Market Size of Middle-East Battery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Battery Market Analysis
During the time frame of the forecast, the Middle East battery market is expected to grow at a CAGR of more than 3%.
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns, leading to a decrease in demand for batteries. Currently, the market has rebounded from pre-pandemic levels.
- During the forecast period, the Middle-East battery market will be driven by things like falling prices for lithium-ion batteries, more people buying electric cars, and the growth of the renewable energy sector.
- On the other hand, the difference between raw material demand and supply is likely to slow market growth.
- Nevertheless, the rising focus on technologically advanced batteries and the use of artificial intelligence in the R&D phase of battery manufacturing is likely to create a massive opportunity for the battery companies to invest and redirect their resources to make a breakthrough in battery technology.
- The growth of the market is expected to be led by the United Arab Emirates. This is because the country's young and diverse population buys a lot of consumer electronics, like smartphones and cars.
