May 9, 2022   SOURCE: BusinessWire

$146.23 Billion Worldwide Transport Battery Industry to 2027 - Lithium-Ion Batteries Observe the Fastest Growth - ResearchAndMarkets.com

The "Battery Market by Transport, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Impact of COVID-19, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.

This report provides a detailed analysis of Battery Market by Transport Industry. According to estimates, the global battery market is estimated to reach US$ 146.23 Billion by 2027, from US$ 86.24 Billion in 2021.

Transport batteries are rechargeable batteries that supply automobiles with automotive SLI (starting, lighting and ignition) systems. In addition, transportation batteries also provide power to automobile accessories such as radio, music players, air conditioners, wipers and charging plugs. The transportation battery also serves as a voltage stabilizer by absorbing abnormal transient voltages in-vehicle electrical system.

Key Market Drivers Existing in Global Battery Market by Transport:

The accelerated urbanization in developing countries and advanced economies is deemed one of the prime drivers of infrastructure spending over the estimated period, which is anticipated to sustain the demand for the transportation battery industry. Incorporating developments in urban rail infrastructure also encourages the global demand for energy storage systems and consequently is expected to propel the demand for transportation batteries worldwide. The transportation Battery Market has been growing faster with substantial growth rates over the last few years, and it is estimated that the market will grow significantly at a CAGR of 9.2% in the forecasted period, i.e. 2021 to 2027.

Lithium-Ion Batteries Observes the Fastest Growth:

Our Global Battery Market by Transport report provides a holistic evaluation of the market. Based on the battery type, the automotive battery market is broadly categorized into four different market segments: lithium-ion-based, lead-acid-based, Nickel-based, and Sodium-ion.

As per the analysis, the market for lithium-ion batteries is anticipated to observe the fastest growth during the forecast period. A lithium-ion battery is equipped for applications, which demand high-energy density solutions such as hybrid and electric automobiles. The automotive lithium-ion battery has emerged as an eco-friendly, rechargeable power source compared to conventional batteries such as lead-acid and nickel-metal hydride batteries.

COVID-19 Impact on Global Battery Market:

The automotive industry, which is the primary end-user of the batteries for various purposes, has been severely affected due to the nationwide lockdowns - further limiting the growth prospects for the transportation battery market. Besides, the cost of transportation batteries used in the automotive has also expanded due to the impact of COVID-19, which has emerged in logistical difficulties and an increase in the production cost as a result of the outbreak. Global Battery Market by Transport was valued at US$ 86.24 Billion in 2021.

Regional Outlook: China as a global hub of Automobile Battery Industry

In the report, the Global Transportation battery market is expected to witness moderate but steady growth in the coming years. The Asia Pacific is the largest automotive battery market, followed by Europe, the Americas and the Middle East and Africa. The growth rate is highest in the Asia Pacific and is expected to be even higher during the forecasted period.

Such a high growth rate is attributed to the emergence of China as a global hub for the automobile industry and increasing demands for vehicles from some of the other Asian countries such as India, Indonesia, Malaysia, Thailand and the Philippines. The expanding market in these countries is attributed to the growing infrastructure and rising disposable income of the middle class.

Market Segmentation

Battery Type - Battery Market by Transport has been covered from 5 viewpoints:

1. Lithium-ion Based

2. Lead-acid Based

3. Nickel-Based

4. Sodium-ion

5. Others

Vehicle Type - Battery Market by Transport has been covered from 4 viewpoints:

1. Automotive Battery

2. E-bikes

3. Marine

4. Forklift

Region - Battery Market by Transport has been covered from 4 viewpoints:

1. Americas

2. Asia-Pacific

3. Europe

4. Middle East and Africa

Company Insights:

  • Overview
  • Recent Development & Strategies
  • Financial Insights

Companies Covered:

  • BYD Company Ltd.
  • Samsung SDI Company Limited
  • GS Yuasa Corporation
  • Johnsons Controls Inc.
  • Exide Technologies

For more information about this report visit https://www.researchandmarkets.com/r/bxvg9h