The Global Transportation Battery market size is predicted to reach $150 billion by 2030, growing at a CAGR of 9.8% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The primary factors influencing the market growth are increasing Electrification, Charging Infrastructure Development, Increasing Electric Vehicle adoption, Grid integration, and Energy storage, finds IndustryARC in its recent report, titled “Transportation Battery Market – By Type (Lithium-ion Based, Lead-acid Based, Sodium-ion Based, Others), By Capacity (Less than 100 Ah, 100-200 Ah, 200-300 Ah, 300-400 Ah, 400 Ah & Above), By Applications (Automotive, E-bikes, Marine, Forklift), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030″.
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Asia-Pacific dominates the market:
The Asia-Pacific region emerged as the dominant market for transportation batteries in 2023 with a market share of 41% and is projected to witness the highest compound annual growth rate (CAGR) in the coming years. The increasing demand for consumer goods has played a significant role in the expansion of industrial manufacturing sectors in countries like China, India, and others. These sectors heavily rely on transportation batteries to power their industrial equipment systems. As a result, the transportation battery market in the Asia-Pacific region is expected to experience substantial growth. Additionally, growing environmental concerns and government initiatives have fuelled the development of electric vehicles, which extensively utilize transportation batteries to power their electric motors. A study conducted by Business Standard, for instance, has predicted a surge in electric vehicle sales in India between 2020 and 2023. Consequently, there is an anticipated increase in the sales of transportation batteries for electric cars, creating a highly lucrative market potential.
Transportation Battery Market 2023-2030: Segmentation
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Transportation Battery Market Report – Key Takeaways:
The surge in demand for consumer goods is driving the growth of industrial manufacturing sectors in countries like China and India. Consequently, this expansion is fuelling the Asia Pacific transportation battery market as these batteries are increasingly utilized to power industrial machinery systems. Additionally, the growth of electric vehicles is being propelled by environmental initiatives, leading to the widespread adoption of transportation batteries to power electric motors. In India, government-led initiatives promoting e-mobility and the establishment of charging infrastructure present new opportunities for industry participants. Meanwhile, the European transportation battery market, valued at over USD 6.8 billion in 2023, is projected to continue its upward trajectory due to the increasing sales of electric vehicles and the implementation of strict targets for reducing carbon emissions in the automotive sector.
The surge in environmental initiatives and the imperative to decrease carbon emissions are propelling the embrace of electric vehicles. Essential to electric vehicles, transportation batteries supply the required power for electric motors. The growing favourability towards electric vehicles is generating a heightened demand for transportation batteries. According to the International Energy Agency (IEA), more than 20 million electric cars were on the world’s roads in 2022 with battery-electric models. With increase in adoption of electric vehicles, there has been tremendous increase in use of transportation battery and this is set to drive the market.
The transportation sector is undergoing a significant shift towards electric vehicles as a means of combating greenhouse gas emissions and reducing dependence on fossil fuels. Within electric vehicles, transportation batteries play a crucial role in storing and delivering electrical energy, which has contributed to a notable increase in demand for these batteries. Notable progress in battery technology, such as improved energy density, extended driving ranges, and faster charging times, has significantly enhanced the viability of electric vehicles for everyday use. These technological advancements have instilled greater consumer confidence in electric vehicles, thereby driving up the demand for transportation batteries.
The transportation battery market encounters a notable obstacle in the realm of manufacturing and acquisition expenses. The substantial price of transportation batteries, in comparison to traditional gasoline-powered vehicles, can serve as a significant deterrent for numerous prospective users. The production of these batteries entails high costs due to the necessity of pricey raw minerals like lithium, cobalt, and nickel. Furthermore, recent fluctuations in the cost of these materials have exacerbated the elevated price of transportation batteries. As a result, the adoption of electric vehicles is impeded, as consumer apprehension stemming from these cost factors restricts the demand for transportation batteries.
Adhering to stringent safety regulations is crucial for transportation batteries to mitigate risks such as thermal runaway, fire, or explosion. Safeguarding the integrity of these batteries throughout their entire lifecycle, from manufacturing to disposal, presents a significant industry challenge. Additionally, the recycling and proper disposal of transportation batteries at the end of their useful life are vital for environmental sustainability. The industry faces ongoing hurdles in the development of efficient recycling techniques and the implementation of appropriate disposal measures.
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Key Opportunity Analysis:
Technological Advancement
The transportation battery industry has a significant opportunity with the advancement of recycling technologies that enable the recovery of valuable materials from used batteries. As the demand for electric vehicles (EVs) and transportation batteries continues to grow, the volume of discarded batteries requiring proper disposal will also increase. Recycling these batteries plays a vital role in extracting essential components like lithium, cobalt, and nickel, which can then be utilized in the production of new batteries. This reduces the need for fresh raw materials and mitigates the negative environmental impacts associated with their extraction and processing. Additionally, recycling helps lower the production costs of new batteries and decreases the demand for raw materials, making them more accessible and affordable to a wider range of users.
Growing Demand for Electric & Hybrid Cars
Increasing environmental consciousness and fluctuations in fuel costs have led to a surge in the demand for electric vehicles (EVs). This growing demand has spurred research and development (R&D) endeavours focused on enhancing battery efficiency through shorter charging cycles and reduced unit consumption per charge. Additionally, the advent of high energy density batteries has intensified competition among transportation battery manufacturers, striving to produce exceptionally efficient batteries for electric and hybrid vehicles. These factors collectively present promising opportunities for future expansion in the global transportation battery market.
Recycling and Second-Life Opportunities
transportation batteries utilized in EV applications have a limited lifespan, but they can still retain value through secondary applications. The exploration of effective recycling methods and the pursuit of second-life applications for used transportation batteries offer opportunities for sustainable resource utilization and cost reduction. These batteries encompass valuable materials such as lithium, cobalt, nickel, and other rare earth elements. Recycling enables the recovery of these materials, reducing the dependence on mining and promoting resource efficiency. The recycling process involves disassembling the batteries, separating their components, and extracting the valuable materials for reuse. By recycling transportation batteries, the environmental impact associated with their production and disposal is mitigated. It diminishes the necessity for new raw materials, lowers energy consumption, and prevents potentially hazardous materials from entering landfills or being improperly discarded.
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The Report also covers the following Areas:
Transportation Battery Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic has had a lasting impact on the recovery trajectory of the transportation battery industry. The market has experienced significant setbacks due to both the pandemic itself and the limited adoption of the product. Nevertheless, several factors are anticipated to contribute to the industry’s recovery. These include the relaxation of regulations, the rising demand for electric vehicles, and the increasing consumer awareness of green energy solutions. Throughout the COVID-19 period, numerous companies had to implement temporary shutdowns or reduce their operations to mitigate the risk of infection among their employees. Consequently, the manufacturing rates of transportation batteries experienced a substantial slowdown.
The growth of the transportation Battery Market has been hindered by the supply chain disruption caused by the Russia-Ukraine war. This disruption has led to increased freight charges, a shortage of containers, and limited availability of warehousing space. Consequently, the aftermarket has experienced inflationary issues.
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List of Key Market Players in Transportation Battery Market:
The transportation Battery Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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