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Vietnam Battery Market Size, Share, Trends, Forecast: By Product: Lithium-Ion, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, Others; By Application: Automotive Batteries, Industrial Batteries, Portable Batteries; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 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 Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | 311.40 |
| Market Size 2032 | USD Million | 535.11 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 6.2% |
| CAGR 2024-2032 - Market by Region | Red River Delta | 6.5% |
| CAGR 2024-2032 - Market by Region | Mekong River Delta | 6.3% |
| CAGR 2024-2032 - Market by Product | Lithium-Ion | 7.6% |
| CAGR 2024-2032 - Market by Application | Portable Batteries | 7.1% |
| Market Share by Region | Southeast | 31.1% |
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:
| CAGR 2024-2032 - Market by | Product |
| Lithium-Ion | 7.6% |
| Nickel Metal Hydride | 6.4% |
| Lead Acid | 3.2% |
| Nickel Cadmium | XX% |
| Others | XX% |
Market Breakup by Product
- Lithium-Ion
- Lead Acid
- Nickel Metal Hydride
- Nickel Cadmium
- Others
| CAGR 2024-2032 - Market by | Application |
| Portable Batteries | 7.1% |
| Industrial Batteries | 5.7% |
| Automotive Batteries | XX% |
Market Breakup by Application
- Automotive Batteries
- Industrial Batteries
- Portable Batteries
| CAGR 2024-2032 - Market by | Region |
| Red River Delta | 6.5% |
| Mekong River Delta | 6.3% |
| Southeast | XX% |
| South Central Coast | XX% |
| Others | XX% |
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.
| Market Share by | Region |
| Southeast | 31.1% |
| Red River Delta | XX% |
| Mekong River Delta | XX% |
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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Vietnam Battery Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Battery Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Battery Historical Market (2018-2023)
8.3 Asia Pacific Battery Market Forecast (2024-2032)
9 Vietnam Battery Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Battery Historical Market (2018-2023)
9.3 Vietnam Battery Market Forecast (2024-2032)
10 Vietnam Battery Market by Product
10.1 Lithium-Ion
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Lead Acid
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Nickel Metal Hydride
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Nickel Cadmium
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Vietnam Battery Market by Application
11.1 Automotive Batteries
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Industrial Batteries
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Portable Batteries
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 Vietnam Battery Market by Region
12.1 Southeast
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Red River Delta
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mekong River Delta
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 South Central Coast
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 GS Battery VietNam Co., Ltd.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Dry Cell and Storage Battery Joint Stock Company
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 KUNG LONG BATTERIES INDUSTRIAL CO., LTD.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Hangzhou Eumo Technology Co.,Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Ritar Power (Vietnam) Company Limited
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Battery Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Battery Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Battery Historical Market: Breakup by Product (USD Million), 2018-2023
4. Vietnam Battery Market Forecast: Breakup by Product (USD Million), 2024-2032
5. Vietnam Battery Historical Market: Breakup by Application (USD Million), 2018-2023
6. Vietnam Battery Market Forecast: Breakup by Application (USD Million), 2024-2032
7. Vietnam Battery Historical Market: Breakup by Region (USD Million), 2018-2023
8. Vietnam Battery Market Forecast: Breakup by Region (USD Million), 2024-2032
9. Vietnam Battery Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 311.40 million.
The market is estimated to grow at a CAGR of 6.2% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 535.11 million by 2032.
The market is being driven by a rise in the adoption of electric vehicles and the expansion of renewable energy projects.
The key trends aiding the battery market in Vietnam include technological advancement in battery solutions and development of Smart Battery Management Systems.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different products considered in the market report include lithium-ion, lead acid, nickel metal hydride, and nickel cadmium, among others.
The major players in the market are GS Battery VietNam Co., Ltd., Dry Cell and Storage Battery Joint Stock Company, KUNG LONG BATTERIES INDUSTRIAL CO., LTD., Hangzhou Eumo Technology Co.,Ltd., and Ritar Power (Vietnam) Company Limited, among others.
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