Vietnam Battery Market Report and Forecast 2024-2032

Vietnam Battery Market Size

The Vietnam battery market reached approximately USD 311.40 million in 2023. The market is projected to grow at a CAGR of 6.2% between 2024 and 2032, reaching a value of around USD 535.11 million by 2032.

Vietnam Battery Market Outlook

• By 2030, Vietnam is expected to experience a significant increase of 13.6% in electric vehicle adoption. This surge will consequently result in a higher demand for batteries in the market.

• By 2050, power generation capacity and storage in Vietnam is anticipated to surpass 2,200 GW which is approximately 30 times the existing installed capacity, leading to increased demand for batteries.

• Intelligent technology in battery systems, like Smart Battery Management Systems (BMS), is becoming more popular for ensuring efficient and durable battery performance through continuous monitoring and control.

Vietnam Battery Market Growth

Vietnam possesses a wealth of high-quality nickel reserves that have caught the attention of international mining companies in recent years. Reportedly, Vietnam’s total nickel resources and reserves are estimated at 3.6 million tons of metallic nickel. The surge in demand for raw materials, particularly nickel, due to the electric vehicle boom has prompted various companies, like Australian mining company Blackstone Minerals and local conglomerate Vingroup, to establish EV battery plants in the country.

Meanwhile, lithium-ion batteries have emerged as the most preferred energy storage solution for a wide range of products, from automobiles to mobile devices, due to their lightweight nature and higher energy density compared to other battery technologies like lead-acid or nickel-cadmium. Consequently, most plug-in hybrids and all-electric vehicles now rely on lithium-ion batteries for power.

The Institute of Energy of Vietnam (IEV) reported that Vietnam is poised to experience a significant increase in power demand and consumption in the next ten years, leading to potential implications for its energy security. The Vietnamese government anticipates an annual growth rate of 10-12% in power consumption until 2030, making it one of the fastest-growing rates in Asia. As a result, the demand for batteries in the region is expected to rise accordingly.

Vietnam Battery Industry Segmentation

“Vietnam Battery Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Lithium-Ion

• Lead Acid

• Nickel Metal Hydride

• Nickel Cadmium

• Others

Market Breakup by Application

• Automotive Batteries

• Industrial Batteries

• Portable Batteries

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Battery Market Share

Based on the product, the market is segmented into lithium-ion, lead acid, nickel metal hydride, and nickel cadmium, among others. Lithium-ion is projected to grow at a CAGR of 7.6% during 2024-2032. Lithium-ion batteries possess a superior energy density, enabling them to store a significant amount of energy within a compact area. As a result, they offer extended battery life and quicker charging durations in comparison to numerous conventional battery variants.

Leading Companies in the Vietnam Battery Market

Major market players are focusing on the advancement of Intelligent Battery Management Systems (BMS) to gain a competitive edge.

• GS Battery VietNam Co., Ltd.

• Dry Cell and Storage Battery Joint Stock Company

• KUNG LONG BATTERIES INDUSTRIAL CO., LTD.

• Hangzhou Eumo Technology Co.,Ltd.

• Ritar Power (Vietnam) Company Limited

• Others

Key Highlights of the Report

Vietnam Battery Market Report Snapshots

Vietnam Battery Market Size

Vietnam Battery Market Growth

Vietnam Battery Market Share

Vietnam Battery Companies