Pakistan Battery Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pakistan Battery Market Analysis
The Pakistan battery market is estimated to be at USD 21.2 million by the end of this year and is projected to reach USD 25.17 million in the next five years, registering a CAGR of over 3.5% during the forecast period.
- Over the medium period, factors such as the growing automotive sector in the country and the low cost of lead and lithium are likely to drive the Pakistan battery market during the forecast period. Moreover, there has been a sharp increase in the sales of automobiles, particularly of the two- and four-wheeler varieties, which also include electric vehicles. This surged the demand for SLI batteries and lithium-ion batteries, which is expected to propel the Pakistan battery market.
- On the other hand, an economic slowdown and increasing government debt will likely restrain the Pakistan battery market during the forecast period.
- Nevertheless, increasing the FDI due to the OBOR (One Belt, One Road) project, which includes various infrastructure projects, is likely to create a massive opportunity for the battery companies to fully fill the requirement of energy storage demand. Moreover, transportation and the number of heavy vehicles are expected to increase due to infrastructure development, which is likely to boost the battery market during the forecast period.
Pakistan Battery Market Trends
Lithium-ion Battery Expected to Witness Significant Growth
- The lithium-ion battery market is still in its nascent phase in Pakistan. The country imports the majority of its Li-ion batteries from China. Increasing demand for backup power solutions and a rise in solar PV installations are expected to be the major drivers for the Li-ion battery market in the country.
- These trends result in a sharp and sustained cost reduction, which is expected to help cement lithium-ion as the battery chemistry of choice in all energy storage markets, including grid-scale, behind-the-meter storage, residential storage, and microgrids in Pakistan.
- Manufacturers are focusing on reducing the cost of lithium-ion technology. The price of lithium-ion batteries has fallen steeply over the past ten years. In 2022, the lithium-ion battery price was USD 135 per kWh.
- This sharp and sustained cost reduction is expected to help cement lithium-ion as the battery chemistry of choice in all industrial and commercial electronic markets, including the agricultural, material handling, and construction industries, compared to lead-acid batteries. Falling battery prices are expected to bring price-competitive electric vehicles to all the major electric vehicle segments before 2030, ushering in a period of intense growth for electric vehicles.
- Hence, with declining prices, the lithium-ion battery segment is likely to witness significant growth in the market during the forecast period.
Growth of Electric Vehicles and the Renewable Energy Sector Expected to Drive the Market
- The initiation of electric vehicle assembling projects in Pakistan is expected to boost the battery market in the coming years. The government has been working toward increasing the integration of EVs in the country's automobile sector and has set a target of 30% of vehicles operating on batteries by 2030.
- Pakistan's electric vehicle (EV) policy was approved for implementation in June 2020. Under the policy, the government aims to bring half a million e-motorcycles and rickshaws, with more than 100,000 electric cars, buses, and trucks, into the transportation system over the next five years.
- The transportation sector in Pakistan has been experiencing double-digit growth. Almost the whole transportation sector is dependent on oil-based products, and the country spends nearly USD 13 billion on the import of oil every year. If the transportation sector continues to grow at the same rate, the bill for oil imports is expected to reach around USD 30 billion by 2025. Therefore, shifting to electric vehicles is likely to solve several sectors' present and impending problems, including transportation, environment, economy, and power.
- The running cost of electric vehicles is one-third of the flexible-fuel vehicle (FFV), but the capital cost is relatively high. Moreover, the present infrastructure for EVs in the country needs to be improved. Therefore, the Pakistani government has planned to implement incentives to support EV adoption and domestic manufacturing. The five domestic EV manufacturers joined forces as the Pakistan Electric Vehicles Manufacturing Association (PEVMA) to make significant investments in the sector, leading to higher demand for batteries in the country.
- On the other hand, the country has been planning to deploy new wind and solar power plants to expand its clean energy capacity. As of 2022, the country's installed renewable energy capacity stood at 13.94 GW, an increase of 51% compared to 2017.
- In Nov 2022, the Pakistan government aims to derive 60% of its energy from renewable sources, including hydro, by 2030 which would wean Pakistan's dependence on imported fuel products.
- Therefore, owing to the above points, the increasing growth of electric vehicles and the renewable energy sector in the country are likely to drive the Pakistan battery market during the forecast period.
Pakistan Battery Industry Overview
The Pakistani battery market is moderately fragmented due to few companies operating in the industry because of the complex technology. The key players in this market (in no particular order) include Zhejiang Narada Power Source Co. Ltd., Phoenix Battery Ltd., Atlas Battery Limited, Exide Pakistan Limited, and National Battery Industry Ltd.
Pakistan Battery Market Leaders
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Zhejiang Narada Power Source Co., Ltd.
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Phoenix Battery Ltd.
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Atlas Battery Limited
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Exide Pakistan Limited.
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National Battery Industry Ltd.
*Disclaimer: Major Players sorted in no particular order
Pakistan Battery Market News
- September 2022: NUR E-75, Pakistan's first locally manufactured and developed electric vehicle, claimed to have a range of 200 km with a top speed of 120 km/hr. The company DICE Foundation and private players in Pakistan were expected to start importing by the end of 2024.
Pakistan Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 The Growing Automotive Sector in the Country
4.5.1.2 The Low Cost of Lead and Lithium
4.5.2 Restraints
4.5.2.1 An Economic Slowdown and Increasing Government Debt
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Lithium-ion Battery
5.1.2 Lead-acid Battery
5.1.3 Other Technologies
5.2 Application
5.2.1 SLI Batteries
5.2.2 Industrial Batteries
5.2.3 Portable
5.2.4 Automotive
5.2.5 Other Applications
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 Zhejiang Narada Power Source Co. Ltd.
6.3.2 Phoenix Battery .
6.3.3 Atlas Battery Limited
6.3.4 Exide Pakistan Limited
6.3.5 National Battery Industry Ltd.
6.3.6 Volta & Osaka Batteries Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing the FDI Due to the OBOR (One Belt, One Road) Project, Which Includes Various Infrastructure Projects
Pakistan Battery Industry Segmentation
A battery can be defined as an electrochemical device (consisting of one or more electrochemical cells) that can be charged with an electric current and discharged whenever required. Batteries are usually devices that are made up of multiple electrochemical cells that are connected to external inputs and outputs. The Pakistani battery market is segmented by technology and application. By technology, the market is segmented into lithium-ion battery, lead-acid battery, and other technologies. By application, the market is segmented into SLI batteries, industrial batteries, portable, automotive, and other applications. For each segment, market sizing and forecasts have been done based on revenue (USD million).
| Technology | |
| Lithium-ion Battery | |
| Lead-acid Battery | |
| Other Technologies |
| Application | |
| SLI Batteries | |
| Industrial Batteries | |
| Portable | |
| Automotive | |
| Other Applications |
Pakistan Battery Market Research FAQs
What is the current Pakistan Battery Market size?
The Pakistan Battery Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Pakistan Battery Market?
Zhejiang Narada Power Source Co., Ltd. , Phoenix Battery Ltd. , Atlas Battery Limited, Exide Pakistan Limited. and National Battery Industry Ltd. are the major companies operating in the Pakistan Battery Market.
What years does this Pakistan Battery Market cover?
The report covers the Pakistan Battery Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Pakistan Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pakistan Batteries Industry Report
Statistics for the 2024 Pakistan Batteries market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pakistan Batteries analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
