Latin America Battery Market Size & Outlook, 2023-2030
Latin America battery market, 2018-2030 (US$M)
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Latin America battery market highlights
- The Latin America battery market generated a revenue of USD 5,562.9 million in 2023.
- The market is expected to grow at a CAGR of 15.7% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Sodium-ion is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 5,562.9 million |
| Market revenue in 2030 | USD 15,436.6 million |
| Growth rate | 15.7% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Sodium-ion |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, Latin America region accounted for 4.7% of the global battery market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Europe is the fastest growing regional market and is projected to reach USD 69,201.0 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America 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 42.44% in 2023. Horizon Databook has segmented the Latin America 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.
Increasing automotive vehicle sales in Brazil, Argentina, Columbia, and other countries are expected to have a positive impact on the battery market. Increasing automotive investments are also expected to open new avenues for the battery market over the next eight years.
Significant new investment in housing and public works is expected to improve infrastructure growth in Colombia will augment demand over the next eight years. The Bogota Urban Renewal project consists of 50 skyscrapers, 500 high rises, a subway system, and a smart city, and is meant to establish Bogota as the financial, industrial, and technological capital of Latin America.
The emergence of construction companies in Chile and Peru is expected to create growth potential for the battery market over the forecast period. Lead acid batteries are used in mining vehicles owing to their high reliability and low maintenance cost.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America battery market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America battery market size, by country, 2018-2030 (US$M)
Latin America Battery Market Outlook Share, 2023 & 2030 (US$M)
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