South Africa Battery Market Size & Outlook, 2023-2030
South Africa battery market, 2018-2030 (US$M)
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South Africa battery market highlights
- The South Africa battery market generated a revenue of USD 175.3 million in 2023 and is expected to reach USD 403.1 million by 2030.
- The South Africa market is expected to grow at a CAGR of 12.6% 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 175.3 million |
| Market revenue in 2030 | USD 403.1 million |
| Growth rate | 12.6% (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, South Africa accounted for 0.1% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, UAE battery market is projected to lead the regional market in terms of revenue in 2030.
- UAE is the fastest growing regional market in Middle East & Africa and is projected to reach USD 1,064.6 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Africa 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 38.22% in 2023. Horizon Databook has segmented the South Africa 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.
According to the National Economic Development and Labour Council (Nedlac), South Africa produced 633,332 units of automobiles in 2023, witnessing a clear growth from 441,822 units in 2020. The country is expected to witness rapid growth in automotive production on account of economic development and rapid urbanization.
Furthermore, the emergence of local automotive manufacturers such as W Motors as well as large-scale manufacturers, such as General Motors, Lincoln, BMW, Nissan, Hyundai, Toyota, Daimler AG, and Volkswagen AG, are expected to drive the demand for lead acid batteries in the region.
For instance, in May 2024, Daimler Truck AG announced the launch of its first fully battery-electric truck range. The newly launched electric truck, eMercedes-Benz eActros 300 includes rigid 4x2 and 6x2 models and a tractor variant.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Africa battery market , including forecasts for subscribers. This country databook contains high-level insights into South Africa battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Africa battery market size, by product, 2018-2030 (US$M)
South Africa Battery Market Outlook Share, 2023 & 2030 (US$M)
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