Worldwide Traction Battery Market Growth Analysis 2024 By Top Key Players - Samsung, Johnson Controls, BYD, East Penn Manufacturing, Hitachi, LG Chem, Systems Sunlight, Panasonic, Enersys, Amara Raja, Exide & More

Increasing growth of the electric vehicles segment has propelled the traction battery market revenues over the last few years, which is further expected to witness enormous gains owing to rising environmental concerns. Government efforts to boost the adoption of EVs and encourage industries to use eco-friendly material handling equipment has also contributed to the development of efficient EV batteries. Millions of EVs are already running on roads globally with companies like Tesla pioneering modern public and commercial transport. Maintenance and replacement of batteries in these vehicles over the coming years will sustain earnings for battery manufacturers. A key application for traction batteries, electric forklift, has been around for some time and is exhibiting further growth potential.

U.S traction battery market was over USD 3 billion in 2017. Rising government mandates pertaining to limit carbon emissions and increasing energy efficiency will augment the industry growth. Furthermore, introduction of several policies, regulations & incentives in order to commercialize EVs will stimulate the product adoption. For instance, in 2017, the U.S. electric forklifts accounted for more than 60% of the total lift truck.

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Traction Battery Market is predicted to exceed USD 65 Billion by 2024. Increasing demand for electrical vehicles driven by favorable government regulations and tax incentives intended to promote these technologies will drive the industry growth. Shifting consumer focus toward electrical forklifts along with rising investments in battery technology will encourage the product adoption. For instance, as per the International Energy Agency, the overall sales of new EVs presented a growth of around 54% when compared to 2016 with an increase of 1 million units.

High charging efficiency along with declining costs will drive the Li-Ion traction battery market. Long service life, lightweight packs along with lower self-discharging rate makes the battery suitable for EV applications. In addition, their essential role in the electrification of transport sector further increases their dominance across the electric vehicle segment.

China traction battery market is anticipated to grow over 11% by 2024. Rising concerns to curb greenhouse emissions coupled with favorable policy adoption will support the industry growth. Increasing investments along with tax credits to encourage the sales of these vehicles will substantially facilitate the product deployment. For instance, the government published 39 policies since 2009, 50% of which were pertaining to EVs. In addition, the Ministry of Finance in China approved around USD 15 billion to assist new EV development from 2011 to 2020.

Rapid industrialization driven by growing penetration of ecommerce along with the developments in the material handling technology will positively influence the forklift traction battery market. Lower operating cost and ability to contribute to limited emissions will complement the business outlook. In addition, rising GHG concerns will increase the adoption of electric forklifts and will further enhance the industry growth.

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Traction battery market will witness an appreciable growth on account of rising awareness toward limiting emissions generated from the transport sector. Favorable government initiatives including tax incentives, rising investments of automobile manufacturers toward electric vehicle development will facilitate the adoption of traction batteries.

Prominent industry players across the traction battery market includes Samsung, Johnson Controls, BYD, East Penn Manufacturing, Hitachi, LG Chem, Systems Sunlight, Panasonic, Enersys, Amara Raja, Exide, GS Yuasa, Mutlu, Hoppecke, Banner Batterien, NorthStar Battery, Midac, Haze Batteries, amongst others.

Outer scope of this report Electric forklifts offer significant lift capacities at lower operational costs than internal combustion forklifts and produce zero emissions, besides being a noiseless machine. Innovations in energy storage technology and materials used to build forklifts have bolstered the adoption of these equipment in large warehouses and distribution centers. Compact size, ease of handling and seamless movement of these industrial vehicles have made them the preferred goods handling equipment for indoor inventory management. In recent years, the ecommerce industry has particularly elevated the sales of electric forklifts, as enormous distribution centers are being constructed to cater to the ever-increasing demand from consumers. Global ecommerce sales, which had surpassed USD 1.85 trillion in 2016, are growing rapidly and will strengthen the need for efficient distribution facilities and electric forklifts, fueling consumption for the traction battery market worldwide.

Table of Content:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3 Traction Battery Industry Insights

Chapter 4 Traction Battery Market, By Application

Chapter 5 Traction battery market, By Chemistry

Chapter 6 Traction Battery Market, By Region

Chapter 7. Company Profiles

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Related Report:

Global Two Wheeled Traction Battery Industry Market Analysis & Forecast 2018-2023

In the Global Two Wheeled Traction Battery Industry Market Analysis & Forecast 2018-2023, the revenue is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2023, growing at a CAGR of XX% between 2018 and 2023. The production is estimated at XX million in 2017 and is forecasted to reach XX million by the end of 2023, growing at a CAGR of XX% between 2018 and 2023.

https://www.marketstudyreport.com/reports/global-two-wheeled-traction-battery-industry-market-analysis-forecast-2018-2023?utm_source=RR-AN

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