Middle East And Africa Electric Vehicle Battery Electrolyte Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.5 Million |
| Market Size (2029) | USD 2.03 Million |
| CAGR (2024 - 2029) | 6.14 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Middle East And Africa Electric Vehicle Battery Electrolyte Market Analysis
The Middle East And Africa Electric Vehicle Battery Electrolyte Market size is estimated at USD 1.5 million in 2024, and is expected to reach USD 2.03 million by 2029, at a CAGR of 6.14% during the forecast period (2024-2029).
- Over the medium term, the increasing adoption of electric vehicles in the Middle East region due to government policies and associated investments in them is likely to drive the market.
- On the other hand, high dependency on imported electric vehicle batteries and raw materials are likely to hinder the market growth.
- Continuous research and development in separator material is expected to provide future growth opportunities for the market.
- The South Africa is expected to be the largest market for the Middle East and Africa Electric Vehicle Battery Electrolyte during the study period.
Middle East And Africa Electric Vehicle Battery Electrolyte Market Trends
Lithium-ion Battery Segment to Hold Significant Share
- Lithium plays a crucial role in manufacturing batteries for electric vehicles (EVs). As the key ingredient in rechargeable lithium-ion batteries, lithium's high energy density facilitates extended driving ranges. Recently, the Middle East and Africa have seen a surge in lithium-ion manufacturing and research, heightening interest in battery components like electrolytes.
- For example, in July 2023, Qatar University's Center for Advanced Materials (CAM) collaborated with renowned global institutions to revolutionize lithium extraction from seawater. This breakthrough promises to address the escalating demand for clean energy and promote sustainability.
- In July 2024, Raya Auto in Egypt entered a strategic partnership with Shift EV, a startup focused on battery production and fleet electrification. Under this alliance, Shift EV will supply locally made lithium-ion batteries to power Raya Auto's light e-mobility range. Such initiatives are poised to bolster the electrolyte market, aligning with the anticipated rise in lithium battery demand across the Middle East.
- Similarly, as lithium-ion exploration projects expand in the Middle East and Africa, the demand for electrolytes in battery production is set to grow. In June 2024, EV Metals Group plc wrapped up its exploration at the Balthaga Lithium Project in Saudi Arabia. Located 450km east of Jeddah, within the Arabian Shield's southeastern area, the project spans 13 tenements over 1,200 square kilometers. This bolsters Saudi Arabia's lithium battery manufacturing prospects, likely driving up electrolyte demand and influencing market growth during the forecast period.
- Historically, lithium-ion battery prices have plummeted, spurring demand for related components like electrolytes. Bloomberg NEF reported that in 2023, the average price of lithium-ion batteries was USD 139 USD/kWh, marking a fivefold drop since 2014. Thus, as lithium-ion battery adoption surges with falling prices, the electrolyte market stands to gain.
- Given the aforementioned trends in lithium-ion batteries and electrolyte production, the electric vehicle battery electrolyte market in the Middle East and Africa is poised for growth.
South Africa is Likely to Dominate the Market
- In December 2023, South Africa's government announced plans for the nation's automotive sector to debut its electric vehicles (EVs) by 2026. Central to South Africa's Just Energy Transition (JET) strategy, which aims to cultivate a low-carbon and climate-resilient economy, is the emphasis on transport electrification. The JET framework highlights a significant investment requirement of approximately USD 6.84 billion, slated for the period from 2023 to 2027.
- In February 2024, the South African government rolled out a tax incentive to bolster domestic EV production. This initiative offers manufacturing companies a generous 150% tax deduction. Such incentives particularly benefit industry titans like Ford Motor Company and Volkswagen AG, both eager to amplify their EV output. Consequently, this uptick in EV production is set to escalate the demand for EV batteries and associated components, notably electrolytes, within the South African landscape.
- In July 2024, BYD Company, a prominent Chinese electric vehicle manufacturer, secured its inaugural order for electric buses in South Africa, aligning with its global vision to electrify public transport. Golden Arrow, a 163-year-old South African bus operator, has collaborated with the new energy vehicle (NEV) maker, placing an order for 120 electric buses. As South Africa embraces electric buses, this momentum is expected to amplify the production of electrolytes vital for battery manufacturing during the market's forecast period.
- Furthermore, South Africa has seen a notable uptick in electric vehicle adoption in recent years. Data from the International Energy Agency reveals that electric car sales in India reached 1,080 units in 2023, marking a staggering 74% surge from the prior year. Given this trajectory, South Africa's demand for electric vehicles is poised for a rebound, further energizing the electrolyte market.
- Given these trends, the rising adoption of electric vehicles and their batteries is set to bolster electrolyte manufacturing. Thus, the electric vehicle battery electrolyte market in the Middle East and Africa is poised for significant growth in the coming years.
Middle East And Africa Electric Vehicle Battery Electrolyte Industry Overview
The Middle East and Africa Electric Vehicle battery Elecrolytr market is concentrated, with few players. Some of the major players (not in particular order) include Dubi Chem, Oasis Chemical Materials Trading Co, Targray Technology International, Inc., Andrea FZCO, and Rekoser.
