Transportation Battery Market Global Forecast Report by Battery Type Types Drive Type Countries and Company Analysis, 2024-2032

Transportation Battery Market Analysis

Global Transportation Battery Market was US$ 85.67 Billion in 2023 and will grow US$ 263.78 Billion by 2032, with a CAGR of 13.31% from 2024 to 2032. The primary factors driving the market's growth include increasing electrification, the construction of charging infrastructure, the rising popularity of electric vehicles, grid integration, and energy storage.

Transportation Battery Market Overview

Transportation batteries are those used in electric vehicles, such as scooters, plug-in hybrids, and hybrid cars. To accommodate the various forms and sizes of transportation, it is offered in several sizes. It consists of an electrolyte solution that permits ion passage between positive and negative electrodes. Electrical current is created when chemical energy is converted to electrical energy. government regulations mandating the elimination of traditional cars and the growing popularity of electric vehicles. Additionally, it powers automotive components like air conditioners, wipers, stereo systems, and more.

Furthermore, transportation batteries are essential to the widespread usage of electric vehicles (EVs) since they provide a reliable and efficient power supply. They facilitate zero-emission mobility, lessen the need for fossil fuels, and assist minimize greenhouse gas emissions and environmental harm. Transportation batteries are also used by hybrid vehicles, which use internal combustion engines with transportation batteries to reduce pollution and maximize fuel economy.

Growth Factors in the Transportation Battery Industry

Rising demand for electric vehicles

One of the main drivers of development in the transportation battery market is the growing demand for electric cars, or EVs. About 56.4 million passenger automobiles were registered in 2021. Global sales of passenger cars hit over 56.4 million units in 2021, up nearly 5% from the year before. With just less than 21.5 million units, China emerged as the biggest regional market. In the upcoming ten years, the automobile industry is expected to undergo a substantial transformation. It is predicted that approximately 26% of new car sales worldwide would come from electric vehicles by 2030. By 2022, there will be about 58 million autonomous vehicles on the road worldwide.

Consumers and companies are increasingly choosing electric cars (EVs) as a cleaner alternative to conventional internal combustion engine vehicles as environmental awareness increases and governments impose stricter emissions rules. The need to battle climate change and lower carbon footprints is what is driving this movement.

The need for better batteries, which are necessary to power these vehicles, is directly increased by the growing popularity of electric vehicles. Automakers are making significant investments in battery technology to improve performance, extend driving range, and shorten charging times as EV adoption rises. Government incentives like tax breaks and subsidies also push people to adopt electric vehicles (EVs), which increases demand for batteries.

Growing Charging Infrastructure

One major element propelling the transportation battery market is the expansion of the infrastructure for charging. An extensive and strong network of charging stations is necessary to serve the growing number of electric cars (EVs) on the road. By ensuring that drivers have easy access to charging stations, the infrastructure for charging is expanded in order to alleviate range anxiety, or concerns about running out of battery power.

In addition to making EV use more feasible, investments in charging infrastructure increase the allure of EVs for consumers. More charging stations increase the viability of owning an EV, enticing more people to abandon conventional cars. As the number of electric vehicles increases, there is a greater need for high-quality, efficient batteries to keep up with the fleet.

The allure of EVs is further increased by developments in charging technology, such as fast chargers and ultra-rapid charging stations. The transportation battery industry is growing faster as more EVs are put on the road thanks to the continuous development of the infrastructure for charging them.

Asia Pacific Transportation Battery Market Overview:

Throughout the projected period, Asia Pacific is anticipated to have a significant share in the transportation sector. Asia Pacific's developing nations, especially China, South Korea, and Japan, are home to some of the world's largest producers of batteries and battery components. These nations have established a robust supply chain that encompasses the production of battery packs and cells in addition to the mining of vital raw materials like nickel, cobalt, and lithium. The strong supply chain and production expertise offer a notable competitive edge in satisfying the global need for reasonably priced, superior transportation batteries.

In addition, there has been a sharp rise in the use of electric vehicles in this area, driven by worries about air pollution, a desire to lessen reliance on foreign oil and an increasing awareness of environmental issues. In nations like China and India, urbanization and the growth of urban middle classes have increased demand for both personal and business electric vehicles. The Asia Pacific region's leadership in the transportation battery market is being cemented by the region's developing EV sector, which is naturally driving up demand for batteries.

Transportation Battery Market Company Overview

Some of the industry leaders seen in the Global Transportation Battery Market Includes Panasonic Corporation, Exide Industries, VARTA, Hitachi Group Ltd, Robert Bosch GmbH, SAMSUNG SDI Co. Ltd, LG Chem Ltd.

Transportation Battery Market News

In February 2024, In order to supply lithium iron phosphate (LFP) batteries for F-150 Lightnings and Mustang Mach-E vehicles in North America, CATL and Ford announced their partnership. This expands the customer base for CATL's LFP chemical capabilities.

In February 2024, Northvolt established its first battery recycling facility, Revolt Ett, in Sweden. This demonstrates a commitment to the circular battery economy and sustainable manufacture.

In January 2024, Gotion High-Tech announced that it would be constructing a large new battery production plant in Michigan, USA. This implies that the market in North America is growing.

In January 2024, For both the US and Europe, Tesla has announced price reductions for several of its electric vehicle models. Despite having little to do with battery development, this has a big impact on market dynamics and demand.

Battery Type - Market breakup in 3 viewpoints:

1. Lead-Acid

2. Lithium-Ion

3. Other Battery

Types - Market breakup in 3 viewpoints:

1. Vehicle Type

2. Passenger Cars

3. Commercial Vehicles

Drive Type - Market breakup in 2 viewpoints:

1. Internal Combustion Engine

2. Electric Vehicles

Country - Market breakup in 25 viewpoints:

North America

United States

Canada

Europe

France

Germany

Italy

Spain

United Kingdom

Belgium

the Netherlands

Turkey

Asia Pacific

China

Japan

India

Australia

South Korea

Thailand

Malaysia

Indonesia

New Zealand

Latin America

Brazil

Mexico

Argentina

Middle East & Africa

South Africa

Saudi Arabia

United Arab Emirates

All the Key players have been covered from 4 Viewpoints:

1. Overview

2. Recent Development

3. Product Portfolio

4. Financial Insights

Company Analysis:

1. Panasonic Corporation

2. Exide Industries

3. VARTA

4. Hitachi Group Ltd

5. Robert Bosch GmbH

6. SAMSUNG SDI Co. Ltd

7. LG Chem Ltd