facility are expected to power a range of new energy vehicles (NEVs) produced by Hozon New Energy Automobile (the parent company of Neta Auto) and Great Wall Motor's brands, including Ora, Tank, and Haval, all of which are assembled locally in Thailand.
- August 2023: Eve Energy has commenced construction on a lithium-ion battery manufacturing facility in Malaysia, with an estimated project cost of approximately USD 422.3 million. The establishment of such facilities is poised to bolster the market positively.
ASEAN Countries Hybrid Electric Vehicle Battery Market Report Scope
A Hybrid Electric Vehicle (HEV) battery is a rechargeable energy storage system used in hybrid electric vehicles to power the electric motor, which works in conjunction with a traditional internal combustion engine. These batteries help improve fuel efficiency, reduce emissions, and enhance overall vehicle performance by enabling the car to run on electric power alone for short distances and to assist the engine during acceleration and cruising. HEV batteries typically utilize nickel-metal hydride (NiMH) or lithium-ion (Li-ion) technologies due to their high energy density and longevity.
The ASEAN countries hybrid electric vehicle battery is segmented into Battery Type, Vehicle Type and Geography. By battery type, the market is segmented into lithium-ion, lead-acid, sodium-ion battery and other battery types. By vehicle type, the market is segmented into passenger vehicles and commercial vehicles. The report also covers the market size and forecasts for the ASEAN countries hybrid electric vehicle battery market across major countries. The report offers the market size and forecasts for the market in revenue for all the above segments.
| Lithium-ion Battery |
| Lead-acid Battery |
| Sodium-ion Battery |
| Others Battery Types |
| Passenger Cars |
| Commercial Vehicles |
| Thailand |
| Indonesia |
| Philippines |
| Malaysia |
| Vietnam |
| Rest of ASEAN Countries |
| Battery Type | Lithium-ion Battery |
| Lead-acid Battery | |
| Sodium-ion Battery | |
| Others Battery Types | |
| Vehicle Type | Passenger Cars |
| Commercial Vehicles | |
| Geography | Thailand |
| Indonesia | |
| Philippines | |
| Malaysia | |
| Vietnam | |
| Rest of ASEAN Countries |
Key Questions Answered in the Report
How big is the ASEAN Countries Hybrid Electric Vehicle Battery Market?
The ASEAN Countries Hybrid Electric Vehicle Battery Market size is expected to reach USD 0.13 billion in 2025 and grow at a CAGR of 18.89% to reach USD 0.31 billion by 2030.
What is the current ASEAN Countries Hybrid Electric Vehicle Battery Market size?
In 2025, the ASEAN Countries Hybrid Electric Vehicle Battery Market size is expected to reach USD 0.13 billion.
Who are the key players in ASEAN Countries Hybrid Electric Vehicle Battery Market?
Samsung SDI Co. Ltd., VinES Energy Solutions Joint Stock Company, Contemporary Amperex Technology Co. Ltd (CATL), LiRON LIB Power Pte Ltd and GS Yuasa Corporation are the major companies operating in the ASEAN Countries Hybrid Electric Vehicle Battery Market.
What years does this ASEAN Countries Hybrid Electric Vehicle Battery Market cover, and what was the market size in 2024?
In 2024, the ASEAN Countries Hybrid Electric Vehicle Battery Market size was estimated at USD 0.11 billion. The report covers the ASEAN Countries Hybrid Electric Vehicle Battery Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the ASEAN Countries Hybrid Electric Vehicle Battery Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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ASEAN Countries Hybrid Electric Vehicle Battery Market Report
Statistics for the 2025 ASEAN Countries Hybrid Electric Vehicle Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN Countries Hybrid Electric Vehicle Battery analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
