In Nigeria, the mitigation of power outages is a critical application. Nigeria has faced challenges with power supply stability, experiencing frequent outages or unreliable electricity access in various regions. Batteries, particularly in the form of Uninterruptible Power Supply (UPS) systems, offer a valuable solution. These systems can be installed in homes and businesses to act as a backup power source during electricity disruptions. When the main power supply faces interruptions or fails, the batteries kick in seamlessly, providing continuous and uninterrupted power to essential electronic equipment.
According to Data Bridge Market Research analyses the 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.
"Rise in Sustainable Development Boosts the Market Growth"
The Nigeria battery market is being propelled by a rising emphasis on sustainable development, primarily linked to the increasing global awareness of the environmental impacts of traditional automobiles. This shift is notably driven by a growing interest in electric vehicles (EVs) as cleaner alternatives. The Nigerian government's implementation of initiatives to promote sustainable practices, potentially including incentives for EV adoption, further contributes to this momentum. Additionally, the market is influenced by broader global trends favoring sustainable energy and transportation, with a focus on reducing carbon footprints. The pursuit of energy independence, coupled with ongoing technological advancements in battery technologies, further positions the Nigeria battery market to cater to the expanding demand for EVs and sustainable solutions.
What restraints the growth of Nigeria battery market?
“Safety Issues Hampers the Market Growth”
The growth of the battery market in Nigeria faces significant hurdles due to safety concerns related to battery usage, limited range of battery-powered devices, and fluctuating oil prices. Safety issues, encompassing risks such as overheating and explosions, could erode consumer trust and impede market adoption. The limited range of batteries, particularly in electric vehicles, may hinder their widespread acceptance, impacting environmental goals. Moreover, in a country where oil plays a crucial economic role, fluctuating oil prices can influence consumer preferences, potentially slowing the transition to battery-powered solutions.
Segmentation: Nigeria Battery Market
The Nigeria battery market is segmented on the basis of battery type, type, sales channel, voltage range, components and application.
- On the basis of battery type, the Nigeria battery market is segmented into lithium ion based, lead acid based, nickel metal hydride, and others
- On the basis of type, the Nigeria battery market is segmented into secondary, and primary
- On the basis of sales channel, the Nigeria battery market is segmented into direct, and indirect
- On the basis of voltage range, the Nigeria battery market is segmented into less than 50 volt, 51 volt to 100 volt, and more than 100 volt
- On the basis of components, the Nigeria battery market is segmented into anode, cathode, separator, and outer body/container
- On the basis of application, the Nigeria battery market is segmented into automotive, commercial, mobile phones, electronic devices, industrial, and others
To know more about the study, visit https://www.databridgemarketresearch.com/reports/nigeria-battery-market
Recent Developments in Nigeria Battery Market
- In May 2021, CATL and Daimler Truck AG announced the deepening of their ongoing collaboration, driven by a shared commitment to CO2-neutral electrified trucking. Under this intensified partnership, CATL is set to serve as the supplier of lithium-ion battery packs for the Mercedes-Benz eActros LongHaul battery-electric truck. Anticipated to commence series production in 2024, these trucks represent a significant step toward realizing a sustainable and environmentally friendly future in the realm of electric trucking.
The Prominent Key Players Operating in the Nigeria Battery Market Include:
- 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. (U.S.)
- 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. (U.S.)
- Shenzhen BAK Technology Co., Ltd. (China)
- Contemporary Amperex Technology Co., Limited (China)
- A123 Systems LLC (U.S.)
- Amperex Technology Limited (China)
- XALT Energy (Switzerland)
- Leclanche (Switzerland)
Above are the key players covered in the report, to know about more and exhaustive list of Nigeria battery market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Nigeria Battery Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
