Press Release

Commercial Vehicle Battery Market to Grow with a CAGR of 5.7% through 2028

Increasing adoption of electric and hybrid commercial vehicles to meet emissions regulations, advancements in battery technology are the factors driving the Global Commercial Vehicle Battery Market in the forecast period 2024-2028.

 

According to TechSci Research report, “Commercial Vehicle Battery Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Commercial Vehicle Battery Market stood at USD 12.5 billion in 2022 and is anticipated to grow with a CAGR of 5.7% in the forecast period, 2024-2028.

The global Commercial Vehicle Battery Market is a critical component of the automotive industry, serving a wide range of commercial vehicles, including trucks, buses, delivery vans, and industrial machinery. These batteries are the lifeblood of commercial vehicles, powering their engines, electrical systems, and auxiliary functions. The market is undergoing a significant transformation driven by various factors. One of the primary drivers of this market is the increasing demand for commercial vehicles worldwide. Economic growth, urbanization, and expanding logistics and transportation sectors are driving the need for efficient and reliable commercial vehicles. This surge in demand is accompanied by a growing preference for cleaner and more sustainable transportation solutions, catalyzed by stringent emissions regulations and environmental concerns.

As governments worldwide impose strict emissions standards, commercial vehicle manufacturers are increasingly transitioning to electric and hybrid vehicles to meet these regulations. This shift towards electrification is reshaping the Commercial Vehicle Battery Market, with a strong focus on developing advanced battery technologies capable of providing longer ranges, faster charging capabilities, and durability. Battery technology is at the heart of enabling cleaner and more sustainable commercial transportation solutions. Technological advancements are another crucial driver. Battery manufacturers are continuously innovating, striving to improve energy density, safety, and overall battery performance. These innovations are essential for enhancing the efficiency and reliability of commercial vehicle batteries, whether for electric, hybrid, or traditional internal combustion engine (ICE) vehicles.

Government incentives are encouraging fleet operators to embrace electric and hybrid commercial vehicles. Many countries offer tax incentives, rebates, grants, and exemptions from emissions-related fees to promote the electrification of commercial fleets. These policies reduce the total cost of ownership for commercial vehicle operators, making electric and hybrid options more attractive. Furthermore, the expansion of charging infrastructure is pivotal for the growth of electric commercial vehicles. Charging networks are becoming more extensive, offering fast-charging options that reduce downtime for fleets, particularly in urban areas. Improved charging infrastructure contributes to making electric vehicles more practical for commercial applications. The global Commercial Vehicle Battery Market is in the midst of a profound transformation, driven by increasing demand for commercial vehicles, stringent emissions regulations, advancements in battery technology, government incentives, and the expansion of charging infrastructure. These factors collectively position the market at the forefront of shaping the future of sustainable and efficient commercial transportation solutions.

 

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North America is a significant region in the Commercial Vehicle Battery Market. The United States and Canada are witnessing a growing shift toward electric and hybrid commercial vehicles, driven by stringent emissions regulations and sustainability goals. Urban delivery fleets are increasingly adopting electric vans, while long-haul electric trucks are also emerging. The region boasts a well-established charging infrastructure network, particularly in metropolitan areas, making it conducive for the adoption of electric vehicles. Moreover, North America is a hub for the development of heavy-duty electric trucks that require advanced high-capacity batteries.

Europe stands out as a leader in the adoption of electric commercial vehicles. Countries within the European Union are imposing ambitious emissions reduction targets, resulting in strong government incentives and regulations that favor electric and hybrid commercial fleets. European cities are increasingly implementing low-emission zones, promoting the use of electric delivery vans and buses. The region also prioritizes the expansion of charging infrastructure, making electric vehicles a practical choice for urban transportation. European automakers are actively transitioning their commercial vehicle fleets toward electrification.

The Asia-Pacific region, particularly China, holds a dominant position in the global Commercial Vehicle Battery Market. China has emerged as the largest market for electric commercial vehicles and batteries due to a combination of factors, including a vast urban population, strong government support, and domestic manufacturing capabilities. Chinese battery manufacturers play a critical role in the global supply chain, producing a significant share of the world's lithium-ion batteries. Additionally, Japan and South Korea are at the forefront of battery technology innovation, further solidifying the region's prominence in the market.

The Middle East and Africa are gradually entering the electric commercial vehicle landscape. While the adoption of electric commercial vehicles is lower compared to other regions, there is a growing interest, driven by concerns about air quality and the environment. Some Middle Eastern countries, like the United Arab Emirates, are actively investing in electric vehicle infrastructure and offering incentives to promote adoption. In Africa, urbanization and a rising middle class are contributing to increased demand for electric commercial vehicles, particularly in urban transportation. Latin America is emerging as a player in the electric commercial vehicle market. Countries such as Brazil, Mexico, and Chile are experiencing growing adoption of electric commercial vehicles, primarily in urban settings. Government policies and incentives are driving this growth, even though the market is relatively small compared to other regions. As awareness of the benefits of electric vehicles grows, Latin America presents potential for further market expansion, particularly in urban delivery and public transportation. Each region has its unique characteristics and challenges, influencing the adoption rates of electric and hybrid commercial vehicles and shaping the Commercial Vehicle Battery Market accordingly. Understanding these regional nuances is essential for battery manufacturers and automakers to tailor their strategies effectively and address the specific needs and opportunities in diverse global markets.

 

Major companies operating in Global Commercial Vehicle Battery Market are:

  • A123 Systems
  • Panasonic Corporation
  • Exide Technologies
  • VARTA
  • Clarios
  • GS Yuasa Corporation
  • Hitachi Group Ltd
  • Robert Bosch GmbH
  • China Aviation Lithium Battery Co. Ltd
  • Contemporary Amperex Technology Co. Limited

 

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 “The global Commercial Vehicle Battery Market is at a pivotal juncture, driven by a confluence of factors that are reshaping the commercial transportation landscape. The transition toward electric and hybrid commercial vehicles is accelerating, primarily due to tightening emissions regulations, sustainability goals, and the pursuit of cost savings by fleet operators. This shift is underscored by the crucial role that batteries play in enabling cleaner and more efficient transportation solutions.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm. 

Global Commercial Vehicle Battery Market Segmented By Vehicle Type (LCV, M&HCV), By Battery Type (Lead Acid, Lithium-Ion, and Other), By Drive Type (IC Engines and Electric Vehicles), By Region and By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Commercial Vehicle Battery Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Commercial Vehicle Battery Market.

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Relevant Reports

Commercial Vehicle Battery Market – Global Industry Size, Share, Trends Opportunity, and Forecast 2018-2028. Segmented By Vehicle Type (LCV, M&HCV), By Battery Type (Lead Acid, Lithium-Ion, and Other), By Drive Type (IC Engines and Electric Vehicles), By Region and By Competition.

Automotive | Sep, 2023

Increasing adoption of electric and hybrid commercial vehicles to meet emissions regulations, advancements in battery technology are the factors driving the Global Commercial Vehicle Battery Market in the forecast period 2024-2028.

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