Vietnam Battery Market Size (2024 - 2029)

The Vietnam Battery Market is projected to experience significant growth over the forecast period, driven by factors such as the decreasing costs of lithium-ion batteries and the rising demand for lead-acid batteries. Despite the country's preference for pumped hydro storage, which may pose challenges to the expansion of battery-based energy storage systems, there are substantial opportunities for battery companies. The increasing emphasis on advanced battery technologies by both end users and manufacturers is expected to encourage investment and innovation, contributing to the overall expansion of the market.

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Market Size of Vietnam Battery Industry

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Vietnam Battery Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 326.32 Million
Market Size (2029) USD 454.11 Million
CAGR (2024 - 2029) 6.83 %
Market Concentration Medium

Major Players

Vietnam Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Vietnam Battery Market Analysis

The Vietnam Battery Market size is estimated at USD 326.32 million in 2024, and is expected to reach USD 454.11 million by 2029, growing at a CAGR of 6.83% during the forecast period (2024-2029).

  • Over the medium period, factors such as declining lithium-ion battery prices and increasing demand for lead-acid batteries are expected to drive the Vietnamese 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 Vietnamese 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 centers, telecommunication, energy storage, and other applications. For each segment, the market sizing and forecasts have been done based on revenue (USD).

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

The Vietnamese battery market is poised for significant growth over the forecast period, driven by a combination of declining lithium-ion battery prices and a rising demand for lead-acid batteries. The automotive industry's expansion, fueled by increased credit availability and economic growth, is a major contributor to the demand for lead-acid batteries, particularly in conventional vehicles. Despite the country's reliance on pumped hydro storage, the focus on advanced battery technologies presents substantial opportunities for investment and innovation. Key players like PINACO dominate the market, supplying batteries to major automobile manufacturers, while the telecommunications sector's growth, spurred by the rollout of 5G technology, further boosts the demand for battery solutions.

Lithium-ion batteries are gaining traction due to their high energy density and efficiency, with Vietnam looking to enhance its battery manufacturing capabilities through strategic partnerships and technological advancements. The country's efforts to develop smart cities and increase electric vehicle adoption are expected to drive further demand for lithium-ion batteries. Initiatives such as the establishment of a lithium conversion factory and collaborations for battery recycling underscore the market's potential. The semi-consolidated nature of the market, with key players like Vision Group and GS Battery Vietnam, highlights the competitive landscape as companies strive to leverage resources and enhance battery technology for future growth.

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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 2029

    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 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 size is expected to reach USD 326.32 million in 2024 and grow at a CAGR of 6.83% to reach USD 454.11 million by 2029.

In 2024, the Vietnam Battery Market size is expected to reach USD 326.32 million.

Vietnam Battery Market Report Snapshots

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