Market Size of Indonesia Battery Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 233.20 Million |
| Market Size (2029) | USD 454.94 Million |
| CAGR (2024 - 2029) | > 14.30 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Indonesia Battery Market Analysis
The Indonesia Battery Market size is estimated at USD 233.20 million in 2024, and is expected to reach USD 454.94 million by 2029, growing at a CAGR of greater than 14.30% during the forecast period (2024-2029).
- Over the medium period, the easy availability of raw materials, an increase in demand for industrial applications, and the automotive sector are expected to drive the Indonesia battery market. In addition, the growing population and increasing sales of consumer electronics, such as mobile phones, laptops, etc., are likely to boost the market growth in the country. Upcoming battery manufacturing facilities and increasing demand for electric vehicles are likely to drive the Indonesian battery market during the forecast period.
- On the other hand, recently, the battery market has seen widespread adoption of lithium-ion batteries due to their declining costs and increasing energy density. However, Indonesia does not have significant lithium deposits to exploit and has to rely on imports, which could restrain the market during the forecast period.
- Indonesia has commitments to reduce CO2 emissions by as much as 29% or around 303 million tons by 2030. As carbon emissions and dependency on fossil energy have become major concerns in Indonesia, the introduction of EVs is seen as a possible solution, which is likely to provide significant opportunities for the battery market.
