Market by Battery Type (Primary Battery, Secondary Battery), Technology (Lead-Acid, Lithium-Ion, Nickel-Cadmium, Nickel Metal Hydride, Nickel-Zinc (NiZn), Flow, Sodium-Sulfur (NaS), Zinc-Manganese Dioxide, Small Sealed Lead-Acid, Other Technologies), End-use (Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Other End-Uses), and Country Outlook | Forecast 2024-2032
Based on Triton Market Research’s report, the Latin America battery market is set to witness progress at a CAGR of 12.34% during the forecasting period 2024-2032.
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The growth of the automotive industry in the region, strategic initiatives by market players, extensive lithium reserves, and rising demand for consumer electronics and household appliances are key factors anticipated to drive the expansion of the regional battery market during the forecast period. For instance, in 2023, electric car sales in Latin America nearly hit 90,000, with Mexico, Brazil, Colombia, and Costa Rica at the forefront, as noted by IEA. Additionally, approximately 60% of the world’s known lithium reserves are located in Latin America, primarily within the ‘lithium triangle’ of Bolivia, Argentina, and Chile, as per UNDP. The region’s lithium reserves play a crucial role for the production of lithium-ion batteries, which are essential for electric vehicles and consumer electronics.Â
The countries analyzed in this region include:Â
Mexico spearheads the regional market, registering around $4596.94 million in 2023
In 2023, Mexico’s total vehicle production reached 4,002,047 vehicles, recording around a 14% increase, as per OICA. Further, IEA’s report stated that electric car registrations rose by 80% over the past year, reaching 15,000 vehicles in 2023.Â
Mexico’s automotive sector, closely linked to the US through favorable trade agreements like the United States-Mexico-Canada Agreement (USMCA), has attracted increased investment and production, driving up demand for automotive batteries.
The Mexican government’s rising investment in renewable energy, such as solar and wind, is boosting the demand for efficient energy storage solutions. This is driving the need for batteries, including Lithium-ion batteries, to store excess energy during peak production and release it during high-demand or low-production periods.
Market Forecast for Brazil
The battery market in Brazil has experienced significant growth, supported by increased demand in various industries such as automotive, renewable energy, and consumer electronics. This expansion is boosted by government initiatives aimed at fostering a sustainable energy future. Notably, the government has implemented policies that promote the adoption of electric vehicles (EVs) through tax incentives and subsidies, driving the demand for lithium-ion batteries. Additionally, the National Electric Mobility Policy encourages research and development in battery technology and infrastructure.Â
The market is branched into battery type, end-use, and technology. Based on battery type, it includes secondary and primary batteries.Â
A secondary battery, also known as a rechargeable or storage battery, is a type of battery that can be recharged to its original state after use by reversing the flow of current. These batteries consist of one or more electrochemical cells and come in various shapes and sizes, from small button cells to large megawatt systems used to stabilize electrical distribution networks.
Contender Analysis in the Battery Market:
Enersys is a provider of stored energy systems and technology for industrial applications. The company manufactures and distributes battery chargers, reserve power and motive power batteries, battery accessories, power equipment, and outdoor equipment enclosure systems. Reserve power batteries serve the utility and telecommunication industries, uninterruptible power supply systems, and various other applications that require stored energy systems. Motive power batteries and chargers are used in electric forklift trucks and other industrial and commercial electric vehicles. These industries include aerospace, defense, and medical systems. It serves clients across multiple regions, including Latin America.Â
In March 2023, Enersys announced enhancing the energy capabilities of its NexSys TPPL battery technology through the Accelerated Throughput Package. This innovation aims to optimize energy storage and performance, promising significant advancements in battery efficiency and reliability for various industrial applications.
Other major companies offering battery technologies consist of Samsung SDI Co Ltd, C&D Technologies Inc, BYD Company Limited, and A123 Systems LLC.
