DUBLIN, Feb. 15, 2024 /PRNewswire/ — The “Transportation Battery Market, Size, Global Forecast 2024-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
Global Transportation Battery Market size is estimated to reach US$ 172.51 Billion by 2028 from US$ 111.35 Billion in 2023, growing at a CAGR of 9.15% during 2023-2028
The global demand for batteries is on the rise, primarily fueled by the push to reduce carbon emissions through the electrification of vehicles and transitioning energy sources.
Batteries used in transportation solely rely on stored chemical energy in rechargeable packs, eliminating the need for secondary propulsion sources like hydrogen fuel cells or internal combustion engines. The advancement and widespread adoption of energy storage technology could have a profound impact on the power grid, with rapid advancements ranging from small-scale to large-scale applications.
The significant driver of infrastructure investment in both emerging and developed economies is rapid urbanization, which is expected to increase demand for transportation batteries. This trend is reflected in the growing global demand for energy storage systems integrated into urban rail infrastructure, further fueling the need for transportation batteries.
However, challenges such as underdeveloped electric vehicle support infrastructure and concerns over battery safety are anticipated to hinder market growth in the forecast period. Additionally, high initial costs, limited range, and volatile oil prices pose potential constraints on the overall growth of the global Transportation Battery Market.
Transportation batteries, utilized in electric vehicles such as hybrids, plug-in hybrids, electric bicycles, and scooters, come in various sizes and configurations to accommodate different transportation needs. These batteries comprise positive and negative electrodes separated by an electrolyte solution, enabling the flow of ions to generate electrical energy when an electrical current is applied.
The surge in demand for electric vehicles and stringent government regulations regarding emissions from conventional vehicles are driving factors behind the market’s expansion. Furthermore, the increasing integration of electronics and growing transportation needs contribute to the growth of the transportation battery market. Additionally, fuel savings and government incentives promoting cleaner transportation are significant factors that could further propel market growth.
The introduction and innovation of new hybrid and electric vehicle models by Original Equipment Manufacturers (OEMs) are expected to drive the transportation battery market, serving as a catalyst for market expansion. Opportunities such as increasing demand for hybrids and electric vehicles, coupled with ongoing research and development in EV battery technology, present promising avenues for growth on a global scale.
Lithium-ion batteries are poised to dominate the transport battery market with the largest market percentage
By Battery Type, the Transportation battery market is segmented into Lithium Ion Battery, Lead Acid Battery and Other Battery Types. The automobile industry has witnessed a surge in the adoption of electric automobiles (EVs) pushed by the aid of government projects to section out fuel-based motors. The ambitious “”zero carbon”” targets set by governing bodies globally have similarly accelerated the demand for Electric Vehicles, subsequently enlarging the demand for transportation lithium-ion batteries as a key element in electric-powered vehicles energy systems.
As the arena shifts closer to greener mobility solutions, the need for lithium-ion batteries continues to surge. Major automakers are investing closely in EV production, further fueling this trend. Additionally, improvements in lithium-ion technology are constantly enhancing their performance and affordability. This, coupled with the developing infrastructure for EV charging, solidifies the lithium-ion battery’s role as the main demand in the transportation battery market, using a sustainable future.
With the shift to electric-powered automobiles gaining momentum, there has been an explosive surge in battery demand, mainly in global automobile markets
By Vehicle Type, the Transportation battery market is divided into Passenger Cars, Light and Heavy Commercial Vehicles, and electric vehicles. Electric cars (EVs) are undeniably the fastest-developing sector in the transport battery market. With a worldwide emphasis on lowering emissions and combating climate change, EV adoption is surging. Improved battery technology has extended driving ranges and shortened charging times, addressing key consumer issues.
Consequently, numerous companies are venturing into developing their battery giga factories or establishing joint ventures to tackle increasing limited supplies. Projections suggested that demand is set to enhance by about 30%, drawing close to a staggering 4,500 gigawatt-hours (GWh) annually worldwide by 2030. Furthermore, global governments are presenting incentives and investing in charging infrastructure to boost EV adoption. Major automakers are also heavily investing in the EV production, introducing various models to cater to numerous purchasers’ wishes.
China has cemented itself as the biggest and most influential market within the transport battery industry
China firmly holds the most important market in the transport battery industry. This monetary giant has been at the vanguard of electrifying its transportation region, spurred by environmental issues and a dedication to lowering emissions. The government’s generous incentives and sturdy rules have elevated electric-powered automobile (EV) adoption, creating a surge for batteries.
Chinese EV producers like BYD and NIO and worldwide players like Tesla have set up full-scale production operations in China to meet this hovering demand. With a population of over one thousand million and an ever-developing EV infrastructure, China’s dominance within the transport battery market is set to continue, shaping the future of sustainable mobility on a massive scale.
Companies Covered: Overview, Recent Developments, Financial Insights
BYD Company Ltd
Samsung SDI Company Limited
GS Yuasa Corporation
Johnsons Controls Inc
Exide Technologies
Battery Type – Battery Market by Transport has been covered from 3 viewpoints:
Lithium Ion Battery
Lead Acid Battery
Other Battery Types
Vehicle Type – Battery Market by Transport has been covered from 4 viewpoints:
Passenger Cars
Light and Heavy Commercial Vehicles
Electric Vehicles
Others
Region
North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
India
Australia
Indonesia
Thailand
Malaysia
Others in Asia-Pacific
Europe
Poland
Germany
Spain
France
United Kingdom
Italy
Netherlands
Turkey
Others in Europe
Middle East and Africa
Saudi Arabia
UAE
South Africa
Others in Middle East and Africa
South America
Brazil
Argentina
Chile
Mexico
Others in Latin America
For more information about this report visit https://www.researchandmarkets.com/r/tkp2ni
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