Vietnam Battery Market Size (2024 - 2029)

The market size of the Vietnam battery sector is expected to grow significantly over the next five years, driven by factors such as declining lithium-ion battery prices and increasing demand for lead-acid batteries. However, the country's reliance on pumped hydro storage could potentially hinder the growth of battery-based energy storage systems and the overall market. Despite this, the rising focus on technologically advanced batteries presents a substantial opportunity for growth and investment in innovative battery technology.

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Market Size of Vietnam Battery Industry

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Vietnam Battery - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 6.70 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order
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Vietnam Battery Market Analysis

The Vietnam battery market is estimated to be at USD 302.85 million by the end of this year and is projected to reach USD 420.21 million after five years, registering a CAGR of over 6.77% during the forecast period.

  • Over the medium period, factors such as declining lithium-ion battery prices and increasing demand for lead-acid batteries are expected to drive the Vietnam battery market during the forecast period.
  • On the other hand, the country relies on pumped hydro storage rather than battery storage systems, which may hinder the growth of battery-based energy storage systems and the battery market during the forecast period.
  • Nevertheless, the rising focus on technologically advanced batteries by end users and manufacturers will likely create a massive opportunity for battery companies to invest and redirect their resources to make a breakthrough battery technology.

Vietnam Battery Industry Segmentation

A battery is a device that converts chemical energy contained within its active materials directly into electric energy by means of an electrochemical oxidation-reduction (redox) reaction.

The Vietnam battery market is segmented by technology and application. By technology, the market is segmented into lead-acid batteries, lithium-ion batteries, and other battery types. By application, the market is segmented into automotive, data centres, telecommunication, energy storage, and other applications. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Battery Technology
Lead-acid Battery
Lithium-ion Battery
Other Battery Types
Application
Automotive
Data Centers
Telecommunication
Energy Storage
Other Applications

Vietnam Battery Market Size Summary

The Vietnam battery market is expected to grow significantly in the coming years, with projected growth driven by factors such as declining lithium-ion battery prices and increasing demand for lead-acid batteries. However, the country's reliance on pumped hydro storage over battery storage systems may pose a challenge to the growth of battery-based energy storage systems and the battery market. Despite this, the rising focus on technologically advanced batteries by both end users and manufacturers is expected to create substantial opportunities for battery companies to invest and innovate in breakthrough battery technology. Market trends indicate a dominance of lead-acid batteries, particularly in automotive applications, with the low cost of these batteries making them a preferred choice when price is a significant factor. On the other hand, the growing penetration of electric vehicles is anticipated to provide a significant boost to the lithium-ion battery market. The government's push towards developing smart cities and the increasing telecommunications penetration are also expected to drive demand for both lead-acid and lithium-ion batteries. The Vietnam battery market is moderately fragmented, with several key players contributing to the industry.

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Vietnam Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD million, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Declining Lithium-Ion Battery Prices

        2. 1.5.1.2 The Growing Demand for Lithium-Ion Batteries in the Country

      2. 1.5.2 Restraints

        1. 1.5.2.1 The Country Relies on Pumped Hydro Storage Rather than Battery Storage Systems

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Battery Technology

      1. 2.1.1 Lead-acid Battery

      2. 2.1.2 Lithium-ion Battery

      3. 2.1.3 Other Battery Types

    2. 2.2 Application

      1. 2.2.1 Automotive

      2. 2.2.2 Data Centers

      3. 2.2.3 Telecommunication

      4. 2.2.4 Energy Storage

      5. 2.2.5 Other Applications

Vietnam Battery Market Size FAQs

The Vietnam Battery Market is projected to register a CAGR of 6.70% during the forecast period (2024-2029)

Vision Group, PINACO, GS Battery Vietnam Co. Ltd, Leoch Battery Corporation and Heng Li (Vietnam) Battery Technology Co. Ltd are the major companies operating in the Vietnam Battery Market.

Vietnam Battery Market Report Snapshots

Vietnam Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)