KEY DELIVERABLES OF THE REPORT:
Market CAGR during the forecasting years 2024-2032
Detailed data highlighting key insights, industry components, and market strategies
Comprehensive information and estimation of the battery market revenue growth in Latin America and its influence on the parent market
In-depth study of forthcoming trends in consumer behavioral patterns
A meticulous analysis of the competitive landscape and Porter’s Five Forces
A wide-ranging study of factors that will challenge the Latin America battery market’s growth during the upcoming years
Want to get specific insights? Our team of analysts can customize this report based on your preferences. Connect with us here.
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VIEW REPORT1. LATIN
AMERICA BATTERY MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
ANALYSIS ON THE BATTERY MARKET
2.1.1. COVID-19
IMPACT
2.2. PORTER’S
FIVE FORCES ANALYSIS
2.2.1. THREAT
OF NEW ENTRANTS
2.2.2. THREAT
OF SUBSTITUTES
2.2.3. BARGAINING
POWER OF BUYERS
2.2.4. BARGAINING
POWER OF SUPPLIERS
2.2.5. THREAT
OF COMPETITIVE RIVALRY
2.3. MARKET
ATTRACTIVENESS INDEX
2.4. KEY BUYING
IMPACT ANALYSIS
2.4.1. ENERGY
DENSITY
2.4.2. BATTERY
MEMORY
2.4.3. LIFETIME
2.4.4. DURABILITY
2.5. SUPPLY
CHAIN ANALYSIS
2.5.1. RAW
MATERIAL
2.5.2. MANUFACTURING
& ASSEMBLY
2.5.3. DISTRIBUTION
2.5.4. END-USER
APPLICATIONS
2.5.5. AFTER-SALES
SERVICES
2.5.6. RECYCLING
2.6. KEY
MARKET STRATEGIES
2.6.1. COLLABORATIONS
2.6.2. PRODUCT
LAUNCHES
2.6.3. ACQUISITIONS
2.6.4. INVESTMENTS
& EXPANSIONS
2.7. MARKET
DRIVERS
2.7.1. INCREASING
POPULARITY OF CONSUMER ELECTRONICS
2.7.2. GOVERNMENT
INCENTIVES TO MANUFACTURE EV BATTERY
2.7.3. HIGH BATTERY
DEMAND FOR AUTOMOTIVE APPLICATIONS, PRIMARILY FROM EVS
2.8. MARKET
CHALLENGES
2.8.1. ISSUES
RELATED TO BATTERY RECYCLING
2.8.2. SAFETY
CONCERNS ASSOCIATED WITH BATTERY USE
2.8.3. VOLATILITY
IN RAW MATERIAL PRICESÂ Â Â Â Â
2.9. MARKET
OPPORTUNITIES
2.9.1. INCREASING
ATTENTION TO SECOND-LIFEÂ BATTERY USES
2.9.2. RISING
DEMAND FOR LARGER BATTERY PACKS
2.9.3. DEVELOPMENTS
IN BATTERY TECHNOLOGIES
2.10. ANALYST
PERSPECTIVE
3. LATIN
AMERICA BATTERY MARKET – BY BATTERY TYPE
3.1. PRIMARY
BATTERY
3.2. SECONDARY
BATTERY
4. LATIN
AMERICA BATTERY MARKET – BY TECHNOLOGY
4.1. LEAD-ACID
4.2. LITHIUM-ION
