Mexico Battery Market by Type (Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, and Others), by Application (Residential, Industrial, and Commercial), and by Power Systems (Fuel Cell Batteries, Proton-Exchange Membrane Fuel Cells, Alkaline Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Air Cells, Flywheel Energy Storage, Nuclear Batteries) – Opportunity Analysis and Industry Forecast 2023-2030

Market Definition

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. 

A battery functions as a reservoir for storing energy which it later releases by converting chemical energy into electrical energy. This process is achieved through the utilization of one or more electrochemical cells. Categorized into primary and secondary types, batteries serve as integral components in our daily lives. Primary batteries, also known as non-rechargeable batteries, offer a straightforward and convenient power source for a wide array of portable devices such as cameras, watches, toys, radios, and lighting equipment. In contrast, secondary batteries, termed rechargeable batteries, possess the capability to be replenished with electrical charge subsequent to their discharge. This distinction underscores the indispensable role batteries play in our modern existence.

Automotive Demand and Government Initiatives for EV Adoption is Driving Battery Market in Mexico

The battery market growth in Mexico can be attributed to high demand for automotive applications. The automotive industry makes use of rechargeable batteries in EVs. The government in Mexico is undertaking several initiatives to welcome foreign investment in the battery industry to increase the adoption of EVs and electric motorcycles in 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.

Empowering Mexico's Thriving Medical Device Industry is Driving the Market Growth in Mexico

Mexico is one of the largest manufacturers and exporters of medical devices. Medical device manufacturing in Mexico is carried out by leading global manufacturers in the industry, such as Medtronic, Kimberly Clark, Boston Scientific, Johnson & Johnson, GE, Tyco, Siemens, Cardinal Healthcare, Becton Dickinson, 3M, and Stryker Incorporated. Batteries find various applications in the medical field. These include the use of batteries as power sources for surgical tools, cardiac pacemakers, defibrillators, and sensors. Moreover, they are also used in devices for pain relief, iontophoretic therapy, and drug administrating devices. Such factors boost the growth of battery market in this country.

Safety Issues Related to Battery Usage in Canada

Careless management of batteries can give rise to a range of hazards, impacting both human well-being and the environment. Disposed or spent batteries are often treated as waste and deposited in landfills, leading to their gradual degradation and the emission of hazardous substances. These batteries break down over time, releasing chemical constituents into the soil, consequently threatening groundwater and surface water quality. Consequently, this pollution exerts a substantial toll on our ecosystem, hindering aquatic flora and fauna that come into contact with detrimental battery elements like mercury, cadmium, lithium, and lead. As a result, these issues are expected to restrain the growth of the battery market.

Introduction of Nano-Diamond Batteries (NDB) in Multiple Industries

The growing adoption of Nuclear Diamond Batteries (NDBs) across diverse sectors including automotive, aerospace, and electronics is anticipated to create future opportunities within the battery market of Mexico. NDBs represent a groundbreaking advancement in energy generation and storage, fundamentally transforming the concept of batteries. These batteries possess remarkable durability by harnessing the energy produced from the radioactive decay of nuclear waste. The battery market's trajectory is being shaped by the alluring attributes of NDBs, including their compactness, adaptability, cost-efficiency, and scalability across various applications, from small-scale chipsets to large industrial setups. NDBs, functioning as high-power diamond-based alpha, beta, and neutron voltaic batteries, offer a continuous source of clean energy for a wide array of applications, surpassing the performance of conventional chemical batteries.

Competitive Landscape  

The Mexico battery industry includes several market players such as 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 BENEFITS

• The Mexico battery market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.

• The competitive analysis of the market players along with their market share in the Mexico battery market.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

MEXICO BATTERY MARKET KEY SEGMENTS

By Type

• Lead Acid

  • Stationary

  • Motive

• Lithium Ion

  • Lithium Nickel Manganese Cobalt (LI-NMC)

  • Lithium Iron Phosphate (LFP)

  • Lithium Cobalt Oxide (LCO)

  • Lithium Titanate Oxide (LTO)

  • Lithium Manganese Oxide (LMO)

  • Lithium Nickel Cobalt Aluminum Oxide (NCA)

• Nickel Metal Hydride

• Nickel Cadmium

• Others

By Application

• Residential

• Industrial

  • Manufacturing & Construction

  • Automotive

  • Medical

  • Telecom & IT

  • Consumer Electronics

  • Power & Utility

  • Aerospace

  • Marine

  • Others

• Commercial

By Power Systems

• Fuel Cell batteries

• Proton-Exchange Membrane Fuel Cells

• Alkaline Fuel Cells

• Phosphoric Acid Fuel Cells

• Solid Oxide Fuel Cells

• Molten Carbonate Fuel Cells

• Air Cells

• Flywheel Energy Storage

• Nuclear Batteries

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