Vietnam Battery Market Size & Outlook, 2023-2030
Vietnam battery market, 2018-2030 (US$M)
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Vietnam battery market highlights
- The Vietnam battery market generated a revenue of USD 653.6 million in 2023 and is expected to reach USD 3,479.2 million by 2030.
- The Vietnam market is expected to grow at a CAGR of 27% 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.
Battery market data book summary
| Market revenue in 2023 | USD 653.6 million |
| Market revenue in 2030 | USD 3,479.2 million |
| Growth rate | 27% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Sodium-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, Vietnam accounted for 0.6% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China battery market is projected to lead the regional market in terms of revenue in 2030.
- Vietnam is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,479.2 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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Vietnam 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 35.01% in 2023. Horizon Databook has segmented the Vietnam 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 ongoing urbanization, growing population, and prevailing economic expansions in Vietnam, along with the presence of favorable policies and incentives, are catalyzing the growth of the battery market in the country.
According to the United Nations Population Fund, the population of Vietnam will soon reach 100 million, making it the fifteenth most populous country in the world. The growing use of portable electronic devices such as tablets, smartphones, and wearables in the country is driving the demand for batteries in Vietnam.
Moreover, the government of the country is committed to boosting the share of renewable energy sources in the energy sector of Vietnam. This is anticipated to create opportunities for battery storage systems to store and manage intermittent energy generated by renewable sources such as solar and wind.
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Our clientele includes a mix of battery market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the Vietnam battery market , including forecasts for subscribers. This country databook contains high-level insights into Vietnam battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Vietnam battery market size, by product, 2018-2030 (US$M)
Vietnam Battery Market Outlook Share, 2023 & 2030 (US$M)
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