Bangladesh Lithium-Ion Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bangladesh Lithium-Ion Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Bangladesh Lithium-ion Battery Market is expected to grow at a CAGR of more than 7.2% during the forecast period. Bangladesh is mostly an import-only market for lithium-ion batteries (LIBs) and it has an extensive chain of distributors’ network catering to the market demand for LIBs. Most of the demand for LIB is met by imports from China, followed by India, Singapore, and the United States. In Bangladesh, the demand for LIBs is expected to register significant growth in years to come, supported by the government incentives for renewable power (which work more effectively when used with LIBs), legalization of electric three-wheel vehicles (~100,000 of which were already running in the rural areas), and due to the increasing shift of telecoms operators towards LIBs from Lead-acid batteries (LAB). However, the sluggish growth in the renewable especially the solar infrastructure is likely to act as a restraint for the market.

Key Highlights

• In the short term, the telecom sector seems to be the one creating significant demand for the LIBs. The country has also witnessed the transition from LAB towards LIB (beginning from 2017). However, supported by increasing interest of automakers in the country, the demand for LIBs for EV application is expected to witness a positive growth rate in the long term. Further, EV manufacturers, such as Bangladesh Auto Industries Ltd (BAIL), Nitol Motors, Pragati Industries, PHP Family, and Hyundai Motors have laid up plans to construct EV assembly facilities in the country.
• Moreover, Anticipated growth in the electric vehicle industry, and growth of residential energy storage systems (ESS) and Microgrids, is likely to provide opportunity for the market growth during the forecasted period.

Key Market TrendsIncreasing Demand from the Telecommunication Sector

• The telecom infrastructure requires a power source to operate. Sometimes, the telecom tower is in remote and isolated areas, which are usually far from any electrical grid and depend on on-site power generation to operate. Both wireless service providers, as well as BTS tower operators, are turning to solar PV and PV/Hybrid power solutions to achieve their business objectives which have led to increase in demand of LIB for backup purposes.
• Recently, a study was conducted by JCM on “Energy Saving by Utilizing Lithium-ion Batteries at Base Transceiver Stations in Unstable-grid Areas in Bangladesh”. The study estimated that the project reduces a total of 2,082 tCO2 greenhouse gas, annually, by using 200 lithium-ion battery units in total.
• Hence, with the need for clean and green fuel and the growing need for the telecommunication infrastructure, due to increasing wireless subscribers in the country, the need for a lithium-ion battery in the telecommunication is going to increase in the future.

Competitive Landscape

The Bangladesh lithium-ion battery market is fragmented. Some of the key companies in the market under consideration are BASE Technologies Ltd., Energy System Company (ENSYSCO), Panna Group (PG), SARBS Communications Ltd, and Saif Powertec Limited.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

BASE Technologies Ltd.
Energy System Company (ENSYSCO)
Panna Group (PG)
Rahimafrooz Ltd
Saif Powertec Limited
SARBS Communications Ltd
Zhejiang Narada Power Source Co. Ltd
Okaya Power Pvt Ltd
Dongjin Group
GS Yuasa Corporation

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.