Battery Market Size in Western Africa to Grow by USD 7.72 Million
The Battery Market Share in Western Africa is expected to increase by USD 7.72 million from 2021 to 2026, at an accelerated CAGR of 3.46%, according to the recent market study by Technavio.
The battery market share growth in Western Africa by the stationary segment will be significant during the forecast period. The high demand for stationary batteries for industrial and telecom applications owing to the need for power storage and an uninterrupted electricity supply will drive the growth of the segment in the coming years.
Moreover, the report also provides Value Chain Analysis which helps companies gain a competitive advantage in the market. The Value Chain of the Battery Market in Western Africa includes the following core components:
- Distribution and logistics
- Marketing and sales
- Aftermarket and service
- Segmentation- The report extensively covers market segmentation by Application (stationary and mobile) and Geography (Nigeria, Ghana, and Rest of Western Africa)
- Key Companies- EnerSys, Exide Industries Ltd., Forgo Battery Co Ltd., Franerix Solutions Ltd., GS Yuasa Corp., Johnson Controls International Plc, Panasonic Corp., Robert Bosch GmbH, The Ibeto Group, and Toshiba Corp. among others
- Driver- Shift of the automotive industry toward EV to drive the market
- Challenge– Declining cost of lithium-ion batteries to hamper the market growth
The battery market in Western Africa is fragmented and the vendors are deploying growth strategies such as technological innovations to compete in the market.
- EnerSys- The company offers Extreme series batteries, Extreme series Atex batteries, Cylcon batteries.
- Forgo Battery Co Ltd.- The company offers battery such as Auto Adamant Deep Cycle Battery 200AH.
- GS Yuasa Corp.- The company offers automotive and motorcycle batteries, traction batteries, industrial batteries, lithium ion batteries.
Learn More about Key Driver & Challenge of the Market-
- Battery Market in Western Africa Driver:
- Shift of the automotive industry toward EV:
Stringent regulations are imposed, which ensure compliance with the Paris Agreement on climate change. EVs are considered a green solution for the decarbonization of the transportation sector. On average, EVs release half the amount of greenhouse gases (GHGs) released by conventional vehicles. HEVs combine the advantages of both gasoline engines and electric motors. Thus, the sale of EVs has been increasing steadily since the past decade. To promote their sales further, governments of several countries such as Nigeria are framing objectives and offering incentives in the form of monetary and non-monetary benefits. This will result in increased confidence among manufacturers and other stakeholders in future policy frameworks and fuel investment mobilization. Such factors will support the market growth in the coming years.
- Battery Market in Western Africa Challenge:
- Declining cost of lithium-ion batteries:
One of the key challenges to the battery market growth in Western Africa is the declining cost of lithium-ion batteries owing to improvements in production scale and manufacturing efficiency. For instance, Tesla, US-based energy storage and the automotive company aims to bring down the cost of Li-ion batteries to USD 100 per kWh with the commissioning of its Gigafactory. Companies are enhancing Li-ion batteries in every conceivable way, which will lead to a year-by-year reduction in the cost of these batteries. The product offerings of vendors manufacturing lithium-ion batteries are becoming more competitive with substitute technologies such as lead-acid batteries and Ni-MH batteries. Such factors can hinder the profitability of the battery market manufacturers in West Africa during the forecast period.
Source: PR NewsWire