4.3. NICKEL-CADMIUM
4.4. NICKEL
METAL HYDRIDE
4.5. NICKEL-ZINC
(NIZN)
4.6. FLOW
4.7. SODIUM-SULFUR
(NAS)
4.8. ZINC-MANGANESE
DIOXIDE
4.9. SMALL
SEALED LEAD-ACID
4.10. OTHER TECHNOLOGIES
5. LATIN
AMERICA BATTERY MARKET – BY END-USE
5.1. AUTOMOTIVE
BATTERIES
5.2. INDUSTRIAL
BATTERIES
5.3. PORTABLE
BATTERIES
5.4. POWER
TOOLS BATTERIES
5.5. SLI
BATTERIES
5.6. OTHER END-USES
6. LATIN
AMERICA BATTERY MARKET – BY COUNTRY OUTLOOK
6.1. BRAZIL
6.1.1. BRAZIL
BATTERY MARKET FORECAST & PROSPECTS
6.2. MEXICO
6.2.1. MEXICO
BATTERY MARKET FORECAST & PROSPECTS
6.3. REST
OF LATIN AMERICA
6.3.1. REST
OF LATIN AMERICA BATTERY MARKET FORECAST & PROSPECTS
7. COMPETITIVE
LANDSCAPE
7.1. GS
YUASA INTERNATIONAL LTDÂ Â Â Â Â Â
7.1.1. OVERVIEW
7.1.2. PORTFOLIO
7.1.3. KEY
STRENGTH
7.1.4. KEY
CHALLENGE
7.2. JOHNSON
CONTROLS INC
7.2.1. OVERVIEW
7.2.2. PORTFOLIO
7.2.3. KEY
STRENGTH
7.2.4. KEY
CHALLENGE
7.3. PANASONIC
CORPORATION
7.3.1. OVERVIEW
7.3.2. PORTFOLIO
7.3.3. KEY
STRENGTHS
7.3.4. KEY
CHALLENGES
7.4. SAMSUNG
SDI CO LTD
7.4.1. OVERVIEW
7.4.2. PORTFOLIO
7.4.3. KEY
STRENGTH
7.4.4. KEY
CHALLENGE
7.5. A123
SYSTEMS LLC
7.5.1. OVERVIEW
7.5.2. PORTFOLIO
7.5.3. KEY
STRENGTH
7.5.4. KEY
CHALLENGES
7.6. EXIDE
TECHNOLOGIES
7.6.1. OVERVIEW
7.6.2. PORTFOLIO
7.6.3. KEY
STRENGTH
7.6.4. KEY
CHALLENGE
7.7. ENERSYS
7.7.1. OVERVIEW
7.7.2. PORTFOLIO
7.7.3. KEY
STRENGTH
7.7.4. KEY
CHALLENGES
7.8. BYD
COMPANY LIMITED
7.8.1. OVERVIEW
7.8.2. PORTFOLIO
7.8.3. KEY
STRENGTH
7.8.4. KEY
CHALLENGE
7.9. C&D
TECHNOLOGIES INC
7.9.1. OVERVIEW
7.9.2. PORTFOLIO
7.9.3. KEY
STRENGTHS
7.9.4. KEY
CHALLENGE
7.10. SAFT
GROUPE SA
7.10.1. OVERVIEW
7.10.2. PORTFOLIO
7.10.3. KEY
STRENGTH
7.10.4. KEY
CHALLENGE
8. RESEARCH
METHODOLOGY & SCOPE
8.1. RESEARCH
SCOPE & DELIVERABLES
8.2. SOURCES
OF DATA
8.3. RESEARCH
METHODOLOGY
TABLE 1: LATIN AMERICA BATTERY
MARKET, BY COUNTRY OUTLOOK, 2024-2032 (IN $ MILLION)
TABLE 2: LIST OF
COLLABORATIONS
TABLE 3: LIST OF PRODUCT
LAUNCHES
TABLE 4: LIST OF ACQUISITIONS
TABLE 5: LIST OF INVESTMENTS
& EXPANSIONS
TABLE 6: LATIN AMERICA BATTERY
MARKET, BY BATTERY TYPE, 2024-2032 (IN $ MILLION)
TABLE 7: LATIN AMERICA BATTERY
MARKET, BY TECHNOLOGY, 2024-2032 (IN $ MILLION)
TABLE 8: LATIN AMERICA BATTERY
MARKET, BY END-USE, 2024-2032 (IN $ MILLION)
