Vietnam Battery Market Is Expected To Be Dominated By The Automotive Segment Until 2028
Increasing government
investment in EV vehicles is likely to propel the demand for the battery across
the country.
According to TechSci
Research report, “Vietnam Battery Market - By Region,
Competition, Forecast & Opportunities, 2029F”, the Vietnam Battery
market is expected to grow in the upcoming years, due to the rising demand for
electricity, the growing demand for batteries in the automotive industry, and growing
usage of portable electric devices including drones, tablets, among others. Additionally,
increasing usage of electric cars is another aspect that is anticipated to
present profitable opportunities for the major players in the market for battery
across the country.
In 2020, the Vietnam Business Forum (VBF) initiated its Made-in-Vietnam
Energy Plan 2.0 (MVEP 2.0), an update over MVEP 1.0. According to the plan, the
sustainable energy technologies of the future, including solar energy, lithium-ion
battery storage, which were once expected to become economically feasible by
the late 2030s, saw an exponential reduction in their cost during the last
decade. Thus, it makes them the most commonly employed technologies and
outcompeting unsubsidized fossil-fuel-based power technologies. Such a trend is
expected to continue during the upcoming years and attract more investments in
the nations’ energy storage sector. In 2019, LG Chem Ltd decided to do a joint venture with VinFast, which
is Vietnam’s one of the first automakers, to manufacture lithium-ion batteries
for vehicles. The joint venture is expected to focus to establish lithium-ion
battery manufacturing factory, which is to be built in Vietnam’s northern port
city of Hai Phong.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Vietnam Battery Market."
The Vietnam Battery market is segmented into type, chemistry,
application, and region. Based on type, the market is divided into primary
battery and secondary battery. Based on chemistry, the market is divided into
lithium-ion, lead-acid, zinc-manganese dioxide, nickel-metal hydride, and
others. Based on application, the market is divided into automotive,
industrial, and portable. The market analysis also studies the regional
segmentation to devise regional market segmentation, divided into Northern
Vietnam, Central Vietnam, and Southern Vietnam.
Based on application, the automotive segment had
the largest market share in 2022. Automotive and consumer electronics have a
major application in the battery market, owing to the large use of lead-acid
batteries in vehicles. Also, the automotive sector will be one of the major end
user segments for lithium-ion batteries due to increasing adoption of electric
vehicles across numerous key and developing countries worldwide. Additionally, the
nation is focusing on reducing its dependence on fossil fuels & coal and focusing
on clean energy. Therefore, the automotive segment is expected to rise in the
upcoming years and the market growth of global battery is expected to boost
during the forecast period.
Based on chemistry, the
lead acid battery segment held the largest market share in 2022. Starting
Lighting Ignition batteries are mostly lead-acid batteries used in cars. A
significant fraction of the lead-acid battery is used for SLI applications. SLI
batteries are employed in automobiles to start internal combustion engines.
Though they are not used in deep discharge applications, they are excellent for
applications that require high current for a short period of time. More than
60% of the market is contributed by the lead acid batteries in automotive
applications. Automotive (excluding electric vehicles) batteries are mostly SLI
batteries. Additionally, lead acid battery can be employed for various
purposes, including power steering, power locking, power window systems, and
vehicle entertainment systems, among others.
Key market players in the Vietnam Battery Market
include:
- Vision Group
- Leoch International
Technology Limited
- PINACO
- Saite Power Source (Vietnam)
Co. Ltd
- Heng Li (Vietnam) Battery
Technology Co. Ltd
- Ritar Power (Vietnam)
Company Limited
- TIA Sang Battery Joint
Stock Company
- GS Battery Vietnam Co.
Ltd
- Eni- Florence Vietnam Co.
Ltd
- Kung Long Batteries
Industrial Co. Ltd
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“The Vietnam Battery market
is expected to boost in the upcoming years owing to rising population &
urbanization, rising usage of electrical vehicles, and rising demand from data
centers, among others. Presently, Vietnam's government is looking to use
technology as it develops its major cities into smart cities. Electric
automobiles meet the criteria of smart city concepts as more and more people
move to urban centers. Additionally, in December 2021, Vingroup started
developing a USD 174-million battery cell manufacturing plant for its VinFast
electric vehicle project on an 8-hectare (20 acres) plot. Furthermore, VinFast's
new battery plant might produce 100,000 lithium battery packs annually.
Further, VinFast launched its first EV car in 2021. The car used LG Chem's
battery cells to become the company's first electric car. The electric car
model can travel up to 500 kilometers on a single charge.
Therefore, the Vietnam Battery
market is expected to boost in the upcoming years as well,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Vietnam Battery
Market, By Type (Primary Battery, Secondary Battery), By Chemistry
(Lithium-Ion, Lead-Acid, Zinc-Manganese Dioxide, Nickel-Metal Hydride, Others),
By Application (Automotive, Industrial, Portable), By Region, Competition, Forecast & Opportunities, 2028F has evaluated the future growth potential of Vietnam
Battery Market and provides statistics & information on market size,
structure, and future market growth. The report's goal is to give current
market knowledge and assist decision-makers in making informed investment
decisions. Furthermore, the study identifies and analyses emerging trends and
key drivers, challenges, and opportunities in the Vietnam Battery market.
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