Market Size of South America Battery Cell Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 11.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South America Battery Cell Market Analysis
The South America battery cell market is expected to register a CAGR of 11.5% during the forecast period. Covid-19 has been a significant economic and social burden in South America and the rest of the world. Positive government policies have contributed to the growth, as well as an increase in investments in renewable energy; this led to an increase in the adoption of energy storage systems, which led to positively contributing to the demand for battery cells. Increasing EV adoption in the region is owing to the high usage of automobile battery cells, which helps in driving the market growth. However, safety concerns regarding lithium-ion batteries are likely to hamper the market's growth.
- The Automobile batteries segment is expected to dominate the market, owing to the increasing demand for the adoption of electric vehicles is expected to boost the market.
- In South America, Brazil is expected to dominate the market during the forecast period due to the country's various economic growth policies and increasing rooftop solar PV installations.
