Taiwan Battery Market Size
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.67 Billion |
| Market Size (2029) | USD 1.30 Billion |
| CAGR (2024 - 2029) | 14.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Taiwan Battery Market Analysis
The Taiwan Battery Market size is estimated at USD 0.67 billion in 2024, and is expected to reach USD 1.30 billion by 2029, growing at a CAGR of 14.30% during the forecast period (2024-2029).
- Over the medium period, the increasing demand from the EV, consumer electronics, and telecommunication industries is expected to boost the battery market in the country. Moreover, Taiwan's growing renewable energy market is increasing the battery's need for energy storage considerably.
- On the other hand, there is a demand-supply mismatch for raw materials, which, in turn, is expected to hinder market growth.
- Nevertheless, the growing technological advancements in the battery segment are expected to create significant market opportunities for the studied market in the near future.
Taiwan Battery Market Trends
Lithium-ion Batteries to Witness Significant Growth
- The industrial sector is experiencing a surge in the utilization of lithium-ion batteries, driven by the expansion of industrial infrastructure, the enhanced economic feasibility of deploying energy storage solutions, and a growing imperative to reduce reliance on the grid for power supply.
- Anticipated growth in consumer electronics sales, encompassing mobile phones, laptops, tablets, power banks, and wearable devices, is poised to significantly boost the demand for lithium-ion batteries throughout the forecast period.
- For instance, in November 2023, Foxconn, the largest contract electronics manufacturer globally and a key supplier for Apple, officially known as Hon Hai Precision Industry Co. Ltd, reported a revenue of USD 23.09 billion for the past month. Although this figure represents the second-highest October revenue in the company's history, it reflects a 4.56% decrease year-on-year, influenced by a comparably high base. However, it marks a notable 12.2% increase from the previous month of September.
- The swift adoption of Li-ion batteries in electric vehicles, energy storage systems, and portable devices is expected, propelled by their low maintenance requirements and superior energy densities.
- In 2022, Taiwan reported an installed solar capacity of 9.72 GW. The rising prominence of renewable energy sources, particularly solar and wind, is amplifying the demand for lithium-ion batteries as an energy storage solution, which is attributed to their high energy density and lightweight nature.
- Furthermore, the declining costs of lithium-ion batteries, coupled with their expanding applications across diverse segments, are anticipated to contribute significantly to the growing share of lithium-ion batteries in the market.
- After experiencing unprecedented price surges in 2022, battery prices are witnessing a decline in the current year. According to research conducted by BloombergNEF (BNEF), the cost of lithium-ion battery packs has notably decreased by 14%, reaching a historic low of USD 139 per kilowatt-hour (kWh).
- This reduction is attributed to the fall in raw material and component prices, facilitated by an increase in production capacity across various segments of the battery value chain. The observed decline in demand growth, which did not meet certain industry expectations, has also contributed to this price adjustment.
Increasing Demand from the Automotive Sector to Drive the Market
- The automotive application segment is at the forefront of the market, driven by the escalating demand for Electric Vehicles (EVs), plug-in hybrid vehicles, and Hybrid Electric Vehicles (HEVs). Notably, Starting, Lighting, and Ignition (SL) batteries within the automotive sector have played a significant role in fueling the heightened demand for batteries.
- Furthermore, the automotive sector is poised to emerge as a pivotal end-user segment for lithium-ion batteries in the future. The increasing adoption of electric vehicles is anticipated to be a significant catalyst for the growth of the lithium-ion battery industry.
- A diverse range of vehicle types is now available globally, featuring varying degrees of hybridization and electrification, including Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Electric Vehicles (EVS).
- The electric vehicle market is set for substantial expansion, with Foxconn unveiling two electric vehicle prototypes, including a pickup truck, in October 2022. Moreover, Taiwan witnessed a surge in vehicle sales, reaching 20,260 in November 2022. The growing number of vehicles in Taiwan is a crucial driver for the market.
- Additionally, the decreasing prices of lithium-ion batteries and advancements in technology are expected to introduce cost-competitive electric cars, fostering significant growth in battery demand within the automotive industry.
