Traction Battery Market a Comprehensive Analysis | Key Players - East Penn Manufacturing, Exide, Samsung, Hitachi, BYD Company, LG Chem, Panasonic, Mutlu, Enersys, Amara Raja Batteries, Haze Batteries, Banner Batterien, Midac, NorthStar

In line with the electrification trend in the automotive space, the global traction battery market seems to have carved out a rather pronounced growth path in the recent years. Changing consumer preferences toward utilization of clean energy and lowering the greenhouse emission is expected to have a greater impact on the deployment of electric vehicles on a global scale. Forming one of the most vital components of the automotive industry, the growth of the electric vehicle market has also inevitably gravitated much of the momentum in the electric vehicle batteries business sphere. According to estimates provided by the IEA, the global sales of new electric cars exceeded 1 million units in 2017 in terms of volume and exhibited nearly 54% growth in comparison to the statistics of 2016.

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The recent years also saw automakers making several major EV announcements, which have had a direct impact on the traction battery industry share. To name a few, General Motors announced plans for 20 new Electric Vehicles models by 2023, Toyota said it plans to electrify its entire lineup by 2025, Ford announced investment of USD 4.5 billion into 13 new EVs, while Volvo revealed that all the models launched after 2019 will be either all-electric or hybrid. Quite overtly, endorsed by such initiatives of the automotive giants, traction battery market is indeed on its way to emerge as nothing but a lucrative vertical for potential investors.

Enumerated below are some of the latest development underlining the expansion of traction battery market

Following its partnership in 2014 over the “Gigafactory”, Tesla and Panasonic have recently announced plans to expand its traction battery cell production by 30% by the end of 2018. The Gigafactory, for the record, is capable of producing more than 35 GWh of battery cells every year, which is not only likely to meet the global demand for traction batteries but is also expected to play an imperative role is making batteries energy efficient and cost-competitive.

In yet another instance, Audi recently announced that its first all-electric SUV, dubbed as the e-tron, has commenced production at its Brussels facility. Reports reveal that the e-tron is powered by large battery pack that has a capacity to store 95 kWh of energy. The company claims that the large traction battery comes with a 150-kW high-power charging (HPC) station and can be recharged within just 30 minutes.

The above-mentioned instances also bear testimony to the fact that numerous automakers are spending billions of dollars on electric technologies as they rush to hold a significant stance on the biggest change that has recently hit the automotive industry. Reliable reports claim that in 2017, automakers spent USD 200 million on electrification & autonomous vehicle technologies and will spend approximately USD 250 billion in the research & development and capital expenditures on electric vehicles by 2023. Moreover, around 207 electric models are set to hit the market by 2022. The data goes on to validate that the extraordinary expansion of the electric vehicle industry will also lead to robust traction battery market demand.

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Report Content
Chapter 1 Methodology & 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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Forklift traction battery market will witness growth on account of growing industrialization, driven by material handling industry and increasing penetration of ecommerce. In addition, the growing prominence of electric forklifts as a means to minimize GHG emission will further stimulate the industry growth. The ability to offer lesser emissions and lower operating costs in comparison to internal combustion models will further complement the business outlook.

Favorable policy implementations and growing concerns to reduce the emission levels contributed by the transport sector will augment the market growth. Government led tax incentives, ambitious manufacturing targets, and growing investments of automotive manufacturers toward EV development will further facilitate the large-scale deployment of these batteries.

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

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