Middle East And Africa Electric Vehicle Battery Electrolyte Market Leaders
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Dubi Chem
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Oasis Chemical Materials Trading Co
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Targray Technology International, Inc.
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Andrea FZCO
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Rekoser
*Disclaimer: Major Players sorted in no particular order
Middle East And Africa Electric Vehicle Battery Electrolyte Market News
- August 2023: Energy Capital Group, a Saudi investment firm, has invested in Pure Lithium, a US-based company specializing in lithium-metal batteries, with the aim of expanding its operations in the Middle East. Pure Lithium indicated that the manufacturing cost for lithium-ion batteries could be under USD 50/kWh. These encouraging advancements are poised to stimulate growth in battery manufacturing components, particularly electrolytes. Consequently, this has positively impacted the electric vehicle battery electrolyte market in Saudi Arabia during the studied period.
- January 2023: Researchers at King Abdullah University of Science and Technology (KAUST) in Saudi Arabia are exploring the potential of ammonium-ion electrolytes to create eco-friendly, metal-free batteries. Their research highlights that their battery reached an impressive operational voltage of 2.75 volts, outpacing the performance of existing ammonium-ion-based batteries.
Middle East And Africa Electric Vehicle Battery Electrolyte Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Government policies supporting adoption of electric vehicles
4.5.1.2 Declining Lithium-ion Battery Prices
4.5.2 Restraints
4.5.2.1 High dependecy on imported batteries and raw materials
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Battery Type
5.1.1 Lead Acid Batteries
5.1.2 Lithium-ion Batteries
5.1.3 Other Battery Types
5.2 Electrolyte Type
5.2.1 Liquid Electrolyte
5.2.2 Gel Electrolyte
5.2.3 Solid Electrolyte
5.3 Geography
5.3.1 Saudi Arabia
5.3.2 South Africa
5.3.3 United Arab Emirates
5.3.4 Egypt
5.3.5 Qatar
5.3.6 Nigeria
5.3.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Dubi Chem
6.3.2 Oasis Chemical Materials Trading Co
6.3.3 Targray Technology International, Inc.
6.3.4 Andrea FZCO
6.3.5 Rekoser
- *List Not Exhaustive
6.4 List of Other Prominent Companies
6.5 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Research & Development in Electrolyte material
Middle East And Africa Electric Vehicle Battery Electrolyte Industry Segmentation
An electrolyte dissociates in water, forming charged particles known as ions. Ions with a positive charge are termed cations, while those with a negative charge are referred to as anions. In essence, an electrolyte can transfer electric current when either melted or dissolved in water..
The Middle East and Africa electric vehicle Electrolyte market is segmented by Battery type and Electrolyte Type. By battery type, the market is divided into Lead-Acid Batteries, Lithium-Ion Batteries, and Other Battery Types. By Electrolyte type, the market is divided into Liquid Electrolyte, Gel Electrolyte, and Solid Electrolyte. The report also covers the market size and forecasts for the electric vehicle battery anode market across major countries such as Saudi Arabia, South Africa, The United Arab Emirates, Qatar, Egypt, and the Rest of the Middle East and Africa. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Battery Type | |
| Lead Acid Batteries | |
| Lithium-ion Batteries | |
| Other Battery Types |
| Electrolyte Type | |
| Liquid Electrolyte | |
| Gel Electrolyte | |
| Solid Electrolyte |
| Geography | |
| Saudi Arabia | |
| South Africa | |
| United Arab Emirates | |
| Egypt | |
| Qatar | |
| Nigeria | |
| Rest of Middle East and Africa |
Middle East And Africa Electric Vehicle Battery Electrolyte Market Research Faqs
How big is the Middle East And Africa Electric Vehicle Battery Electrolyte Market?
The Middle East And Africa Electric Vehicle Battery Electrolyte Market size is expected to reach USD 1.5 million in 2024 and grow at a CAGR of 6.14% to reach USD 2.03 million by 2029.
What is the current Middle East And Africa Electric Vehicle Battery Electrolyte Market size?
In 2024, the Middle East And Africa Electric Vehicle Battery Electrolyte Market size is expected to reach USD 1.5 million.
Who are the key players in Middle East And Africa Electric Vehicle Battery Electrolyte Market?
Dubi Chem, Oasis Chemical Materials Trading Co, Targray Technology International, Inc., Andrea FZCO and Rekoser are the major companies operating in the Middle East And Africa Electric Vehicle Battery Electrolyte Market.
What years does this Middle East And Africa Electric Vehicle Battery Electrolyte Market cover, and what was the market size in 2023?
In 2023, the Middle East And Africa Electric Vehicle Battery Electrolyte Market size was estimated at USD 1.41 million. The report covers the Middle East And Africa Electric Vehicle Battery Electrolyte Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Middle East And Africa Electric Vehicle Battery Electrolyte Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East And Africa Electric Vehicle Battery Electrolyte Industry Report
Statistics for the 2024 Middle East And Africa Electric Vehicle Battery Electrolyte market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Middle East And Africa Electric Vehicle Battery Electrolyte analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
