Vietnam BatteryCompanies (2024 - 2029)

Vietnam Battery Market Companies Summary

The Vietnam battery market is projected to see significant growth in the coming 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 over battery storage systems may hinder the growth of battery-based energy storage systems and the battery market. Despite this, the rising focus on technologically advanced batteries by end users and manufacturers is expected to create substantial opportunities for firms in the battery sector to invest and redirect their resources towards breakthrough battery technology. The lead-acid battery is set to dominate the Vietnam battery market, with its primary use being in automotive applications. The low cost of these batteries makes them a preferred choice when price is a critical factor, and they are commonly used in backup supplies for mobile phone towers, hospitals, and off-grid remote storage. On the other hand, the penetration of electric vehicles is anticipated to provide a significant boost to the lithium-ion battery market. The government's aim to develop major cities into smart cities, coupled with new developments in EV manufacturing plants and vehicles, is expected to increase lithium-ion battery manufacturing in the country. The battery market in Vietnam is moderately fragmented, with several key players contributing to the market's growth.