Market Size of Myanmar Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Myanmar Battery Market Analysis
The Myanmar battery market is expected to register a CAGR of greater than 1.5% during the forecast period of 2021 - 2026. Myanmar's battery market depends majorly on automotive application segment. With the COVID-19 pandemic in 2020, the market witnessed a significant decrease in sales. According to the Automotive Association of Myanmar, in 2019, new vehicle sales amounted to 21,916 vehicles, with an increase of about 25% compared to 2018 (sales of 17,524 vehicles). The number significantly decreased to 17,707 units in 2020 (a decrease of around 19%). The degrowth in the automotive market was primarily due to a slowdown in the economy, leading to lower per capita income of the people in Myanmar. Factors such as increasing demand from data centers and declining lithium-ion battery prices are expected to drive the Myanmar battery market during the forecast period. However, lack of supportive government policies and measures to promote the deployment of utility scale BESS projects coupled with high costs of battery energy storage solutions for commercial and residential customers are expected to restrain the market growth in Myanmar during the forecast period.
- The automotive segment is expected to witness significant growth during the forecast period, owing to the increasing demand for new vehicles produced in the country.
- Potential growth of lithium-ion batteries in electric vehicle (EV) market is expected to create immense opportunities for the Myanmar battery market in the coming years.
- Increasing demand from data centers is expected to drive the battery market in Myanmar, owing to the exponential growth of data from the heavy use of technologies like 5G, artificial intelligence (AI), etc.
Myanmar Battery Industry Segmentation
The Myanmar battery market report includes:
| Battery Technology | |
| Lead Acid Battery | |
| Lithium-ion Battery | |
| Other Battery Types |
| Application | |
| Automotive | |
| Industrial | |
| Consumer Electronics | |
| Other Applications (Medical Devices, Power Tools, Defense, etc.) |
Myanmar Battery Market Size Summary
The Myanmar battery market is poised for growth, primarily driven by the automotive sector, which remains the dominant application segment. Despite a setback in sales due to the COVID-19 pandemic and economic challenges, the market is expected to recover and expand. The decline in vehicle sales during the pandemic was a significant factor affecting the market, but the subsequent recovery in automotive demand, supported by government reforms and foreign investments, is anticipated to bolster battery demand. Additionally, the increasing adoption of lithium-ion batteries in electric vehicles presents substantial opportunities for market expansion. However, the market faces challenges such as the high costs of battery energy storage solutions and a lack of supportive government policies for utility-scale battery energy storage systems (BESS), which could hinder growth.
The burgeoning demand from data centers, fueled by the rise of technologies like 5G, artificial intelligence, and machine learning, is another key driver of the Myanmar battery market. The establishment and expansion of data centers, including those by international players, are expected to significantly contribute to battery demand. Companies like True IDC Myanmar are enhancing their services, which further supports the growth of data centers and, consequently, the battery market. The market is characterized by a consolidated landscape with major players such as Siam GS Battery Myanmar Limited, Schneider Electric SE, Toyo Battery Myanmar Co. Ltd, and Panasonic Corporation, who are likely to play pivotal roles in shaping the market dynamics during the forecast period.
Myanmar Battery Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD million, till 2026
-
1.3 Trade Analysis (Import/Export), by Major Battery Technology, Myanmar, 2015-2020
-
1.4 Recent Trends and Developments
-
1.5 Government Policies and Regulations
-
1.6 Market Dynamics
-
1.6.1 Drivers
-
1.6.2 Restraints
-
-
1.7 Supply Chain Analysis
-
1.8 PESTLE Analysis
-
1.9 Assessment of COVID-19 Impact on the Industry
-
-
2. MARKET SEGMENTATION
-
2.1 Battery Technology
-
2.1.1 Lead Acid Battery
-
2.1.2 Lithium-ion Battery
-
2.1.3 Other Battery Types
-
-
2.2 Application
-
2.2.1 Automotive
-
2.2.2 Industrial
-
2.2.3 Consumer Electronics
-
2.2.4 Other Applications (Medical Devices, Power Tools, Defense, etc.)
-
-
Myanmar Battery Market Size FAQs
What is the current Myanmar Battery Market size?
The Myanmar Battery Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in Myanmar Battery Market?
Siam GS Battery Myanmar Limited, Schneider Electric SE, Toyo Battery Myanmar Co. Ltd and Panasonic Corporation are the major companies operating in the Myanmar Battery Market.
