Vietnam Battery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Vietnamese battery market is expected to record a CAGR of more than 7% over 2022-2027. In 2020, the COVID-19 pandemic severely impacted the country's economy, which decreased Vietnam's disposable income per capita, resulting in low sales of vehicles and other consumer products using batteries. In 2020, the country witnessed a drop of 6.75% in its passenger vehicle sales. Factors such as declining lithium-ion battery prices and increasing demand for lead-acid batteries are expected to drive the Vietnamese battery market during the forecast period. However, the country relies on pumped hydro storage rather than battery storage systems, which may hinder the growth of battery-based energy storage systems and the battery market in the coming years.
Key HighlightsThe Vietnamese battery market is moderately fragmented. Some of the key players in the market include Vision Group, PINACO, GS Battery Vietnam Co. Ltd, Heng Li (Vietnam) Battery Technology Co. Ltd, and Leoch Battery Corporation.
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