The global transportation battery market is expected to post a CAGR of over 11% during the period 2018-2022, according to the latest market research report by Technavio
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Technavio has released a new market research report on the global transportation battery market for the period 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the growth in the automotive market. The global automotive market has experienced significant growth in the past decade, with substantial growth in the passenger cars and commercial vehicle segments. Countries such as China, experienced the highest new passenger vehicle registrations by volume, in 2016. Similarly, countries such as Japan, Brazil, and Russia exhibited strong growth in the sales of cars in 2017.
This market research report on the global transportation battery market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the financial and non-financial incentives by governments to increase EV production as one of the key emerging trends in the global transportation battery market:
Global transportation battery market: Financial and non-financial incentives by governments to increase EV production
Governments in various countries such as China and the US have been offering incentives to boost the adoption of EVs due to regulations to contain GHG emissions and protect the environment and human life from adverse effects of air pollution. These incentives primarily lower the upfront costs of EVs, thus playing a significant role in their adoption, as EVs still hold a lesser market share than conventional vehicles. Such incentives include rebates and tax credits.
"Apart from financial incentives, high occupancy vehicle lane exemptions and expedited license plate acquisition are some of the other factors boosting the production and sales of EVs. In some provinces and cities in China, EVs are allowed to use bus lanes, unrestricted by the traffic control rules and are exempted from paying parking fees. Like the US, even in China, it is a time consuming and expensive task to acquire license plates. However, EV drivers can get license plates without payment of the standard fees, making the process faster than that of conventional vehicles," says a senior analyst at Technavio for research on energy storage.
Global transportation battery market: Segmentation analysis
This market research report segments the global transportation battery market by application (automotive and EV), product (lead-acid battery, lithium-ion battery, and Ni-MH battery), and geographical regions (APAC, EMEA, and the Americas).
The automotive segment held the largest market share in 2017, accounting for over 66% of the market. However, by 2022, the EV segment is expected to surpass the automotive segment to become the leading application, accounting for a market share of nearly 52%.
APAC led the market in 2017 with a market share of nearly 59%. This region is expected to dominate the market through 2022, with over 2% increase in its market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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