Traction Battery Market Eminent industry players in the global market include Johnson Controls, East Penn Manufacturing, Exide, Samsung, Hitachi, BYD Company, LG Chem Sebang Global, C&D Technologies, Shoto Group, amongst others
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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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U.S. to remain a lucrative investment hub for traction battery industry
In view of the expanding number of electric vehicles on road and the increasing demand for high quality batteries, the commercialization of worldwide traction battery industry is set to witness an all-time high. On the regional front, the traction battery market saw notable expansion in the U.S., with overall region contributing to a revenue share of USD 3 billion in 2017. The credit of the same can be attributed to the supportive Federal policies that includes tax credits and purchase incentives for EVs on one hand and stringent emission control targets on other. Reports claim that in U.S. alone, EV sales climbed 21% in 2017, and is expected to remain a lucrative hotspot for traction battery industry players in the ensuing years.
The robust efforts to bring EVs to the mainstream will thus be the principal driving force behind the progress of the global traction battery market. According to a report by Global Market Insights, Inc., traction battery market will hit USD 65 billion by 2024 at a growth rate of 11% over 2018-2024.
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China market is predicted to expand over 11% by 2024. The industry growth is largely attributed to the policies along with the introduction of tax incentives to promote the sales of electric vehicles. For instance, the national government, published around 39 policies since 2009 out of which nearly 50% were pertaining to electric vehicles, thereby facilitating the product deployment. According to the China New Energy Vehicle Development Project, The Ministry of finance, granted RMB100 billion to support the development of new electric vehicles during 2011-2020.
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.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
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