Latin America Battery Market is expected to reach USD 25.63 billion by 2030
The emergence of dominant battery material suppliers along with demand for consumer electronics are driving up demand for the Latin America battery market during the forecast period.
Latin America Battery Market was valued at USD 7.10 billion in 2022, and is predicted to reach USD 25.63 billion by 2030, with a CAGR of 17.4% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The battery market's expansion in Brazil receives a boost from prominent battery material suppliers like CBMM. Their increased niobium product sales to battery material manufacturers are targeted at high-end industrial and commercial sectors, including heavy transportation, energy storage, defense, medical, and more. CBMM is investing in niobium-driven battery technology, aiming to achieve 50,000 tonnes in sales by 2030. With ambitious plans, the company expects the battery market to comprise up to 25% of its annual revenue by 2030, showcasing exponential growth potential. For instance, in March 2022, CBMM announced that the company will supply niobium battery cells for Horwin electric motorcycles.
However, improper battery management poses a range of hazards affecting both human health and the environment. Disused or wrongly discarded batteries often find their way into landfills, where they break down over time, releasing hazardous substances. As these batteries degrade, their chemical components can infiltrate the soil, leading to pollution of underground and surface water sources. This contamination presents a substantial threat to ecosystems, resulting in detrimental effects on aquatic plants and animals due to the existence of hazardous battery elements like mercury, cadmium, lithium, and lead. Consequently, this scenario is anticipated to hinder the growth of the battery market in Latin America.
On the other hand, the increasing adoption of NDBs across diverse sectors such as automotive, aerospace, and electronics is poised to open up future opportunities in the Latin America's battery market. The emergence of NDBs signals a revolutionary departure in the realm of energy generation and storage, challenging the established norms of conventional battery technology. These Nuclear Diamond Batteries (NDBs) represent a groundbreaking advancement, harnessing the latent energy within radioactive decay of nuclear waste to generate usable power. Distinguished by their unique attributes, these exceptional systems excel in capturing and converting energy derived from radioactive decay. NDBs stand out due to their compact design, modular capabilities, cost-effectiveness, and scalability, making them adaptable and valuable across a wide spectrum, from small-scale chipsets to expansive industrial applications. By employing alpha, beta, and neutron voltaic principles within a sturdy diamond-based framework, NDBs offer a sustainable and enduring energy solution for a diverse array of applications, effectively surpassing the limitations of traditional chemical battery technologies.
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According to the report, leading players in the Latin America battery market include LG Chem Ltd., CATL, Samsung SDI Co. Ltd., BYD, SKI, ENVISION AESC GROUP LTD., Gotion High tech Co Ltd, Primearth EV Energy Co., Ltd., Latin America Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the Latin America Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Latin America battery market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the Latin America battery market is provided in the report along with their competitive analysis.