Vehicle Traction And Auxiliary Battery Market
Vehicle Traction and Auxiliary Battery Market Forecasts to 2030 - Global Analysis By Battery Type (Lithium-ion Battery, Nickel-cadmium Battery, Nickel Metal Hydride Battery, Solid-state Battery, Ultra-capacitors, Lead Acid Battery and Other Battery Types), Battery Capacity (Traction Battery and Auxiliary Battery), Vehicle Type, Material Type, Sales Channel and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $117.36 BN |
|
Projected Year Value (2030) |
US $335.71 BN |
|
CAGR (2023 - 2030) |
16.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Vehicle Traction and Auxiliary Battery Market is accounted for $117.36 billion in 2023 and is expected to reach $335.71 billion by 2030 growing at a CAGR of 16.2% during the forecast period. The ability of a car's drivetrain to efficiently transfer power to the wheels allows the vehicle to move over a variety of surfaces and road conditions. This is known as vehicle traction. It includes technologies to maximize stability and grip, such as ESC and ABS. Conversely, auxiliary batteries act as backup power sources, enabling a range of operations in the event that the main battery runs low or the engine is turned off.
According to the American Automobile Association (AAA), regular maintenance of auxiliary batteries is essential for ensuring reliable performance of vehicle accessories and electronic systems, particularly in hybrid and electric vehicles.
Market Dynamics:
Driver:
Growing interest in hybrid and electric vehicles
There is a huge increase in demand for electric and hybrid cars due to growing awareness of environmental sustainability and the need to cut carbon emissions. Automakers are concentrating more on creating electric and hybrid vehicles as a result of governments around the world enacting tougher laws to combat pollution. Additionally, it is anticipated that this trend will increase demand for auxiliary batteries and sophisticated traction systems, which are essential parts of electric and hybrid powertrains.
Restraint:
High starting prices
The high upfront costs of advanced traction systems and battery technologies are one of the main barriers to the market for vehicle traction and auxiliary batteries. High-capacity auxiliary batteries and complex traction control systems are common requirements for electric and hybrid cars, which can dramatically raise the vehicle's total manufacturing cost. Furthermore, because battery technology is more expensive than in conventional internal combustion engine vehicles, the initial cost of ownership for electric and hybrid vehicles is typically higher. Price-conscious buyers may be discouraged from purchasing electric or hybrid cars as a result of these increased expenses, which would restrict market expansion.
Opportunity:
Government grants and incentive programs
There are a lot of opportunities for the vehicle traction and auxiliary battery market in government initiatives that promote electric and hybrid vehicles through subsidies and incentives. Governments across the globe provide financial incentives, tax credits, and rebates to incentivize consumers to buy electric or hybrid vehicles, thereby stimulating demand in the market. Moreover, government financing for research and development in battery technology and infrastructure can also open doors for innovation and market expansion.
Threat:
Internal combustion engine competition
In the automotive market, internal combustion engine vehicles continue to rule, despite the rising popularity of electric and hybrid vehicles. The proliferation of gasoline and diesel vehicles, coupled with a well-established fueling and maintenance infrastructure, presents a challenge to the uptake of electric and hybrid automobiles. Additionally, due to familiarity, perceived dependability, and lower initial costs, consumers may continue to choose internal combustion engine vehicles, which would impede the market expansion of traction systems and auxiliary batteries intended for electric and hybrid cars.
Covid-19 Impact:
The COVID-19 pandemic has caused production, supply chain, and consumer demand disruptions, which have had a substantial effect on the vehicle traction and auxiliary battery market. Global auto production and sales fell as a result of lockdowns, plant closures, and travel restrictions put in place to stop the virus's spread. The lack of confidence in the economy, combined with job losses and lower consumer spending, caused the demand for new cars—including hybrid and electric models—to decline. Furthermore, the situation was made worse by logistical difficulties and supply chain disruptions, which impacted the availability of vital parts like traction systems and batteries.
The Lithium-ion Battery segment is expected to be the largest during the forecast period
In the market for vehicle traction and auxiliary batteries, lithium-ion batteries presently have the largest share. Because of their excellent energy density, extended cycle life, and comparatively low self-discharge rate, lithium-ion batteries have become more and more popular in the automotive sector. These attributes make them ideal for use in hybrid and electric cars. The development of batteries, along with rising production capacity and falling costs, is what is driving their widespread use. Moreover, lithium-ion batteries are an increasingly popular option for vehicle traction and auxiliary power applications due to the automotive industry's push towards electrification and sustainability.
