A transportation battery is an electric battery used in all electric vehicles. Transportation batteries rely solely on the chemical energy stored in rechargeable battery packs and do not require a secondary source of propulsion (hydrogen fuel cell, internal combustion engine, and others). The development and commercialization of energy storage technology will have a significant impact on the power system, because of rapid development and expansion from small scale towards large scale.
Several countries including the U.S., Japan, and the European Union have proposed policies to promote and support development through the use of energy storage technology. Transportation batteries are durable for more than 10 years. It has a wide range of applications including rail, electric bus, electric trucks, electric vans, electric cars, electric motorcycles, scooters, and rickshaws.
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COVID-19 Impact Analysis
- During the pandemic, lithium cell manufacturing plants were temporarily on halt, resulting in a lithium supply shortage in various industries, which has negative impact on the transportation battery market.
- Furthermore, the cost of lithium hydroxide which is used in the Electric Vehicles (EVs) has increased due to the impact of COVID-19 which has resulted in logistical difficulties and an increase in the production cost as a result of outbreak.
- The automotive industry, which is the primary end- user of the batteries for a variety of purposes, has been severely affected due to the nationwide lockdowns. This limits the growth prospects for the transportation battery market.
- Trade restrictions imposed by the COVID-19 pandemic hamper the supply chain of components such as lithium and cobalt which are essential for the manufacturers affecting the transportation battery market growth.
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Top Impacting Factors
The growing integration of electronics as well as the rising demand for transportation are the driving factors for the transportation battery market. Furthermore, fuel savings & government incentives for cleaner transportation are important factors that can boost the growth of the transportation battery market. Moreover, the introduction and innovation of new hybrid & electric automotive models from OEMs are expected to capture the transportation battery market which can serve as a stepping stone for market growth.
However, a lack of developed support infrastructure for EVs can be the restraining factor for the market. Battery safety concerns are an emerging thread that must be addressed for the market. Growing demand for hybrids & EVs, as well as R&D in hybrid & EVs. batteries, are some of the opportunities. A high initial investment cost, a limited range of availability and fluctuating oil prices are some of the challenging areas for the transportation battery market.
Market Trends
- Exide Technologies successfully completed the auction for Americas Business and Designates, an affiliate of Atlas Holdings LLC, in July 2020. The Atlas affiliates will acquire assets comprising of all ongoing business of Exide and operations under the terms of this agreement.
- BYD launched the new Blade Battery for EVs in March 2020 which optimizes the battery structure by over 50% when compared to lithium iron phosphate batteries and increases battery safety.
- LG Chem signed a partnership agreement with Lucid Motors, a luxury EV company based in the U.S in February 2020 to increase the supply of cylindrical batteries for EVs.
- LG Chem will enter into a joint venture with General Motors in December 2019 to increase the production capacity of electric vehicle batteries in a new manufacturing plant in Ohio.
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Key Benefits of the Report
- This study presents the analytical depiction of the transportation battery market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the transportation battery market share.
- The current market is quantitatively analyzed to highlight the growth scenario of transportation battery market.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed transportation battery market analysis based on competitive intensity and the competition that will take shape in coming years.
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