South America Rechargeable Battery Market Size and Share
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 5.15 Billion |
| Market Size (2030) | USD 7.75 Billion |
| CAGR (2025 - 2030) | 8.51% |
| Market Concentration | Low |
Major Players *Disclaimer: Major Players sorted in no particular order |
South America Rechargeable Battery Market Analysis by Mordor Intelligence
The South America Rechargeable Battery Market size is estimated at USD 5.15 billion in 2025, and is expected to reach USD 7.75 billion by 2030, at a CAGR of 8.51% during the forecast period (2025-2030).
- Over the medium term, rising electric vehicle (EV) production and declining lithium-ion battery prices are expected to drive the demand for rechargeable batteries during the forecast period.
- On the other hand, the lack of raw material reserves can significantly restrain the growth of the South America recmhargeable battery market.
- Nevertheless, the growing adoption of wearable devices like smartwatches, wireless earphones, smart bands, and more are expected to create significant opportunities for rechargeable battery market players in the near future.
- Brazil is antcicpated to dominate the South American rechargeable battery market during the forecast period.
South America Rechargeable Battery Market Trends and Insights
Lithium-Ion Battery Type Dominate the Market
- Lithium-ion rechargeable batteries, celebrated for their myriad advantages, find extensive applications across diverse sectors. Their high energy density allows them to pack substantial power into a compact, lightweight form, making them a favored choice for efficient electrical energy storage.
- In January 2023, the US Geological Survey (USGS) reported global lithium reserves, highlighting Bolivia's 21 million tonnes, Argentina's 19.3 million tonnes, and Chile's 9.6 million tonnes out of a total of 86 million tonnes identified worldwide.
- In 2023, battery prices saw a notable decline, dropping over 13% to USD 139/kWh. With the ramp-up of extraction and refining capacities, lithium prices are projected to ease, aiming for USD 100/kWh by 2026.
- Recognizing the potential for economic growth and technological strides, both governments and private investors are ramping up funding for research facilities and forging partnerships with global battery manufacturers. This momentum is poised to bolster the demand for rechargeable lithium batteries in South America.
- For instance, in June 2023, Argentina's government unveiled a hefty USD 1.7 billion investment in lithium production, underscoring its ambition to emerge as a key global supplier. The Economy Ministry highlighted commitments from Chinese firm Tibet Summit Resources to boost production in Salta Province, eyeing yields between 50,000 to 100,000 tonnes of lithium. Such initiatives are set to amplify lithium-ion battery production in the region in the years ahead.
- Moreover, the global pivot towards cleaner energy and transportation has ignited a surge in demand for electric vehicles (EVs). This burgeoning appetite for EVs directly amplifies the need for lithium batteries. As automakers pour investments into expanding EV production, the urgency to secure consistent lithium supplies becomes paramount. This scenario has cast a spotlight on South American nations, spurring exploration, mining ventures, and collaborations to forge resilient lithium supply chains, fueling the EV revolution during the forecast period.
- For instance, in April 2023, BYD Co Ltd, the world's foremost electric vehicle manufacturer, unveiled plans for a USD 290 million lithium factory in Chile's Antofagasta region. This move, highlighted by Chile's economic development agency CORFO, comes on the heels of the government recognizing BYD Chile as a certified lithium producer. Such investments are poised to not only boost lithium production in the region but also elevate the output of lithium-ion rechargeable batteries in the forecast period.
- In summary, South America's burgeoning lithium production and strategic investments position it as a pivotal player in the global rechargeable battery market during the forecast period.
Brazil Expected to Dominate the Market
- Brazil's rechargeable battery market is set for substantial growth, fueled by the increasing adoption of electric vehicles (EVs), the integration of renewable energy sources, and a surging demand for energy storage solutions. This growth is further bolstered by government incentives, stringent environmental regulations, and rapid technological advancements.
- Brazil is steadily embracing electric vehicles. By the end of 2023, Brazil registered an impressive 93,927 electric vehicles, surpassing forecasts. This marks a significant 91% increase from the 49,245 units sold in 2022. December 2023 alone saw a record 16,279 EV sales, almost tripling the 5,587 units sold in December 2022, showcasing a remarkable 191% year-on-year growth.
- In a clear pivot towards sustainable transportation, numerous Brazilian companies are heavily investing in electric vehicle production. Highlighting this trend, General Motors Co. announced in January 2024 its plan to invest USD 1.4 billion over the next five years to bolster its electric vehicle production in Brazil, a move set to significantly boost the local demand for lithium-ion batteries.
