Belgium Battery Market Size & Outlook, 2023-2030
Belgium battery market, 2018-2030 (US$M)
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Belgium battery market highlights
- The Belgium battery market generated a revenue of USD 313.1 million in 2023 and is expected to reach USD 1,494.7 million by 2030.
- The Belgium market is expected to grow at a CAGR of 25% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Lithium Ion is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 313.1 million |
| Market revenue in 2030 | USD 1,494.7 million |
| Growth rate | 25% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Lithium Ion |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, Belgium accounted for 0.3% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Europe, UK battery market is projected to lead the regional market in terms of revenue in 2030.
- Belgium is the fastest growing regional market in Europe and is projected to reach USD 1,494.7 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Belgium battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 44.24% in 2023. Horizon Databook has segmented the Belgium battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
The country's commitment to reducing greenhouse gas emissions and transitioning to a low-carbon energy system is a key driver of the battery market growth. Technological advancements, such as the development of more efficient photovoltaic cells and energy storage solutions, have further propelled the viability and reliability of energy systems, thus driving the market growth.
According to the European Commission, in Belgium, the total energy consumption per capita recorded was 43% higher than the EU average at 4.0 ft. in 2023. Electricity consumption per capita is 16% higher than the EU average and amounted to about 6,200 kWh in 2023.
For instance, in June 2024, Volvo announced its plan to relocate the production site from China to Belgium. Moving production of the EX30 and EX90 models to Belgium is expected to eliminate the need for suspension and therefore, contribute to environmental sustainability.
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Horizon Databook provides a detailed overview of country-level data and insights on the Belgium battery market , including forecasts for subscribers. This country databook contains high-level insights into Belgium battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Belgium battery market size, by product, 2018-2030 (US$M)
Belgium Battery Market Outlook Share, 2023 & 2030 (US$M)
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