Mexico Battery Market Overview, 2029

Mexico plays a significant role in North America, with its strategic location, growing economy, and rich cultural heritage. As an important trade partner and economic hub, Mexico contributes to regional stability and development. Despite facing challenges in environmental and social spheres, the country continues to be a key player in North America's economic and cultural landscape. Mexico's industrial distribution is characterized by regional specializations: automotive and maquiladoras in the north, manufacturing and financial services in the central region, tourism and agriculture in the south, and mining and technology in the west. The population is concentrated in major urban centers, with Mexico City being the largest. Each region contributes uniquely to the country’s overall industrial and economic landscape. Mexico's industrial distribution is characterized by regional specializations: automotive and maquiladoras in the north, manufacturing and financial services in the central region, tourism and agriculture in the south, and mining and technology in the west. The population is concentrated in major urban centers, with Mexico City being the largest. Each region contributes uniquely to the country’s overall industrial and economic landscape. According to the research report "Mexico Batteries Market Overview, 2029," published by Bonafide Research, the Mexico batteries market is expected to reach a market size of more than USD 6.52 Billion by 2029. Electric vehicles are being used more often in Mexico, both for personal and business purposes. A number of automakers, including Ford, Tesla, and others, intend to increase electric vehicle (EV) production in Mexico, which raises the need for lithium-ion batteries. Government programs to lower carbon emissions are encouraging manufacturers and users to switch to electric vehicles by offering incentives. The Mexican government is promoting the use of renewable energy sources such as solar and wind. As renewable energy grows, the need for energy storage solutions to stabilize the grid increases, boosting demand for large-scale battery systems. Leading international corporations, primarily in the automotive and industrial domains, are present in the Mexican market, including Johnson Controls, Exide Technologies, and EnerSys. Mexican businesses, such as Johnson Controls subsidiary LTH, are well-known in the region, particularly in the lead-acid battery industry. Based on by type, Secondary battery holds the largest share in the market. The growth of the secondary (rechargeable) battery market in Mexico is driven by the increasing adoption of electric vehicles (EVs), renewable energy systems, and consumer electronics. Secondary batteries are gaining prominence due to their superior energy density, longer lifecycle, and ability to recharge, making them suitable for a variety of applications. The need for secondary batteries is being driven by Mexico's expanding market for smartphones, laptops, and other consumer electronics, which presents opportunities for suppliers and manufacturers operating in this industry. Secondary batteries are essential for industrial applications such as mining, manufacturing, and telecommunications, as well as off-grid energy solutions for backup power. Advanced battery technologies will become more and more necessary as these areas grow. The primary batteries market has its own uses and importance as the primary batteries play a critical role in powering various medical devices, such as hearing aids, pacemakers, glucose monitors, and thermometers. The reliability and long shelf life of primary batteries make them well-suited for medical applications, which require stable, uninterrupted power.

The technology of the battery is another factor that divides the battery industry; different battery kinds include lead acid, lithium ion, nickel metal hybrid, nickel cadmium, and others. Out of all the batteries mentioned, lead acid batteries have the largest market share in Mexico, followed by lithium ion batteries. On the other hand, the market for batteries in Mexico is seeing the fastest growth in lithium ion batteries. The rise in the automobile industry, industrialization, telecommunications, and dependence on backup power systems are the main factors propelling Mexico's lead-acid battery market. Lead-acid batteries are still a crucial part of many industries because of their low costs, track record of dependability, and robust recycling system. Although lithium-ion batteries and other newer battery technologies may pose threats to the industry, lead-acid batteries' extensive use and financial advantages will guarantee their continued significance in Mexico for many years to come. Mexico holds significant lithium reserves, particularly in the northern state of Sonora, which has attracted attention from global battery and EV manufacturers. Opportunities exist for developing domestic lithium supply chains to feed the growing demand for lithium ion batteries. Batteries have three primary uses: automobile batteries for automation, industrial batteries for business usage, and portable batteries for use in home gadgets and other items. Among the applications listed, automotive batteries account for the largest percentage of Mexico's battery market. The automotive battery market in Mexico is poised for significant growth due to the country's strong automotive manufacturing base, increasing demand for electric and hybrid vehicles, and government policies supporting clean energy and electrification. As Mexico’s industrial sector continues to expand and modernize, the demand for advanced and efficient battery solutions is expected to increase, driving innovation and investment in the market. In the Mexican batteries market, the portable battery segment holds the second-highest percentage share. The expanding usage of portable electronics, improvements in battery technology, and increased customer demand for dependable and long-lasting power sources are all contributing factors to the growth of the portable batteries market in Mexico. Consumer requirements for portable batteries revolve around capacity, charging speed, portability, compatibility, safety, charging options, and environmental considerations. As technology advances and consumer needs evolve, manufacturers are continuously innovating to meet these demands, offering a wide range of portable batteries that cater to diverse preferences and use cases. COVID-19 Impact The COVID-19 pandemic had a major effect on Mexico's battery market, bringing about changes and difficulties. Disruptions in the supply chain caused shortages and delays, which impacted the availability of raw materials and final goods. This was especially noticeable with lithium-ion batteries, which are necessary for electric cars and devices. However, because of the increased emphasis on remote work and online learning, the epidemic hastened the need for portable batteries, which has increased demand for power banks and backup solutions. A greater emphasis was also placed on technology related to health and safety, such as medical gadgets that run on batteries. Additionally, the epidemic increased interest in resilient supply chains and local manufacturing. Ultimately, despite early challenges, the market grew in certain areas due to shifting customer demands and advances in technology.

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Manmayi Raval

Research Consultant

Considered in this report • Geography: Mexico • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Mexico Batteries market with its value and forecast along with its segments • Region-wise Batteries market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By type • Primary • Secondary

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By Technology Type • Lead acid • Lithium ion • Nickel metal hybrid • Nickel cadmium • Other By Application • Automotive Batteries • Industrial Batteries • Portable Batteries The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the battery manufacturers, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.