What is the outlook for Myanmar battery market in 2021 – 2026?

The Myanmar battery market is expected to register a CAGR of greater than 1.5% during the forecast period of 2021 – 2026. Myanmar's battery market depends majorly on automotive application segment. With the COVID-19 pandemic in 2020, the market witnessed a significant decrease in sales.

What is driving the battery market in Myanmar?

Increasing demand from data centers is expected to drive the battery market in Myanmar, owing to the exponential growth of data from the heavy use of technologies like 5G, artificial intelligence (AI), etc. Report scope can be customized per your requirements. Click here.

Will lithium-ion battery market grow in Myanmar?

The automotive segment is expected to witness significant growth during the forecast period, owing to the increasing demand for new vehicles produced in the country. Potential growth of lithium-ion batteries in electric vehicle (EV) market is expected to create immense opportunities for the Myanmar battery market in the coming years.

Who are the major players in Myanmar battery market?

The Myanmar battery market is consolidated. Some of the major players include Siam GS Battery Myanmar Limited, Schneider Electric SE, Toyo Battery Myanmar Co. Ltd, and Panasonic Corporation. Myanmar fourth mobile operator Mytel, in August 2019, announced the launch of its first 5G network in Myanmar.

Why did the automotive market decline in Myanmar in 2020?

The number significantly decreased to 17,707 units in 2020 (a decrease of around 19%). The degrowth in the automotive market was primarily due to a slowdown in the economy, leading to lower per capita income of the people in Myanmar.

How many vehicles are sold in Myanmar in 2018?

The vehicle sales in Myanmar have grown considerably since 2016. In 2018, automobiles' total sales amounted to 17,524 vehicles, with an increase of 113% compared to 2017.