The Electric Vehicles segment is expected to have the highest CAGR during the forecast period
In the market for vehicle traction and auxiliary batteries, electric vehicles (EVs) have the highest CAGR. A number of factors, including growing environmental concerns, government incentives, battery technology advancements, and shifting consumer preferences toward sustainable transportation options, are contributing to the explosive growth of electric vehicles (EVs). The market for traction systems and auxiliary batteries for electric vehicles (EVs) is continuing to grow as governments around the world enact tougher emission regulations and offer incentives to encourage electric mobility.
Region with largest share:
The market for vehicle traction and auxiliary batteries is anticipated to hold the largest share in the Asia-Pacific region. Numerous factors contribute to this dominance, including the existence of important automotive manufacturing hubs in nations like South Korea, Japan, and China, where there is a large investment in the production of electric and hybrid vehicles. In addition, the region's need for electric vehicles and related technologies is fueled by growing disposable incomes, fast urbanization, and government initiatives to reduce emissions. Furthermore, the region's prominence in the vehicle traction and auxiliary battery market is further bolstered by the growing adoption of electric mobility solutions in emerging economies such as India and Southeast Asian nations.
Region with highest CAGR:
In the vehicle traction and auxiliary battery market, the North American region is anticipated to hold the highest CAGR. The surge in demand for electric and hybrid vehicles among consumers, government incentives encouraging the adoption of clean energy technologies, and strict emission regulations are some of the factors driving this growth. Furthermore, the region's electric mobility solutions are growing at a rapid pace due to advancements in battery technology and the expansion of the charging infrastructure. North America is a key growth region for the vehicle traction and auxiliary battery market because of the presence of significant automakers and technological innovators that further spur market expansion in the region.
Key players in the market
Some of the key players in Vehicle Traction and Auxiliary Battery market include Tesla, Inc., Delta Electronics, XING, Panasonic Corporation, EnergyDrive Technologies Ltd, Hitachi, Ltd., Bosch, PowerTech Solutions Inc., Ather Energy, Vision Group, EcoBattery Systems LLC, VoltTech Industries, EnerSys, Cummins, inc., ElectraCharge Innovations Corp., Samsung SDI Co., Ltd., Furukawa Electric Co. Ltd., GS Yuasa Corporation, Eon Electric Ltd. and GreenVolt Technologies.
Key Developments:
In March 2024, Panasonic Energy Co., Ltd., a Panasonic Group Company, and Mazda Motor Corporation announced they have signed an agreement towards the supply of cylindrical automotive lithium-ion batteries. The two companies’s commenced discussions aimed at building a medium- to long-term partnership for the supply of cylindrical automotive lithium-ion batteries, discussions which have now resulted in the signing of this agreement.
In January 2024, Taiwan-based electronics manufacturing company Delta Electronics has signed a long-term collaboration agreement, which includes technology transfer and licensing, with Ceres Power Limited, a subsidiary of UK-based developer of clean energy technology Ceres Power Holdings, to access Ceres’ hydrogen energy stack technology portfolio for approximately £43 million ($54.52 million).
In November 2023, Hitachi Systems India Pvt. Ltd., a wholly owned subsidiary of Hitachi Systems announced their agreement with Cyemptive Technologies, Inc., an award-winning provider of preemptive cybersecurity solutions for business and government, to jointly provide Cyemptive Technology’s next-generation cybersecurity innovations, including on-demand, end-to-end secure platform solutions, to Hitachi Systems India’s Southeast Asia/Middle East and India customers.
Battery Types Covered:
• Lithium-ion Battery
• Nickel-cadmium Battery
• Nickel Metal Hydride Battery
• Solid-state Battery
• Ultra-capacitors
• Lead Acid Battery
• Other Battery Types
Battery Capacities Covered:
• Traction Battery
• Auxiliary Battery
Vehicle Types Covered:
• Electric Vehicles
• Plug-in/ Hybrid Electric Vehicles
• ICE Vehicles
• Other Vehicle Types
Material Types Covered:
• Cobalt
• Lithium
• Natural Graphite
• Manganese
• Other Material Types
Sales Channels Covered:
• OEM's
• Aftermarket
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Vehicle Traction and Auxiliary Battery Market, By Battery Type
