Press release
Traction Battery Market to Witness High Growth in near future: Leading Key Players like Samsung, Johnson Controls, BYD, East Penn Manufacturing, Hitachi, LG Chem, Systems Sunlight, Panasonic, Enersys, Amara Raja, Exide, GS Yuasa, Mutlu, Hoppecke, Banner B
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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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.
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.
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.
Report Content
Chapter 1 Methodology & Scope
1.1 Methodology
1.2 Market Definitions
1.3 Forecast parameters
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid Sources
Chapter 2 Executive Summary
2.1 Traction battery industry 360 degree synopsis, 2013 - 2024
2.2 Business Trends
2.3 Application Trends
2.4 Chemistry Trends
2.5 Regional Trends
Chapter 3 Traction Battery Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 - 2024 (USD Billion)
3.3 Industry ecosystems analysis
3.3.1 Vendor matrix
3.4 Innovation & sustainability
3.4.1 Banner
3.4.2 Exide
3.4.3 GS Yuasa
3.4.4 Amara Raja
3.4.5 Mutlu Batteries
3.4.6 Johnson Controls
3.4.7 Hitachi
3.5 Regulatory Landscape
3.5.1 Global EV Outlook
3.5.1.1 International targets for the promotion of electric vehicles
3.5.1.2 Internationally implemented policies
3.5.1.3 Comparison of the two scenarios of EV deployment till the year 2030
3.5.1.4 UN Regulation No. 100: Uniform provisions concerning the approval of vehicles with regard to specific requirements for the electric power train
3.5.1.5 International standards and Testing for automotive battery
3.5.1.6 Standards from ISO committee on batteries
3.5.2 China
3.5.2.1 China traction battery GB Standards
3.5.2.2 Policy updates
3.5.3 U.S.
3.5.3.1 Tax credits and other incentives
3.5.3.2 Qualified Plug-in Electric Vehicle (PEV) tax credit
3.5.3.3 Low and Zero Emission Public Transportation Research, Demonstration, and Deployment Funding
3.5.3.4 Policy updates
3.5.4 European Union
3.5.4.1 Policy updates
3.5.5 India
3.5.5.1 Policy updates
3.5.6 Japan
3.5.6.1 Policy updates
3.6 Key customer requirements
3.7 Entry barriers
3.8 Price trend analysis by application
3.8.1 Electric Vehicles
3.8.2 E-Bikes
3.8.1 Electric Forklifts
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Dynamic Uptake of Electric vehicles