TABLE 9: LATIN AMERICA BATTERY MARKET, BY COUNTRY OUTLOOK, 2024-2032 (IN $ MILLION)
FIGURE
1: PORTER’S FIVE FORCES ANALYSIS
FIGURE
2: MARKET ATTRACTIVENESS INDEX
FIGURE
3: KEY BUYING IMPACT ANALYSIS
FIGURE
4: SUPPLY CHAIN ANALYSIS
FIGURE
5: LATIN AMERICA BATTERY MARKET, BY BATTERY TYPE, 2023 & 2032 (IN %)
FIGURE
6: LATIN AMERICA BATTERY MARKET, BY PRIMARY BATTERY, 2024-2032 (IN $ MILLION)
FIGURE
7: LATIN AMERICA BATTERY MARKET, BY SECONDARY BATTERY, 2024-2032 (IN $ MILLION)
FIGURE
8: LATIN AMERICA BATTERY MARKET, BY TECHNOLOGY, 2023 & 2032 (IN %)
FIGURE
9: LATIN AMERICA BATTERY MARKET, BY LEAD-ACID, 2024-2032 (IN $ MILLION)
FIGURE
10: LATIN AMERICA BATTERY MARKET, BY LITHIUM-ION, 2024-2032 (IN $ MILLION)
FIGURE
11: LATIN AMERICA BATTERY MARKET, BY NICKEL-CADMIUM, 2024-2032 (IN $ MILLION)
FIGURE
12: LATIN AMERICA BATTERY MARKET, BY NICKEL METAL HYDRIDE, 2024-2032 (IN $
MILLION)
FIGURE
13: LATIN AMERICA BATTERY MARKET, BY NICKEL-ZINC (NIZN), 2024-2032 (IN $
MILLION)
FIGURE
14: LATIN AMERICA BATTERY MARKET, BY FLOW, 2024-2032 (IN $ MILLION)
FIGURE
15: LATIN AMERICA BATTERY MARKET, BY SODIUM-SULFUR (NAS), 2024-2032 (IN $
MILLION)
FIGURE
16: LATIN AMERICA BATTERY MARKET, BY ZINC-MANGANESE DIOXIDE, 2024-2032 (IN $
MILLION)
FIGURE
17: LATIN AMERICA BATTERY MARKET, BY SMALL SEALED LEAD-ACID, 2024-2032 (IN $
MILLION)
FIGURE
18: LATIN AMERICA BATTERY MARKET, BY OTHER TECHNOLOGIES, 2024-2032 (IN $
MILLION)
FIGURE
19: LATIN AMERICA BATTERY MARKET, BY END-USE, 2023 & 2032 (IN %)
FIGURE
20: LATIN AMERICA BATTERY MARKET, BY AUTOMOTIVE BATTERIES, 2024-2032 (IN $
MILLION)
FIGURE
21: LATIN AMERICA BATTERY MARKET, BY INDUSTRIAL BATTERIES, 2024-2032 (IN $
MILLION)
FIGURE
22: LATIN AMERICA BATTERY MARKET, BY PORTABLE BATTERIES, 2024-2032 (IN $
MILLION)
FIGURE
23: LATIN AMERICA BATTERY MARKET, BY POWER TOOLS BATTERIES, 2024-2032 (IN $
MILLION)
FIGURE
24: LATIN AMERICA BATTERY MARKET, BY SLI BATTERIES, 2024-2032 (IN $ MILLION)
FIGURE
25: LATIN AMERICA BATTERY MARKET, BY OTHER END-USES, 2024-2032 (IN $ MILLION)
FIGURE
26: LATIN AMERICA BATTERY MARKET, BY COUNTRY OUTLOOK, 2023 & 2032 (IN %)
FIGURE
27: BRAZIL BATTERY MARKET 2024-2032 (IN $ MILLION)
FIGURE
28: MEXICO BATTERY MARKET 2024-2032 (IN $ MILLION)
FIGURE
29: REST OF LATIN AMERICA BATTERY MARKET 2024-2032 (IN $ MILLION)