Press release
Transportation Battery Market, Size, Global Forecast 2024-2028
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Transportation Battery Market is anticipated to grow at a CAGR of 9.15% between 2023 and 2028. The transportation battery market is undergoing a seismic transformation, with innovations and demand surges reshaping the industry. Electric vehicles (EVs) are the primary drivers of this evolution, propelling the market forward at an unprecedented pace. According to the International Energy Agency (IEA), in the first half of 2023, over 6 million new EVs were sold worldwide, an increase of over 40% year-over-year. With their high energy density, efficiency, and adaptability, lithium-ion batteries dominate the landscape, becoming the industry's bedrock.
Further, as technology advances, battery variety improves, and charging infrastructure expands, EVs are increasingly attractive to purchasers globally. Governments internationally are incentivizing EV adoption, contributing to the market's speedy enlargement. Besides personal vehicles, electric-powered buses, vans, and two-wheelers are gaining traction, similarly broadening the scope of the transportation battery market.
The market is witnessing fierce competition among battery producers, fostering innovation and efficiency gains. Solid-state batteries and other emerging technologies promise to overcome modern-day boundaries, energy density, and charging pace, driving advancements. Sustainability is a pivotal factor shaping the market. Companies are under pressure to lessen their carbon footprint, prompting a shift towards greener transportation solutions. The transportation battery market is not merely an industry but a critical participant in the worldwide shift towards sustainable, low-emission mobility. As it continues to conform, the market guarantees a future where electric transportation is not simply possible but imperative for a cleaner, greener planet. So, the Transportation Battery Market is expected to be valued at about US$ 172.51 Billion by 2028.
China unquestionably leads in this sector, emphasizing its dedication to electric mobility through environmental consciousness and proactive policy measures. With strategic investments, robust manufacturing capabilities, and supportive policies, China stands at the forefront of the worldwide transportation battery market.
Lithium-ion batteries are set to reign supreme in the transportation battery market due to their unrivalled energy density, efficiency, and versatility.
Lithium-ion batteries offer longer stages for electric-powered automobiles, permitting sustainable and practical alternatives to combustion engines. Their quick charging abilities lessen downtime and enhance convenience, while their compact and lightweight design maximizes area and efficiency. As green energy initiatives surge, lithium-ion batteries align with worldwide sustainability needs. With non-stop research and improvement, they stay at the leading edge of the evolving electric-powered delivery landscape, poised to dominate for future years.
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Product Type - Transportation Battery Market has been covered from three viewpoints.
1. Lithium Ion Battery
2. Lead Acid Battery
3. Other Battery Types
Electric cars (EVs) spearhead the transportation battery market's rapid evolution, emerging as the swiftest-growing sector.
Driven with heightened environmental cognizance, technological improvements, and government incentives, EVs offer a sustainable opportunity to traditional motors. Surging investments in battery generation and charging infrastructure further boost their development. With increasing consumer recognition and extended manufacturing performance, the electrical vehicle section showcases an unprecedented increase. As innovation propels the enterprise, EVs stand out as a transformative force, solidifying their reputation as the leading edge of the swiftly evolving transportation battery market.
Vehicle Type - Transportation Battery Market has been covered from four viewpoints.
1. Passenger Cars
2. Light and Heavy Commercial Vehicles
3. Electric Vehicles
4. Others
China is the linchpin in the transportation battery market, wielding unparalleled influence and dominance.
Fuelled by a commitment to electric mobility and competitive regulations promoting clean energy, China boasts the biggest market for electric-powered cars. According to the China Passenger Car Association (CPCA), over the first eight months of 2023, more than 3.9 million new plug-in electric cars were registered in China, constituting approximately 36% of the total volume and indicating a trajectory that suggests the Chinese EV market is poised to surpass 4 million units in sales for the entire year. A robust manufacturing environment, strategic investments, and authority support position China as the epi-center of battery manufacturing. This supremacy is further amplified with the aid of the country's commitment to global sustainability, shaping it into the integral hub for innovations, manufacturing scale, and the driving force behind the transformative trajectory of the transportation battery market.
Region - The Transportation Battery Market has been covered from five viewpoints.
1. North America (United States, Canada)
2. Europe (Poland, Germany, Spain, France, United Kingdom, Italy, Netherlands, Turkey, and Others in Europe)
3. Asia Pacific (China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia, Others in Asia-Pacific)
4. Middle East & Africa (Saudi Arabia, UAE, South Africa, Others in the Middle East, and Africa)
5. Latin America (Brazil, Argentina, Chile, Mexico, Others in Latin America).
Competitive Landscape
Prominent players in the transportation battery market include GS Yuasa Corporation, BYD Company Ltd., Samsung SDI Company Limited, Johnsons Controls Inc., and Exide Technologies.
Company Insights
• Overview
• Recent Developments and Initiatives
• Sales Analysis
Analysis of the companies present in the transportation battery market
1. GS Yuasa Corporation
2. BYD Company Ltd.
3. Samsung SDI Company Limited
4. Johnsons Controls Inc.
5. Exide Technologies.
About the Company:
Renub Research is a Market Research and Information Analysis company with more than 14 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
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