- Brazil, rich in renewable energy resources like solar and wind, is increasingly recognizing the importance of energy storage solutions. Rechargeable batteries are essential for harnessing excess energy during peak production and releasing it during high demand or when renewable sources are offline.
- In January 2023, Brazil's largest battery storage project, with a capacity of 33.5MW/67MWh, began operations. Kehua Tech, investing around USD 27 million for a 2,000 square meter area, provided the integrated PCS solution. Designed to discharge during peak demand, the system enhances the electricity network's reliability. With a two-hour discharge capability, it boasts a total capacity of 60MWh. Such projects underscore the viability of rechargeable battery solutions, likely spurring further investment and innovation in Brazil's battery technology landscape.
- Brazil is also witnessing a surge in battery manufacturing capabilities. Both local and international firms are either setting up production facilities or collaborating with established manufacturers to cater to the rising demand for rechargeable batteries across diverse sectors.
- In February 2023, WEG announced its plans to boost the production capacity of lithium battery packs in Brazil. In addition to expanding its current facility, WEG is set to build a new factory to meet the growing demands of electric transportation and energy storage.
- Given these developments, the demand for rechargeable batteries in Brazil is poised to rise significantly in the coming years.
Competitive Landscape
The South American rechargeable battery market is semi-fragmented. Some of the key players (not in particular order) are BYD Company Ltd, Duracell Inc., Exide Industries Ltd, EnerSys, and Panasonic Holdings Corporation, among others.
South America Rechargeable Battery Industry Leaders
Duracell Inc.
BYD Company Ltd
Exide Industries Ltd
EnerSys
Panasonic Holdings Corporation
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- March 2024: Engie SA, the Chilean arm of the French energy behemoth Engie, has successfully completed the construction of a 139 MW/638 MWh battery. This battery energy storage project is linked to the 181.2 MW Coya solar plant, situated in the Antofagasta region of northern Chile. The setup comprises 232 rechargeable battery containers, evenly distributed across the solar plant's 58 inverters.
- February 2024: Vale Foundation has successfully installed battery energy storage systems at the Guaíba Island Terminal (TIG) in Rio de Janeiro, Brazil, to meet electricity demands. According to the company, these Battery Energy Storage Systems (BESS) have achieved a 55% reduction in peak-time electricity demand since becoming operational.
South America Rechargeable Battery Market Report Scope
Rechargeable batteries, also known as secondary batteries, are energy storage devices that can be recharged and reused multiple times. They play a crucial role in various applications, from consumer electronics to renewable energy storage. Rechargeable Batteries are widely used in smartphones, laptops, electric vehicles (EVs), and energy storage systems due to their high energy density and long cycle life.
The South American rechargeable battery market is segmented by technology, application, and geography. By battery type, the market is segmented into lithium-ion batteries, lead-acid batteries, and others (NiMh, NiCd, etc.). The market is segmented by Application into Automobile, Industrial Batteries, Portable Batteries, and Other Applications. The report also covers the market size and forecasts for the South American rechargeable battery market across major regions. The report offers market size forecasts in revenue (USD) for all the above segments.
| Lithium-ion Battery |
| Lead-Acid Battery |
| Others (NiMh, NiCd, etc.) |
| Automobile |
| Industrial Batteries |
| Portable Batteries |
| Other Applications |
| Brazil |
| Argentina |
| Colombia |
| Rest of South America |
| Battery Type | Lithium-ion Battery |
| Lead-Acid Battery | |
| Others (NiMh, NiCd, etc.) | |
| Application | Automobile |
| Industrial Batteries | |
| Portable Batteries | |
| Other Applications | |
| Geography | Brazil |
| Argentina | |
| Colombia | |
| Rest of South America |
Key Questions Answered in the Report
How big is the South America Rechargeable Battery Market?
The South America Rechargeable Battery Market size is expected to reach USD 5.15 billion in 2025 and grow at a CAGR of 8.51% to reach USD 7.75 billion by 2030.
What is the current South America Rechargeable Battery Market size?
In 2025, the South America Rechargeable Battery Market size is expected to reach USD 5.15 billion.
Who are the key players in South America Rechargeable Battery Market?
Duracell Inc., BYD Company Ltd, Exide Industries Ltd, EnerSys and Panasonic Holdings Corporation are the major companies operating in the South America Rechargeable Battery Market.
What years does this South America Rechargeable Battery Market cover, and what was the market size in 2024?
In 2024, the South America Rechargeable Battery Market size was estimated at USD 4.71 billion. The report covers the South America Rechargeable Battery Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the South America Rechargeable Battery Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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South America Rechargeable Battery Market Report
Statistics for the 2025 South America Rechargeable Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Rechargeable Battery analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
