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Traction Battery Market Revenue and Demand Analysis 2019 to 2024 | Top Key Players Johnson Controls, East Penn Manufacturing, Exide, Samsung Electronics, Hitachi, BYD, LG Chem, Panasonic, Enersys, HOPPECKE Batteries, Inc.
Traction Battery Market
Global 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.
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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.
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.
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Johnson Controls
2. East Penn Manufacturing
3. Exide
4. Samsung
5. Hitachi
6. BYD
7. LG Chem
8. Panasonic
9. Mutlu
10. Enersys
11. Systems Sunlight
12. GS Yuasa
13. Amara Raja Batteries
14. Hoppecke Batteries
15. Haze Batteries
16. Banner Batterien
17. Midac NorthStar Battery Company
Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/traction-battery-market
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.
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.
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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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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