Mexico Battery Market is expected to reach USD 13.46 billion by 2030
The automotive demand and government initiatives for EV adoption are driving up demand for the Mexico battery market during the forecast period.
Mexico Battery Market was valued at USD 2.63 billion in 2022, and is predicted to reach USD 13.46 billion by 2030, with a CAGR of 22.6% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The expansion of the battery market in Mexico is a result of a strong requirement for automotive purposes. Rechargeable batteries are extensively utilized in electric vehicles (EVs) within the automotive sector. The Mexican government is actively implementing various measures to encourage foreign investment in the battery industry, aiming to accelerate the adoption of electric vehicles and electric motorcycles across the country. For instance, in October 2022, Bombardier Recreational Products (BRP) announced an investment of USD 65 million to build a manufacturing plant in Queretaro. This new plant will manufacture EV batteries and electric motorcycles in the country. The project is part of the investment attraction portfolio of the Global Economic Promotion (DGIEG) program of government of Mexico.
However, inadequate management of batteries can result in numerous dangers to both people and the natural surroundings. Discarded or depleted batteries frequently end up in landfills, where they deteriorate and discharge detrimental materials. Gradually, these batteries undergo corrosion, allowing their chemicals to permeate the soil and contaminate both underground and surface water sources. This pollution poses a noteworthy peril to our ecosystem, affecting a multitude of aquatic plants and animals because of the existence of harmful battery constituents such as mercury, cadmium, lithium, and lead. Thus, it is expected to restrain the growth of the battery market in Mexico.
On the other hand, the growing adoption of NDBs in various industries, including automotive, aerospace, and electronics, is expected to create future opportunities for the battery market in Mexico. NDB represents a groundbreaking energy generation and storage solution that reimagines and transforms traditional battery technology. These innovative systems, known as NDBs, boast exceptional durability, a characteristic bolstered by harnessing the energy generated from the radioactive decay of nuclear waste. The enticing attributes of NDB, including its compactness, modularity, cost-effectiveness, and ability to scale seamlessly from small-scale chipsets to extensive industrial applications, serve as a pivotal driver for fostering growth within the battery market. Functioning as a high-power battery utilizing diamond-based alpha, beta, and neutron voltaic principles, NDB emerges as a lasting source of eco-friendly energy for diverse applications, effectively surmounting the limitations associated with conventional chemical batteries.
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According to the report, leading players in the Mexico 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., China Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the Mexico Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Mexico 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 Mexico battery market is provided in the report along with their competitive analysis.