Proven Technology Industry Company Limited (PTIC) is Myanmar’s leading lead acid battery manufacturer for automotive, industrial-standby and specialized applications uses. Its TOYO and LION batteries are the brand leaders of Myanmar’s automotive lead acid battery market.
(PTIC) is one of the leading firms in Myanmar that manufacture a number of high-tech industrial products. These include lead acid automobile batteries, industrial stand-by batteries and other various types of specialized batteries. Among them, many of the specialized types include locomotive batteries and forklift batteries.
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. According to the Automotive Association of Myanmar, in 2019, new vehicle sales amounted to 21,916 vehicles, with an increase of about 25% compared to 2018 (sales of 17,524 vehicles).
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.
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.
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.