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