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Transportation Battery Market - Forecast(2024 - 2030)
Transportation Battery Market Overview:
Transportation Battery Market size is estimated to reach $150 billion by 2030, growing at a CAGR of 9.8% during the forecast period 2024-2030. The transportation battery market is being propelled by the increasing incorporation of electronics and the growing need for transportation. Additionally, the potential for fuel savings and government incentives to promote cleaner transportation are crucial factors that can enhance the expansion of the transportation battery market. Furthermore, the emergence of new hybrid and electric vehicle models from OEMs, accompanied by innovations, is anticipated to seize the transportation battery market, acting as a catalyst for its growth.
Moreover, the market is projected to experience growth in the forecasted period due to the rapid urbanization of developing countries and economic advancements. Furthermore, the increasing demand for e-vehicles, fuel efficiency, and government incentives for cleaner transportation are key factors driving the market. In countries like the U.S. and China, the government is actively promoting e-vehicles to safeguard human health from the detrimental effects of air pollution and to protect the environment, which has a positive impact on the market. As a result, there will be a development in urban infrastructure with the establishment of fuel stations, thereby boosting the demand for the transportation battery market.
Market Snapshot:
Transportation Battery Market - Report Coverage:
The “Transportation Battery Market - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Transportation Battery Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● During the pandemic, lithium cell production factories were temporarily shut down, leading to a lithium supply crisis in many industries, including the transportation battery industry. Furthermore, the cost of lithium hydroxide, which is used in electric vehicles (EVs), has risen as a result of the COVID-19 epidemic, which has caused logistical challenges and an increase in manufacturing costs. Because of the national lockdowns, the automobile sector, which is the principal end-user of batteries for a variety of uses, has been badly impacted.
● The supply chain disruption due to the Russia-Ukraine war has impeded the Transportation Battery Market growth. The disruption has increased freight charges, created container shortages and lowered the availability of warehousing space. This has resulted in inflationary issues in the aftermarket.
Key Takeaways:
● Highest share of Asia Pacific Region
The transportation battery market is witnessing dominance from the APAC region with a market share of 41% in 2023 due to its abundance of market players, advanced technologies, well-established infrastructure, and strong financial resources. The high population in India and China, the world's largest, contributes significantly to the profitability of the automotive and two-wheeler markets. As the demand for commercial aircraft and automobiles continues to grow, transportation batteries have become an integral part of the overall supply chain for the transportation market. Furthermore, government initiatives are playing a pivotal role in driving the market for transportation batteries.
● Lithium-ion Based Transportation Battery are highly in Demand
Lithium-ion-based technology currently dominates the transportation battery market with a market share of 30% in 2023 due to its exceptional characteristics that make it the preferred choice for e-vehicles. With its high capacity, long lifespan, and stability, it is considered the heart of electric vehicles. The market for e-vehicles heavily relies on these features provided by Lithium Iron Phosphate (LFP) batteries. In addition to LFP, there are two other types of lithium-ion batteries: NCM/NCA (Nickel-Cobalt-Manganese/Nickel-Cobalt-Aluminium). These batteries possess a higher energy density and find application in various sectors such as grid storage and consumer electronics. On the other hand, the LMO (Lithium-Manganese-Oxide) battery has the lowest energy density and is commonly used in lightweight transportation modes like wheelchairs and e-bikes.
● Rising Demand for Electric & Hybrid Vehicles
The increased recognition of eco-friendly cars, coupled with the fluctuating fuel prices, has led to a surge in the popularity of electric vehicles. This rising demand for electric vehicles has stimulated research and development endeavours aimed at enhancing battery efficiency through shorter charging times and reduced energy consumption per charge. Additionally, the introduction of high-energy density batteries has intensified competition among manufacturers of transportation batteries, striving to produce exceptionally efficient batteries for electric and hybrid vehicles. These various factors are expected to create opportunities for future growth in the global transportation battery market.
● The growing trend of electric propulsion in the transportation sector.
The transportation sector is undergoing a significant shift towards electric vehicles as a means to address greenhouse gas emissions and decrease dependency on fossil fuels. This transition has resulted in a notable increase in the demand for transportation batteries, which play a crucial role in storing and providing electrical energy for electric vehicles. Remarkable progress in battery technology, such as improved energy density, extended driving ranges, and faster charging capabilities, has greatly enhanced the feasibility of using electric vehicles in daily life. These technological advancements have fostered greater confidence among consumers in electric vehicles, leading to a surge in the demand for transportation batteries.
● Market expansion could face obstacles due to safety and recycling concerns.
Adhering to stringent safety regulations is crucial for traction batteries to prevent incidents such as thermal runaway, fire, or explosion. The industry faces a significant challenge in ensuring the safety of these batteries throughout their entire lifecycle, from manufacturing to disposal. Additionally, the recycling and proper disposal of traction batteries at the end of their usable life are vital for environmental sustainability. The industry is constantly working on developing efficient recycling methods and implementing appropriate disposal measures, which remain ongoing challenges.
Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Transportation Battery Market. The top 10 companies in this industry are listed below:
- BYD Company Ltd. (BYD Auto, Blade Battery, BYD Solar,
BYD Tang)
- GS Yuasa Corporation (Y5, EPIY, EPY, Y6)
- Johnsons Controls, Inc. (YORK, Tyco, VARTA)
- Samsung SDI Company Ltd. (Samsung Battery, Enerland,
X'ian Samsung SDI)
- Exide
Technologies (Exide Care, Exide Tubular)
- Banner Batteries, Ltd. (Running Bull, Power Bull,
Buffalo Bull, Bike Bull)
- Leoch International Technology Ltd., Inc. (Leoch
Battery, Leoch Network, Leoch Transportation)
- Inci Aku (AGM Leo, Max Tigris, Gorilla, Taurus)
- Contemporary Amperex Technology Co., Limited (CATL)
- ECOVOLTA (ecoPower Trolley, evoTraction Battery)
Scope of Report:
|
Report Metric |
Details |
|
Base Year
Considered |
2023 |
|
Forecast
Period |
2024–2030 |
|
CAGR |
9.8% |
|
Market Size
in 2030 |
$150 billion |
|
Segments
Covered |
Type, By
Capacity, By Application, By Geography |
|
Geographies
Covered |
North
America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain,
Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India,
Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil,
Argentina, Chile, Colombia and Rest of South America), Rest of the World
(Middle East and Africa). |
|
Key Market
Players |
|
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1. Transportation Battery Market - Overview
1.1 Definitions and Scope
2. Transportation Battery Market - Executive Summary
3. Transportation Battery Market - Comparative Analysis
3.1 Company Benchmarking - Key Companies
3.2 Global Financial Analysis - Key Companies
3.3 Market Share Analysis - Key Companies
3.4 Patent Analysis
3.5 Pricing Analysis
4. Transportation Battery Market - Start-up Companies Scenario
4.1 Key Start-up Company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Venture Capital and Funding Scenario
5. Transportation Battery Market – Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Case Studies of Successful Ventures
6. Transportation Battery Market - Forces
6.1 Market Drivers
6.2 Market Constraints/Challenges
6.3 Porter's Five Force Model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of New Entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of Substitutes
7. Transportation Battery Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle
8. Transportation Battery Market – by Type (Market Size – $Million/$Billion)
8.1 Lithium-ion Based
8.2 Lead-acid Based
8.3 Sodium-ion
8.4 Others
9. Transportation Battery Market – by Application (Market Size – $Million/$Billion)
9.1 Automotive
9.2 E-bikes
9.3 Marine
9.4 Forklift
10. Transportation Battery Market – by Geography (Market Size – $Million/$Billion)
10.1. North America
10.1.1 The U.S.
10.1.2 Canada
10.1.3 Mexico
10.2 Europe
10.2.1 The UK
10.2.2 Germany
10.2.3 France
10.2.4 Italy
10.2.5 Spain
10.2.6 Russia
10.2.7 The Rest of Europe
10.3 Asia-Pacific
10.3.1 China
10.3.2 India
10.3.3 Japan
10.3.4 South Korea
10.3.5 Australia & New Zealand
10.3.6 The Rest of Asia-Pacific
10.4 South America
10.4.1 Brazil
10.4.2 Argentina
10.4.3 Chile
10.4.4 Colombia
10.4.5 The Rest of South America
10.5 The Rest of the World
10.5.1 The Middle East
10.5.2 Africa
11. Transportation Battery Market – Entropy
12. Transportation Battery Market – Industry/Segment Competition Landscape Premium
12.1 Market Share Analysis
12.1.1 Market Share by Product Type – Key Companies
12.1.2 Market Share by Region – Key Companies
12.1.3 Market Share by Country – Key Companies
12.2 Competition Matrix
12.3 Best Practices for Companies
13. Transportation Battery Market – Key Company List by Country Premium Premium
14. Transportation Battery Market - Company Analysis
14.1 BYD Company Ltd.
14.2 GS Yuasa Corporation
14.3 Johnsons Controls, Inc.
14.4 Samsung SDI Company Ltd.
14.5 Exide Technologies
14.6 Banner Batteries Ltd
14.7 Leoch International Technology Ltd., Inc
14.8 Inci Aku
14.9 Contemporary Amperex Technology Co., Limited (CATL)
14.10 ECOVOLTA
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Transportation Battery Market is projected to grow at 9.8% CAGR during the forecast period 2023-2030.
Global Transportation Battery Market size is estimated to be $90 billion in 2023 and is projected to reach $150 billion by 2030.
The leading players in the Transportation Battery market are BYD Company Ltd., GS Yuasa Corporation, Johnsons Controls, Inc., Samsung SDI Company Ltd., Exide Technologies, and others.
The Transportation Battery market is expected to experience significant growth in the coming years due to several trends in the transportation and manufacturing industry. Increasing Electrification, Charging Infrastructure Development, Recycling and Second-Life Applications, Grid Integration, and Energy storage are some major trends that will shape the market in the future.
Rising Electrification, Charging Infrastructure Development, Cost reduction & economy of scale, and Increasing Electric Vehicle adoption are some driving factors and opportunities in the transportation battery market.