3.9.1.2 Growing Demand for electric forklifts
3.9.1.3 Enhanced battery capacity and reducing costs
3.9.1.4 Favorable Government Policies & Tax Incentives
3.9.2 Industry pitfalls & challenges
3.9.2.1 Lack of adequate charging infrastructure
3.10 Growth potential analysis
3.11 Porter's Analysis
3.12 Competitive landscape, 2017
3.12.1 Strategy Dashboard
3.12.1.1 BYD Company Ltd.
3.12.1.1.1 Joint venture
3.12.1.1.2 Expansion
3.12.1.1.3 Partnership
3.12.1.2 Enersys
3.12.1.2.1 Acquisition
3.12.1.2.2 Development Center
3.12.1.3 Hitachi Group
3.12.1.3.1 Product Development
3.12.1.4 Mutlu
3.12.1.4.1 Global Expansion
3.12.1.5 Johnson Controls
3.12.1.5.1 Merger
3.12.2 Company Market Share, 2017
3.12.2.1.1 Forklift Battery Company Market Share, 2017
3.12.2.1.2 Electric Vehicle Company Market Share, 2017
3.12.2.1.3 NiMH/Hybrid vehicles battery Company Market Share, 2017
3.12.2.1.4 Ebikes battery Company Market Share, 2017
3.13 PESTEL Analysis
Chapter 4 Traction Battery Market, By Application
4.1 Traction battery market revenue share by application, 2017 & 2024
4.2 Electric vehicle
4.2.1 Global traction battery market by electric vehicle, 2013 - 2024
4.2.2 Global traction battery market by electric vehicle, by region, 2013 - 2024
4.2.3 Battery electric vehicle (BEV)
4.2.3.1 Global traction battery market by BEV, 2013 - 2024
4.2.3.2 Global traction battery market by BEV, by region, 2013 - 2024
4.2.4 Plug-in hybrid electric vehicle (PHEV)
4.2.4.1 Global traction battery market by PHEV, 2013 - 2024
4.2.4.2 Global traction battery market by PHEV, by region, 2013 - 2024
4.2.5 Electric vehicle traction battery market, by chemistry
4.2.6 Li-ion
4.2.6.1 Global traction battery market by Li-ion, 2013 - 2024
4.2.7 Ni-MH
4.2.7.1 Global traction battery market by Ni-MH, 2013 - 2024
4.2.8 Others
4.2.8.1 Global traction battery market by others, 2013 - 2024
4.2.9 Electric vehicle traction battery market, by capacity
4.2.10 0-20 kWh
4.2.10.1 Global traction battery market by 0-20 kWh, 2013 - 2024
4.2.11 21-60 kWh
4.2.11.1 Global traction battery market by 21-60 kWh, 2013 - 2024
4.2.12 61-90 kWh
4.2.12.1 Global traction battery market by 61-90 kWh, 2013 - 2024
4.2.13 Above 90 kWh
4.2.13.1 Global traction battery market by Above 90 kWh, 2013 - 2024
4.3 Industrial
4.3.1 Global traction battery market by industrial, 2013 - 2024
4.3.2 Global traction battery market by industrial, by region, 2013 - 2024
4.3.3 Forklift
4.3.3.1 Global traction battery market by forklift, 2013 - 2024
4.3.3.2 Global traction battery market by forklift, by region, 2013 - 2024
4.3.3.3 Class 1
4.3.3.3.1 Global traction battery market by class 1, 2013 - 2024
4.3.3.3.2 Global traction battery market by class 1, by region, 2013 - 2024
4.3.3.4 Class 2
4.3.3.4.1 Global traction battery market by class 2, 2013 - 2024
4.3.3.4.2 Global traction battery market by class 2, by region, 2013 - 2024
4.3.3.5 Class 3
4.3.3.5.1 Global traction battery market by class 3, 2013 - 2024
4.3.3.5.2 Global traction battery market by class 3, by region, 2013 - 2024
4.3.4 Railroad
4.3.4.1 Global traction battery market by railroad, 2013 - 2024
4.3.4.2 Global traction battery market by railroad, by region, 2013 - 2024
4.3.5 Others
4.3.5.1 Global traction battery market by others, 2013 - 2024
4.3.5.2 Global traction battery market by others, by region, 2013 - 2024
4.3.6 Industrial traction battery market, by chemistry
4.3.7 Lead Acid
4.3.7.1 Global market by lead acid, 2013 - 2024
4.3.8 Li-ion
4.3.8.1 Global market by Li-ion, 2013 - 2024
4.3.9 Nickel based
4.3.9.1 Global market by nickel based, 2013 - 2024
4.3.10 Others
4.3.10.1 Global market by others, 2013 - 2024
4.4 E-bike
4.4.1 Global traction battery market by e-bike, 2013 - 2024
4.4.2 Global traction battery market by e-bike, by region, 2013 - 2024
4.4.3 E-Scooter
4.4.3.1 Global traction battery market by e-scooter, 2013 - 2024
4.4.4 E-Motorcycle
4.4.4.1 Global traction battery market by e-motorcycle, 2013 - 2024
4.4.5 E-bikes traction battery market, by chemistry
4.4.6 Lead Acid
4.4.6.1 Global market by lead acid, 2013 - 2024
4.4.7 Li-ion
4.4.7.1 Global market by Li-ion, 2013 - 2024
4.4.8 Nickel based
4.4.8.1 Global market by nickel based, 2013 - 2024
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