Africa Battery Market Size (2024 - 2029)

The market size of the Africa Battery Market is projected to grow significantly over the forecast period, driven by factors such as declining lithium battery costs and increased adoption of renewable energy. However, the mismatch in demand and supply of raw materials for battery manufacturing could potentially hinder this growth. Despite this, the rise in popularity of energy storage with solar PV in developed countries is expected to create substantial opportunities for the market. Particularly, South Africa is anticipated to witness rapid growth in the battery market due to its increasing solar and wind energy installations and upcoming clean energy projects.

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Market Size of Africa Battery Industry

Africa Battery Market Summary
Study Period 2020-2029
Base Year For Estimation 2023
Market Size (2024) USD 4.66 Billion
Market Size (2029) USD 6.41 Billion
CAGR (2024 - 2029) 6.55 %
Market Concentration Low

Major Players

Africa Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Africa Battery Market Analysis

The Africa Battery Market size is estimated at USD 4.66 billion in 2024, and is expected to reach USD 6.41 billion by 2029, growing at a CAGR of 6.55% during the forecast period (2024-2029).

  • Over the medium term, factors such as the declining cost of lithium batteries and increased adoption of renewable energy are expected to drive the market studied during the forecast period.
  • On the other hand, a mismatch in the demand and supply of raw materials for battery manufacturing is expected to hinder the growth of the market studied during the forecast period.
  • Nevertheless, solar energy is an intermittent source that generates electricity only during the day. The Sub-Saharan African region is projected to be a key hotspot for off-grid solar projects. Combining off-grid solar power with energy storage increases the utilization of solar PV systems. As a result, energy storage with solar PV has been gaining popularity in developed countries and is expected to create a massive opportunity for the African battery market.
  • South Africa is expected to be the fastest-growing country in the battery market during the forecast period because of its increasing solar and wind energy installation and upcoming projects to generate clean energy.

Africa Battery Industry Segmentation

A battery is a device that converts chemical energy contained within its active materials directly into electric energy by means of an electrochemical oxidation-reduction (redox) reaction.

The battery market is segmented by type, technology, application, and geography. By type, the market is segmented into primary batteries and secondary batteries. By technology, the market is segmented into lead-acid batteries, lithium-ion batteries, and other technologies. By application, the market is segmented into automotive batteries, industrial batteries, portable batteries, and other applications. The report also covers the market size and forecasts for the battery market across major countries.

The report offers the market size in value terms in USD for all the abovementioned segments.

Type
Primary Battery
Secondary Battery
Technology
Lithium-ion Battery
Lead-acid Battery
Other Technologies
Application
Automotive batteries
Industrial Batteries
Portable Batteries
Other Applications
Countries
South Africa
Nigeria
Kenya
Egypt
Rest of Africa

Africa Battery Market Size Summary

The African Battery Market is projected to experience significant growth in the coming years, driven by factors such as the declining cost of lithium batteries and increased adoption of renewable energy. However, a mismatch in the demand and supply of raw materials for battery manufacturing could potentially hinder the market's growth. The Sub-Saharan African region, in particular, is expected to be a hotspot for off-grid solar projects. Combining off-grid solar power with energy storage increases the utilization of solar PV systems, creating a massive opportunity for the African battery market. South Africa is anticipated to be the fastest-growing country in the battery market due to its increasing solar and wind energy installation and upcoming projects to generate clean energy. Lithium-ion batteries are expected to dominate the market, being commonly used in electronic devices and energy vehicles and for storing energy from renewable energy sources such as solar and wind. The price of lithium-ion batteries has declined significantly over the past decade, making them more cost-competitive with other battery types. The African battery market is moderately fragmented, with key players including Toshiba Corp., Murata Manufacturing Co. Ltd, Exide Industries Ltd, Panasonic Corporation, and Duracell Inc.

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Africa Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Declining Cost of Lithium Batteries

        2. 1.5.1.2 Increased Adoption of Renewable Energy

      2. 1.5.2 Restraints

        1. 1.5.2.1 Mismatch in Demand and Supply of Raw Materials for Battery Manufacturing

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Primary Battery

      2. 2.1.2 Secondary Battery

    2. 2.2 Technology

      1. 2.2.1 Lithium-ion Battery

      2. 2.2.2 Lead-acid Battery

      3. 2.2.3 Other Technologies

    3. 2.3 Application

      1. 2.3.1 Automotive batteries

      2. 2.3.2 Industrial Batteries

      3. 2.3.3 Portable Batteries

      4. 2.3.4 Other Applications

    4. 2.4 Countries

      1. 2.4.1 South Africa

      2. 2.4.2 Nigeria

      3. 2.4.3 Kenya

      4. 2.4.4 Egypt

      5. 2.4.5 Rest of Africa

Africa Battery Market Size FAQs

The Africa Battery Market size is expected to reach USD 4.66 billion in 2024 and grow at a CAGR of 6.55% to reach USD 6.41 billion by 2029.

In 2024, the Africa Battery Market size is expected to reach USD 4.66 billion.

Africa Battery Market Report Snapshots

Africa Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)