As per the latest report by Renub Research titled “Battery Market by Transport, Size, Forecast 2022-2027, Share, Growth, Industry Trends, Impact of COVID-19, Opportunity Company Analysis” the Battery Market by Transport Size will reach USD 158.41 Billion by 2027. A transportation battery is an electric battery utilized in all-electric vehicles. Transportation batteries rely solely on the chemical energy stored in rechargeable battery packs and do not need a secondary source of propulsion (internal combustion engine, hydrogen fuel cell, and others). The development and commercialization of energy storage technology will significantly impact the power system; because of rapid growth and expansion from small scale towards large scale. It has been durable for more than ten years. Transportation batteries have a wide range of applications like electric trucks, electric vans, rail, electric buses, electric cars, electric motorcycles, scooters, and rickshaws.
Worldwide Battery Market Size by Transport was valued at USD 86.24 Billion in 2021
Notwithstanding, the growing integration of electronics and the rising demand for transportation are the driving factors for the transportation battery industry. Likewise, fuel savings & government incentives for cleaner transportation are essential factors that can boost the growth of the transportation battery market. Furthermore, the introduction and innovation of new hybrid & electric automotive models from OEMs are anticipated to capture the transportation battery market, serving as a stepping stone for market growth.
COVID-19 Impact on Battery Market by Transport
During the pandemic, lithium cell manufacturing plants were temporarily stopped, resulting in a lithium supply shortage in various industries, negatively affecting the transportation battery market. Similarly, the cost of lithium hydroxide, which is utilized in Electric Vehicles (EVs), has grown due to the impact of COVID-19, which has resulted in logistical problems and a rise in the production price as a result of the outbreak. Trade restrictions imposed by the COVID-19 pandemic hindered the supply chain of components such as cobalt and lithium, which are necessary for the manufacturers affecting the transportation battery market growth.
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The Lead-Acid Battery is anticipated to have Significant Growth
Based on Battery Type, transportation battery includes Lithium-ion Based, Lead-acid Based, Nickel-Based, Sodium-ion, and others. The lead-acid battery is rising significantly worldwide. Some of the aspects that surge the need for lead-acid batteries are increase in renewable energy production, developing SLI applications in the automotive industry, and increased demand for energy storage devices. Lead-acid batteries are widely used in the transportation industry, as countries embrace electric vehicles to reduce carbon emissions. The need for lead-acid batteries in the transportation industry is developing rapidly, as emerging economies’ governments support environmentally friendly modes of transport and clean energy.
Besides, the market for lithium-ion batteries is expected to observe the fastest growth during the coming year. A lithium-ion battery is equipped for automotive, consumer electronics, energy storage systems, industrial, and others that demand high-energy density solutions such as electric automobiles and hybrid. Further, to increase vehicle economies, manufacturers are continuously focusing on reducing the price of the battery, driving the market growth globally.
Automotive Battery is the largest segment in Battery Market by Transport
On the basis of Vehicle Type, transportation battery segmented into Automotive Battery, E-bikes, Marine, Forklift. The automotive battery is anticipated to witness steady growth during the forecast period due to the growing preference of end-users for zero-emission hybrid and electric vehicles, owing to the falling battery price, decreasing crude oil reserves, and environmental effects of conventional automobiles. In accumulation to this, a rises in the global battery production capacity has enabled achieve economies of scale in the automotive battery market, which is another primary driver for market growth.
Furthermore, an automotive battery is a rechargeable battery, and it supplies electrical current to a motor vehicle. The batteries are mainly utilized for lighting, powering starting, and ignition of a vehicle. Apart from this, automotive battery is also used to provide power to automobile accessories such as music players, air conditioners, radio, wipers, and charging plugs.
Asia-Pacific to Witness Considerable Growth
Geographically, the Asia Pacific is the biggest automotive battery market, followed by the Americas, Europe, and the Middle East and Africa. The growth rate is largest in the Asia Pacific and is anticipated to be even higher during the forecasted period. Such an increased growth rate is attributed to the emergence of China as a international hub for the automobile industry and rising demands for vehicles from some of the other Asian countries such as Indonesia, Malaysia, India, Thailand and the Philippines.
On the other hand, India and China are to be adequate investment hotspots for battery companies in the coming years, based on policy-level support from the respective governments boosting the manufacturing sector. The deployment of electric vehicles and the building of renewable power plants in China and India are growing rapidly, fostering massive demand for batteries.
The major players in the transportation battery market consist of GS Yuasa Corporation, Johnsons Controls Inc, BYD Company Ltd., Samsung SDI Company Limited, Exide Technologies. The companies are tying up with car companies to increase their market share.
Follow the link for the full report with detailed TOC and list of figures and tables: https://www.renub.com/global-battery-market-by-transport-p.php
- Battery Type – Renub Research Report covers by Battery Type in the 5 viewpoints (Lithium-ion Based, Lead-acid Based, Nickel-Based, Sodium-ion and others)
- Vehicle Type – We have covered Battery Market by Transport breakup by 4 viewpoints by Vehicle Type (Automotive Battery, E-bikes, Marine and Forklift)
- Region – Our Report have covered Battery Market by Transport breakup by 4 viewpoints by Region (Americas, Asia-Pacific, Europe and Middle East and Africa)
- All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) GS Yuasa Corporation, Johnsons Controls Inc, BYD Company Ltd., Samsung SDI Company Limited, Exide Technologies.
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