Market Size of Myanmar Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Myanmar Battery Market Analysis
The Myanmar battery market is expected to register a CAGR of greater than 1.5% during the forecast period of 2021 - 2026. Myanmar's battery market depends majorly on automotive application segment. With the COVID-19 pandemic in 2020, the market witnessed a significant decrease in sales. According to the Automotive Association of Myanmar, in 2019, new vehicle sales amounted to 21,916 vehicles, with an increase of about 25% compared to 2018 (sales of 17,524 vehicles). The number significantly decreased to 17,707 units in 2020 (a decrease of around 19%). The degrowth in the automotive market was primarily due to a slowdown in the economy, leading to lower per capita income of the people in Myanmar. Factors such as increasing demand from data centers and declining lithium-ion battery prices are expected to drive the Myanmar battery market during the forecast period. However, lack of supportive government policies and measures to promote the deployment of utility scale BESS projects coupled with high costs of battery energy storage solutions for commercial and residential customers are expected to restrain the market growth in Myanmar during the forecast period.
- The automotive segment is expected to witness significant growth during the forecast period, owing to the increasing demand for new vehicles produced in the country.
- Potential growth of lithium-ion batteries in electric vehicle (EV) market is expected to create immense opportunities for the Myanmar battery market in the coming years.
- Increasing demand from data centers is expected to drive the battery market in Myanmar, owing to the exponential growth of data from the heavy use of technologies like 5G, artificial intelligence (AI), etc.
