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The battery market share in Western Africa is expected to increase by USD 7.72 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.46%.
This battery market in Western Africa research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the battery market in Western Africa segmentation by application (stationary and mobile) and geography (Nigeria, Ghana, and Rest of Western Africa). The battery market in Western Africa report also offers information on several market vendors, including EnerSys, Exide Industries Ltd., Forgo Battery Co Ltd., Franerix Solutions Ltd., GS Yuasa Corp., Johnson Controls International Plc, Panasonic Corp., Robert Bosch GmbH, The Ibeto Group, and Toshiba Corp. among others.
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The shift of the automotive industry toward EV is notably driving the battery market growth in Western Africa, although factors such as the declining cost of lithium-ion batteries may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the battery industry in Western Africa. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Battery Market Driver in Western Africa
One of the key factors driving the battery market growth in Western Africa is the shift of the automotive industry toward EV. Stringent regulations are imposed, which ensure compliance with the Paris Agreement on climate change. EVs are considered a green solution for the decarbonization of the transportation sector. On average, EVs release half the amount of greenhouse gases (GHGs) released by conventional vehicles. HEVs combine the advantages of both gasoline engines and electric motors. Thus, the sale of EVs has been increasing steadily since the past decade. To promote their sales further, governments of several countries such as Nigeria are framing objectives and offering incentives in the form of monetary and non-monetary benefits. This will result in increased confidence among manufacturers and other stakeholders in future policy frameworks and fuel investment mobilization. Such factors will support the market growth in the coming years.
Key Battery Market Trend in Western Africa
Another key factor driving the battery market growth in Western Africa is the growing number of microgrid installations. Microgrids have emerged as a solution toâ¯rectify theâ¯inconsistencies in grid infrastructure and performance. Thus, they are becoming increasingly popular in the commercial and industrial sectors, where downtime of even a minute can result inâ¯significant financial loss. In addition, natural calamities have highlighted the fragility of the centralized grid architecture. As a result, governments support the adoption of microgrids owing to their strong enduring capability even during natural disasters.â¯Moreover, microgrids use solar and wind energy sources to generate power, which will further accelerate their adoption, which will support the market growth in the coming years.
Key Battery Market Challenge in Western Africa
One of the key challenges to the battery market growth in Western Africa is the declining cost of lithium-ion batteries owing to improvements in production scale and manufacturing efficiency. For instance, Tesla, US-based energy storage and automotive company aims to bring down the cost of Li-ion batteries to USD 100 per kWh with the commissioning of its Gigafactory. Companies are enhancing Li-ion batteries in every conceivable way, which will lead to a year-by-year reduction in the cost of these batteries. The product offerings of vendors manufacturing lithium-ion batteries are becoming more competitive with substitute technologies such as lead-acid batteries and Ni-MH batteries. Such factors can hinder the profitability of the battery market manufacturers in West Africa during the forecast period.
This battery market in Western Africa analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the battery market in Western Africa as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the battery market in Western Africa during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the battery market in Western Africa encompasses successful business strategies deployed by the key vendors. The battery market in Western Africa is fragmented and the vendors are deploying growth strategies such as technological innovations to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The battery market in Western Africa forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the battery market in Western Africa, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global renewable electricity market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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57% of the market's growth will originate from Nigeria during the forecast period. Ghana is the other key market for batteries in Western Africa. However, market growth in Nigeria will be slower than the growth of the market in other regions.
The significant growth in the GDP and the rise in demand for consumer electronics in the country will facilitate the battery market growth in Nigeria over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 adversely affected the economy of the country. The outbreak led to the implementation of severe lockdowns, which resulted in the closure of battery manufacturing units in the country. However, in Q4 2020, the government lifted lockdown restrictions with the initiation of large-scale vaccination drives in the country. Such factors are expected to drive the growth of the battery market in Nigeria during the forecast period.
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The battery market share growth in Western Africa by the stationary segment will be significant during the forecast period. The high demand for stationary batteries for industrial and telecom applications owing to the need for power storage and an uninterrupted electricity supply will drive the growth of the segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the battery market size in Western Africa and actionable market insights on post COVID-19 impact on each segment.
