Renub Research provided a thorough industry analysis with market share insights in a recent report titled "Transportation Battery Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2028". Transportation Battery Market share research is also provided for competitors, market segments, and recent advancements.
The transportation battery market is expected to grow by 9.15% CAGR between 2023 and 2028. The transportation battery market is experiencing considerable growth, pushed by the worldwide shift to electric-powered mobility. With increasing troubles about environmental sustainability and a focal point on lowering carbon emissions, there may be a growing demand for batteries for electric vehicles (EVs). Battery technology advancements, combined with supportive authority policies and incentives, contribute to the speedy boom in using battery-powered gadgets and motors. The market is witnessing improvements in battery chemistry, electricity density, and charging infrastructure, contributing to the expanding adoption of electric transportation in numerous sectors, including motors, aviation, and public transportation.
Moreover, the International Energy Agency (IEA) predicts a notable surge in global electric vehicle (EV) sales, forecasting 6.7 million units in 2023—a 50% growth from the preceding year. This surge is driven by the increasing popularity of electric vehicles, fueled by government incentives, environmental concerns, and advancements in battery technology. This surge in electric vehicle demand translates into a thriving high-performance transportation battery market. Also, the transportation battery market diversifies into electric buses, vehicles, bikes, boats, and airplanes, expanding its overall length. Rapid technological advancements, including improved energy density and faster charging instances, make EVs more practical, improving enchantment and propelling the market growth. Consequently, the Global Transportation Battery Market size is estimated to reach US$ 172.51 Billion by 2028.
Besides, scaling up production and improving manufacturing performance lessen battery costs, making electric vehicles (EVs) affordable and accessible. Government help, including subsidies and tax incentives, can create effective surroundings for battery producers and promote market growth through enhancing charging infrastructure. An investment increase, pushed by hooked-up organizations and startups, accelerates research, improvement, and production of superior transportation batteries, reinforcing market power. Amid weather alternate and air pollution issues, an intensified focus on sustainability drives demand for cleaner transportation solutions, with battery gambling as essential in attaining sustainable mobility desires and contributing to a substantial market increase.
Lithium-ion batteries are positioned as the frontrunners in the transportation battery market.
The dominance of the transportation battery market is propelled by their superior electricity density, longer lifespan, and efficiency in imparting power for electric vehicles (EVs) compared to standard options. The tremendous adoption of lithium-ion batteries is also driven by continuous technological improvements, making them the go-to choice for electric mobility solutions. As the transportation region increasingly shifts towards electrification, the versatility and performance of lithium-ion batteries solidify their pivotal role in propelling this transformative trend.
Electric vehicles (EVs) are the most swiftly advancing phase in the transportation battery market.
With a surge in global hobby and adoption, EVs are reshaping the automobile enterprise, pushed by environmental cognizance, government incentives, and advancements in battery technology. The demand for high-performance batteries for electric motors is a crucial catalyst for market increase, reflecting a paradigm shift towards sustainable and smooth transportation solutions internationally.
China has solidified its function as the largest and most influential market in the transportation battery industry.
The China Association of Automobile Manufacturers (CAAM) anticipates EV sales of 8 million units in 2023, resulting in around 15–16 million vehicles on the street by the end of the year. China dominates the worldwide transportation battery industry with a strategic cognizance of electric automobiles and superior battery tech. Robust production abilities and huge RD investments also contribute to its success. Government initiatives supporting EV adoption and a vast client base create dynamic surroundings, positioning China as a crucial driving force shaping the worldwide future of electric mobility and transportation battery technology.
Competitive Landscape.
Global transportation battery market players include GS Yuasa Corporation, BYD Company Ltd., Samsung SDI Company Limited, Johnsons Controls Inc., and Exide Technologies.
Market Summary.
- Battery Type- The Report covers the Transportation Battery Market by battery type in 3 viewpoints (Lithium Ion Battery, Lead Acid Battery, and Other Battery Types).
- By vehicle type - the Transportation Battery Market breaks into 4 viewpoints (Passenger Cars, Light and Heavy Commercial Vehicles, Electric Vehicles, and Others).
- Region- The Transportation Battery Market break up into five viewpoints (North America (United States, Canada), Europe (Poland, Germany, Spain, France, United Kingdom, Italy, Netherlands, Turkey and Others in Europe), Asia Pacific (China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia, Others in Asia-Pacific), Middle East Africa (Saudi Arabia, UAE, South Africa, Others in Middle East and Africa) and Latin America (Brazil, Argentina, Chile, Mexico, Others in Latin America)).
- Key Players- All the major players in the Transportation Battery Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue): GS Yuasa Corporation, BYD Company Ltd., Samsung SDI Company Limited, Johnsons Controls Inc., and Exide Technologies.