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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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.*
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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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