The growing need for environment-friendly vehicles is one of the major trends being witnessed in the global traction batteries market 2018-2022. Green vehicles can be powered advanced vehicle technologies and alternative fuels. They include PHEVs, HEVs, BEVs, hydrogen and fuel cell vehicles, natural gas vehicles, and ethanol vehicles. Some vehicles use biodiesel and ethanol fuel or gasohol.
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According to Technavio analysts, one of the key factors contributing to the growth of the global traction batteries market is the declining Li-ion battery prices:
Global traction batteries market: Declining Li-ion battery prices
When compared to lead-acid batteries or NiMH batteries, Li-ion batteries are expensive. For example, Li-ion batteries for lift trucks are almost four times the cost of lead-acid batteries used in lift trucks. Similarly, for golf carts, the cost of a lead-acid battery is two-fifths the cost of a Li-ion battery. In the case of EVs, the manufacturing cost of EVs is almost double compared with conventional vehicles, of which a major portion of the costs incurred is associated with the battery and electronics.
According to a senior analyst at Technavio for research on energy storage, “However, the manufacturing cost of Li-ion batteries is decreasing significantly. The cost of battery packs has declined in the past few years owing to the significant increase in the scale of production. This can be attributed to the increasing adoption by the automotive industry and the development of cost-effective production methods by vendors.”
Global traction batteries market: Segmentation analysis
The global traction batteries market research report provides market segmentation by application (transport and lift trucks) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The transport segment held the largest market share in 2017, accounting for over 64% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 62%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share.
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Five Forces Analysis
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