- Therefore, as per the points mentioned above, the adoption of electric vehicles is expected to be the driving factor for the market under consideration during the forecast period.
Taiwan Battery Industry Overview
The Taiwan battery market is semi-fragmented. Some of the major companies (in no particular order) in the market include Amita Technologies Inc., Tesla Inc., CSB Battery Technologies Inc., Kung Long Batteries Industrial Co. Ltd, and Panasonic Corporation.
Taiwan Battery Market Leaders
Amita Technologies Inc
CSB Battery Technologies Inc
Kung Long Batteries Industrial Co Ltd
Panasonic Corporation
Tesla Inc
*Disclaimer: Major Players sorted in no particular order
Taiwan Battery Market News
- Jun 2022: Foxconn started construction for its first battery cell production plant in Kaohsiung. The trail production at the plant is expected to begin in Q1 2024.
- Jul 2022: Fluence signed a deal for its third battery energy storage system (BESS) project in Taiwan. The capacity of the project is 100 MW.
Taiwan Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 The Increasing Demand from the EV
4.5.1.2 Growing Renewable Energy Market
4.5.2 Restraints
4.5.2.1 Demand-Supply Mismatch for Raw Materials
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Primary
5.1.2 Secondary
5.2 Technology
5.2.1 Li-Ion Batteries
5.2.2 Lead Acid Batteries
5.2.3 Others Technologies
5.3 Application
5.3.1 SLI Batteries
5.3.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)
5.3.3 Portable Batteries (Consumer Electronics etc.)
5.3.4 Automotive Batteries (HEV, PHEV, EV)
5.3.5 Other Applications
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Amita Technologies Inc.
6.3.2 Duracell Inc.
6.3.3 CSB Battery Technologies Inc.
6.3.4 Kung Long Batteries Industrial Co Ltd.
6.3.5 Panasonic Corporation
6.3.6 Tesla Inc.
6.3.7 SYNergy ScienTech Corp.
- *List Not Exhaustive
6.4 Market Ranking/Share (%) Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Technology Advancements in Battery Segment
Taiwan Battery Industry Segmentation
A battery can be defined as an electrochemical device (consisting of one or more electrochemical cells) that can be charged with an electric current and discharged whenever required. Batteries are usually devices that are made up of multiple electrochemical cells that are connected to external inputs and outputs.
The Taiwan battery market is segmented by type, technology, and application. By type, the market is segmented into Primary and Secondary batteries. By technology, the market is segmented into Lead-Acid Batteries, Lithium-Ion Batteries, and Other Technologies. By application, the market is segmented into Automotive Batteries (HEV, PHEV, EV), Industrial Batteries (Motive, Stationary Telecom, UPS, Energy Storage Systems (ESS), etc.), Portable Batteries (Consumer Electronics, etc.), SLI batteries, and Other Applications. For each segment, market sizing and forecasts have been done based on revenue (USD).
| Type | |
| Primary | |
| Secondary |
| Technology | |
| Li-Ion Batteries | |
| Lead Acid Batteries | |
| Others Technologies |
| Application | |
| SLI Batteries | |
| Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.) | |
| Portable Batteries (Consumer Electronics etc.) | |
| Automotive Batteries (HEV, PHEV, EV) | |
| Other Applications |
Taiwan Battery Market Research FAQs
How big is the Taiwan Battery Market?
The Taiwan Battery Market size is expected to reach USD 0.67 billion in 2024 and grow at a CAGR of 14.30% to reach USD 1.30 billion by 2029.
What is the current Taiwan Battery Market size?
In 2024, the Taiwan Battery Market size is expected to reach USD 0.67 billion.
Who are the key players in Taiwan Battery Market?
Amita Technologies Inc, CSB Battery Technologies Inc, Kung Long Batteries Industrial Co Ltd, Panasonic Corporation and Tesla Inc are the major companies operating in the Taiwan Battery Market.
What years does this Taiwan Battery Market cover, and what was the market size in 2023?
In 2023, the Taiwan Battery Market size was estimated at USD 0.57 billion. The report covers the Taiwan Battery Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Taiwan Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Taiwan Battery Industry Report
Statistics for the 2024 Taiwan Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Taiwan Battery analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