Battery Market Scope in Western Africa |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.46% |
Market growth 2022-2026 |
$ 7.72 million |
Market structure |
Fragmented |
YoY growth (%) |
3.03 |
Regional analysis |
Western Africa |
Performing market contribution |
Nigeria at 57% |
Key consumer countries |
Nigeria, Ghana, and Rest of Western Africa |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
EnerSys, Exide Industries Ltd., Forgo Battery Co Ltd., Franerix Solutions Ltd., GS Yuasa Corp., Johnson Controls International Plc, Panasonic Corp., Robert Bosch GmbH, The Ibeto Group, and Toshiba Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 01: Parent market
**2.2: Market Characteristics
*Exhibit 02: Market Characteristics
**2.2 Value chain analysis
*Exhibit 03: Value chain analysis: Renewable electricity
*2.2.1 Inputs
*2.2.2 Operations
*2.2.3 Distribution and logistics
*2.2.4 Marketing and sales
*2.2.5 Aftermarket and service
*2.2.6 Industry innovations
***3. Market Sizing
**3.1 Market definition
*Exhibit 04: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 05: Market segments
**3.3 Market size 2020
**3.4 Market outlook: Forecast for 2020 - 2025
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 06: Western Africa - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 07: Western Africa market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 08: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 09: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 10: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 11: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 12: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 13: Threat of rivalry
**4.7 Market condition
*Exhibit 14: Market condition - Five forces 2021
***5 Market Segmentation by Application
**5.1 Market segments
*The segments covered in this chapter are:
*Exhibit 15: Application - Market share 2021-2026 (%)
**5.2 Comparison by Application
*Exhibit 16: Comparison by Application
**5.3 Stationary - Market size and forecast 2021-2026
*Exhibit 17: Stationary - Market size and forecast 2021-2026 ($ million)
*Exhibit 18: Stationary - Year-over-year growth 2021-2026 (%)
**5.4 Mobile - Market size and forecast 2021-2026
*Exhibit 19: Mobile - Market size and forecast 2021-2026 ($ million)
*Exhibit 20: Mobile - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Application
*Exhibit 21: Market opportunity by Application
***6 Customer landscape
**6.1 Overview
*Exhibit 22: Customer landscape
***7 Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 23: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 24: Geographic comparison
**7.3 Nigeria - Market size and forecast 2021-2026
*Exhibit 25: Nigeria - Market size and forecast 2021-2026 ($ million)
*Exhibit 26: Nigeria - Year-over-year growth 2021-2026 (%)
**7.4 Ghana - Market size and forecast 2021-2026
*Exhibit 27: Ghana - Market size and forecast 2021-2026 ($ million)
*Exhibit 28: Ghana - Year-over-year growth 2021-2026 (%)
**7.5 Rest of Western Africa - Market size and forecast 2021-2026
*Exhibit 29: Rest of Western Africa - Market size and forecast 2021-2026 ($ million)
*Exhibit 30: Rest of Western Africa - Year-over-year growth 2021-2026 (%)
**7.6 Market opportunity by geography
*Exhibit 31: Market opportunity by geography ($ million)
***8 Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Shift of automotive industry toward EV
*8.1.2 Rising demand for smart devices
*8.1.3 Increasing inclusion of renewables in energy mix
**8.2 Market challenges
*8.2.1 Declining cost of lithium-ion battery
*8.2.2 Demand-supply gap of battery components
*8.2.3 Stringent regulations for lead-acid batteries
*Exhibit 32: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Growing number of microgrid installations
*8.3.2 Rising inclusion of renewables in the energy mix
*8.3.3 Integration of 3D printing technology
***9. Vendor Landscape
**10.1 Competitive scenario
**10.2 Vendor landscape
*Exhibit 33: Vendor Landscape
**10.3 Landscape disruption
*Exhibit 34: Landscape disruption
**10.4 Industry risks
*Exhibit 35: Industry risks
***11. Vendor Analysis
**11.1 Vendors covered
*Exhibit 36: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 37: Market positioning of vendors
**10.3 EnerSys
*Exhibit 38: EnerSys - Overview
*Exhibit 39: EnerSys - Business segments
*Enersys - Key news
*Exhibit 40: EnerSys - Key offerings
*Exhibit 48: EnerSys - Segment focus
**10.4 Exide Industries Ltd.
*Exhibit 41: Exide Industries Ltd. - Overview
*Exhibit 42: Exide Industries Ltd. - Business segments
*Exhibit 43: Exide Industries Ltd. - Key offerings
*Exhibit 44: Exide Industries Ltd. - Segment focus
**10.5 Forgo Battery Co Ltd.
*Exhibit 45: Forgo Battery Co Ltd. - Overview
*Exhibit 46: Forgo Battery Co Ltd. - Product and service
*Exhibit 47: Forgo Battery Co Ltd. - Key offerings
**10.6 Franerix Solutions Ltd.
*Exhibit 48: Franerix Solutions Ltd. - Overview
*Exhibit 49: Franerix Solutions Ltd. - Product and service
*Exhibit 50: Franerix Solutions Ltd. - Key offerings
**10.7 GS Yuasa Corp.
*Exhibit 51: GS Yuasa Corp. - Overview
*Exhibit 52: GS Yuasa Corp. - Business segments
*Exhibit 53: GS Yuasa Corp. - Key offerings
*Exhibit 54: GS Yuasa Corp. - Segment focus
**10.8 Johnson Controls International Plc
*Exhibit 55: Johnson Controls International Plc - Overview
*Exhibit 56: Johnson Controls International Plc - Business segments
*Exhibit 57: Johnson Controls International Plc - Key offerings
*Exhibit 58: Johnson Controls International Plc - Segment focus
**10.9 Panasonic Corp.
*Exhibit 59: Panasonic Corp. - Overview
*Exhibit 60: Panasonic Corp. - Business segments
*Exhibit 61: Panasonic Corp. - Key offerings
*Exhibit 62: Panasonic Corp. - Segment focus
**10.10 Robert Bosch GmbH
*Exhibit 63: Robert Bosch GmbH - Overview
*Exhibit 64: Robert Bosch GmbH - Business segments
*Exhibit 65: Robert Bosch GmbH - Key offerings
*Exhibit 66: Robert Bosch GmbH - Segment focus
**10.11 The Ibeto Group
*Exhibit 67: The Ibeto Group - Overview
*Exhibit 68: The Ibeto Group - Product and service
*Exhibit 69: The Ibeto Group - Key offerings
**10.12 Toshiba Corp.
*Exhibit 70: Toshiba Corp. - Overview
*Exhibit 71: Toshiba Corp. - Business segments
*Exhibit 72: Toshiba Corp. - Key offerings
*Exhibit 73: Toshiba Corp. - Segment focus
***12. Appendix
**12.1 Scope of the report
*12.1.1 ????Market definition
*12.1.2 ????Objectives
*12.1.3 ????Notes and caveats
**12.2 Currency conversion rates for US$
*Exhibit 74: ?Currency conversion rates for US$?
**12.3 Research Methodology
*Exhibit 75: ?Research Methodology
*Exhibit 76: ??Validation techniques employed for market sizing?
*Exhibit 77: ??Information sources
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