Nigeria Battery Market - Industry Trends and Forecast to 2029

Nigeria Battery Market, By Battery Type (Lithium Ion Based, Lead Acid Based, Nickel Metal Hydride, Others), Type (Secondary, Primary), Sales Channel (Direct, Indirect), Voltage Range (Less than 50 Volt, 51 Volt to 100 Volt, More than 100 Volt), Components (Anode, Cathode, Separator, Outer Body/Container), Application (Automotive, Commercial, Mobile Phones, Electronic Devices, Industrial, Others) - Industry Trends and Forecast to 2029

Market Analysis and Size

Various batteries such as Lithium Ion Based have been in high demand in the past few years as it delivers high open-circuit voltage and a good energy-to-weight ratio. These batteries do not require scheduled cycling to enhance its service life. Batteries are utilized in numerous industry verticals, such as automotive and consumer electronics, among others.

Nigeria Battery Market was valued at USD 73.08 billion in 2021 and is expected to reach USD 136.47 billion by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029. Automotive accounts for the largest application segment in the respective market owing to the rise in the awareness about electric vehicles. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Batteries for various purposes such as automotive and inverters are being rapidly adopted in the mentioned countries as an alternative backup to electric power. With advancements in batteries such as polymers of lithium or combination of lithium with other chemicals to improve durability of the battery allows this battery market to gain good growth rate.

Report Scope and Market Segmentation

Nigeria Battery Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand for Consumer Electronics

The rise in demand for consumer electronics across the globe acts as one of the major factors driving the growth of battery market. The penetration of portable variants, such as laptops, gaming consoles, smartphones, torches, and digital cameras, along with high-speed internet connectivity has a positive impact on the market.

• Demand for High-Quality Rechargeable Batteries

The increase in the demand for high-quality rechargeable batteries accelerate the market growth. Also, the usage of these electronics and use of lithium ion battery as an indispensable component of electric vehicles (EVs) drives the market.

• Sustainable Development

The rise in focus on sustainable development along with increase in awareness regarding the adverse effects of using traditional automobiles further influence the market. Various governments of numerous countries are implementing favorable initiatives to promote the sales of EVs.

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the battery market.

Opportunities

Furthermore, Demand for hybrids and EVS extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in research and development in batteries for hybrid and EVS will further expand the market.

Restraints/Challenges

On the other hand, high initial cost and safety issues related to battery usage are expected to obstruct market growth. Also, limited range and fluctuating oil prices are projected to challenge the battery market in the forecast period of 2022-2029.

This battery market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on battery market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Nigeria Battery Market

COVID-19 had a negative impact on various industries including battery market. Both public and government sectors suffered greatly due to the facing financial crises during the outbreak of COVID-19. Businesses were shut down in numerous countries because of the social distancing guidelines and the imposition of lockdown. battery industry faced huge problems due to the shortage of laborers declining the low production. A decline in the demand for battery was witnessed owing to the limited production and shut down of industries, such as oil and gas sectors, among others. However, the battery market is expected to witness growth in demand after the post-covid-19 situation.

Recent Developments

• CATL and Daimler Truck AG announced the intensification of their existing partnership in May’2021. These are based on their shared vision of CO2-neutral electrified trucking. CATL will act as a supplier of lithium-ion battery packs for the Mercedes-Benz eActros LongHaul battery-electric truck. These trucks will be ready for series production in 2024.

Nigeria Battery Market Scope and Market Size

The battery market is segmented on the basis of battery type, type, sales channel, voltage range, components and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Battery Type

• Lithium Ion Based
• Lead Acid Based
• Nickel Metal Hydride
• Others

Type

• Primary
• Secondary

Sales Channel

• Direct
• Indirect

Voltage Range

• Less than 50 Volt
• 51 Volt to 100 Volt
• More Than 100 Volt

Components

• Anode
• Separator
• Cathode
• Outer Body/Container

Application

• Mobile Phones
• Industrial
• Commercial
• Electronic Devices
• Automotive
• Others

Competitive Landscape and Nigeria Battery Market

The battery market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to battery market.

Some of the major players operating in the battery market are

• Saft (France)
• SAMSUNG SDI CO.,LTD. (South Korea)
• Lithium Energy Japan (Japan)
• Tianjin Lishen Battery Co., Ltd. (China)
• Shenzhen A&S Power Technology Co., Ltd. (China)
• LITHIUMWERKS (Europe)
• GlobTek, Inc. (US)
• BYD Company Ltd (Chiana)
• Panasonic Corporation (Japan)
• LG Chem (South Korea)
• VARTA Microbattery GmbH (Germany)
• Dalian CBAK Power Battery Co., Ltd (China)
• TOSHIBA CORPORATION (Japan)
• CALB USA Inc. (US)
• Shenzhen BAK Technology Co., Ltd. (China)
• Contemporary Amperex Technology Co., Limited (China)
• A123 Systems LLC (US)
• Amperex Technology Limited (China)
• XALT Energy (Switzerland)
• Leclanche (Switzerland)