Dublin, Feb. 16, 2024 (GLOBE NEWSWIRE) -- 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
Transportation batteries depend totally on the chemical energy saved in rechargeable battery packs and do not require a secondary supply of propulsion (hydrogen gas cell, inner combustion engine, and others). The improvement and commercialization of energy storage technology could tremendously impact the power system due to rapid progress and enlargement from small to large scale.
Rapid urbanization in both rising and advanced economies is predicted to be among the major drivers of infrastructure investment over the forecast time frame, increasing demand for batteries for the transportation market. Incorporating these trends in urban rail infrastructure is growing worldwide demand for energy storage systems and, as an outcome, is pressure to worldwide demand for transportation batteries.
In addition, underdeveloped EV support infrastructure and battery safety problems are predicted to preclude growth throughout the forecast period. Moreover, high initial costs, restrained range, and hastily changing oil expenses are capability restraints on the global Transportation Battery Market standard growth. A transportation battery is a rechargeable battery used in electric vehicles such as hybrid vehicles, plug-in hybrids, electric bicycles, scooters, and many others.
Transportation batteries are available in different styles and sizes to meet the desires of various transportation modes. These batteries are made from positive and negative electrodes with an electrolyte solution between them that permits the flow of ion When an electrical current is carried out, the battery converts chemical electricity into electrical energy.
The increase in this market may be attributed to the increasing demand for electric automobiles and stringent government guidelines concerning emissions from conventional vehicles. The growing integration of electronics, as well as the rising demand for transportation, is the driving factor for the transportation battery market.
Furthermore, fuel savings and government incentives for cleaner transportation are important factors that can boost the growth of the transportation battery market. Moreover, introducing and innovating new hybrid and electric automotive models from OEMs is expected to capture the transportation battery market, which can serve as a stepping stone for market growth. Growing demand for hybrids and EVs and R&D in combination with EV batteries are some opportunities worldwide.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $111.35 Billion |
| Forecasted Market Value (USD) by 2028 | $172.51 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
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/cm393u
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