5.1 Introduction
5.2 Lithium-ion Battery
5.3 Nickel-cadmium Battery
5.4 Nickel Metal Hydride Battery
5.5 Solid-state Battery
5.6 Ultra-capacitors
5.7 Lead Acid Battery
5.7.1 Flooded
5.7.2 VRLA
5.8 Other Battery Types
6 Global Vehicle Traction and Auxiliary Battery Market, By Battery Capacity
6.1 Introduction
6.2 Traction Battery
6.2.1 Less than 15 kWh
6.2.2 16 kWh to 30 kWh
6.2.3 31 kWh to 50 kWh
6.2.4 51 kWh to 100 kWh
6.2.5 101 to 250 kWh
6.2.6 More than 251 kWh
6.3 Auxiliary Battery
6.3.1 Less than 5 Ah
6.3.2 6 Ah to 15 Ah
6.3.3 16 Ah to 25 Ah
6.3.4 More than 25 Ah
7 Global Vehicle Traction and Auxiliary Battery Market, By Vehicle Type
7.1 Introduction
7.2 Electric Vehicles
7.3 Plug-in/ Hybrid Electric Vehicles
7.4 ICE Vehicles
7.5 Other Vehicle Types
8 Global Vehicle Traction and Auxiliary Battery Market, By Material Type
8.1 Introduction
8.2 Cobalt
8.3 Lithium
8.4 Natural Graphite
8.5 Manganese
8.6 Other Material Types
9 Global Vehicle Traction and Auxiliary Battery Market, By Sales Channel
9.1 Introduction
9.2 OEM's
9.3 Aftermarket
10 Global Vehicle Traction and Auxiliary Battery Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Tesla, Inc.
12.2 Delta Electronics
12.3 XING
12.4 Panasonic Corporation
12.5 EnergyDrive Technologies Ltd
12.6 Hitachi, Ltd.
12.7 Bosch
12.8 PowerTech Solutions Inc.
12.9 Ather Energy
12.10 Vision Group
12.11 EcoBattery Systems LLC
12.12 VoltTech Industries
12.13 EnerSys
12.14 Cummins, inc.
12.15 ElectraCharge Innovations Corp.
12.16 Samsung SDI Co., Ltd.
12.17 Furukawa Electric Co. Ltd.
12.18 GS Yuasa Corporation
12.19 Eon Electric Ltd.
12.20 GreenVolt Technologies
List of Tables
1 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Region (2021-2030) ($MN)
2 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Battery Type (2021-2030) ($MN)
3 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Lithium-ion Battery (2021-2030) ($MN)
4 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Nickel-cadmium Battery (2021-2030) ($MN)
5 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Nickel Metal Hydride Battery (2021-2030) ($MN)
6 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Solid-state Battery (2021-2030) ($MN)
7 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Ultra-capacitors (2021-2030) ($MN)
8 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Lead Acid Battery (2021-2030) ($MN)
9 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Flooded (2021-2030) ($MN)
10 Global Vehicle Traction and Auxiliary Battery Market Outlook, By VRLA (2021-2030) ($MN)
11 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Other Battery Types (2021-2030) ($MN)
12 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Battery Capacity (2021-2030) ($MN)
13 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Traction Battery (2021-2030) ($MN)
14 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Less than 15 kWh (2021-2030) ($MN)
15 Global Vehicle Traction and Auxiliary Battery Market Outlook, By 16 kWh to 30 kWh (2021-2030) ($MN)
16 Global Vehicle Traction and Auxiliary Battery Market Outlook, By 31 kWh to 50 kWh (2021-2030) ($MN)
17 Global Vehicle Traction and Auxiliary Battery Market Outlook, By 51 kWh to 100 kWh (2021-2030) ($MN)
18 Global Vehicle Traction and Auxiliary Battery Market Outlook, By 101 to 250 kWh (2021-2030) ($MN)
19 Global Vehicle Traction and Auxiliary Battery Market Outlook, By More than 251 kWh (2021-2030) ($MN)
20 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Auxiliary Battery (2021-2030) ($MN)
21 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Less than 5 Ah (2021-2030) ($MN)
22 Global Vehicle Traction and Auxiliary Battery Market Outlook, By 6 Ah to 15 Ah (2021-2030) ($MN)
23 Global Vehicle Traction and Auxiliary Battery Market Outlook, By 16 Ah to 25 Ah (2021-2030) ($MN)
24 Global Vehicle Traction and Auxiliary Battery Market Outlook, By More than 25 Ah (2021-2030) ($MN)
25 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Vehicle Type (2021-2030) ($MN)
26 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Electric Vehicles (2021-2030) ($MN)
27 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Plug-in/ Hybrid Electric Vehicles (2021-2030) ($MN)
28 Global Vehicle Traction and Auxiliary Battery Market Outlook, By ICE Vehicles (2021-2030) ($MN)
29 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
30 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Material Type (2021-2030) ($MN)
31 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Cobalt (2021-2030) ($MN)
32 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Lithium (2021-2030) ($MN)
33 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Natural Graphite (2021-2030) ($MN)
34 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Manganese (2021-2030) ($MN)
35 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Other Material Types (2021-2030) ($MN)
36 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
37 Global Vehicle Traction and Auxiliary Battery Market Outlook, By OEM's (2021-2030) ($MN)
38 Global Vehicle Traction and Auxiliary Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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