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The West Africa battery market is expected to grow at a CAGR of more than 4.5%. West Africa battery market is mainly driven by an increase in demand for batteries for applications in consumer electronics, electric vehicles, and backup power applications. Factors such as an increase in demand for electric vehicles and declining battery prices are expected to drive the battery market in West Africa. However, factors such as lack of domestic manufacturing facilities coupled with the effect of COVID-19 causing a decline in investments are likely to hinder the growth of the battery market during the forecast period.
– The lead-acid battery is expected to dominate in the West Africa battery market.
– Battery energy storage is procured by developing mini-grids mainly from imports because of the inadequate manufacturing capacity in the region. In West Africa, about 128,000 mini-grids have been approved for construction by 2030 by countries that are members of the Economic Community of West African States at an estimated cost of USD 3.7 billion, which in turn, likely to provide an opportunity in the battery market in the future.
– Ghana is expected to dominate in the West Africa battery market during the forecast period.
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Key Market Trends
Lead Acid Battery to Dominate the Market
– The demand for lead-acid battery in West Africa is set to surge in the coming years. The increased production of automobiles and motorcycles, and the growing application of such batteries in industrial sectors such as healthcare, chemical, and oil & gas, have spurred the growth of the lead-acid battery in the region.
– Lead-acid batteries in the automotive applications are mostly SLI batteries, and the lead-acid battery can also be used for applications like in-vehicle entertainment systems, power steering, power locking, power window systems, etc.
– Due to the trend of rapid globalization and industrialization in countries across the region, lead-acid batteries are increasingly finding application in numerous areas and devices. Increasing requirements for UPS systems in corporate offices, industries, research, and educational institutes, and homes are driving the demand for lead-acid batteries.
– Gravita has begun commercial production of lead at its new plant in West Africa, in which it is expected to produce 12,000 tonnes a year and at the end of 2019 it has marked a production capacity of 6,000 tonnes.
– Recycling of lead acid battery is another main large sector in West Africa especially in Ghana. Ghana is known as the leading player in recycling lead acid batteries in West Africa.
– Due to the factors like declining cost of lead and lack of lithium-ion manufactures, the lead-acid battery market is expected to dominate in West Africa over the forecast period.
Ghana to Dominate the Market
– Ghana is expected to dominate the battery market over the forecast period due to the recycling capacity of lead batteries, increasing adoption of consumer electronic goods, and increasing automotive sales, which in turn is expected to boost the overall battery demand in the region.
– Furthermore, the construction and building industry remains one of the fastest-growing sectors, owing to the increasing population in the country. Infrastructure development projects, booming industrialization, and construction activities are expected to be on the higher side in the country, which in turn, is expected to supplement the demand for batteries for activities, such as backup, lighting, and power tools.
– Factors such as a rise in the demand for zero-emission vehicles have been driving the growth of lithium-ion batteries for electric vehicles in the country.
– Ghana, like many other African countries, is facing a power supply shortage, which has led to load shedding. To minimize the impact of the power crisis, battery energy storage devices have been used in residential and nonresidential sectors, which in turn is expected to boost the battery market in the country.
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The West Africa battery market is consolidated. Some of the key players in the market include Luminous Power Technologies, Tanda Integrated Logistics Nigeria Limited, The Ibeto Group, Forgo Battery Company Limited, and Franerix Solutions Ltd.
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD biliion,
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Force 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 Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION