Traction Battery Market Size Detail Analysis focusing on 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 Batterien, Nort

The research report on Traction Battery market compiled by Market Study Report, LLC, proposes a comprehensive study on the recent industry trends. In addition, the report presents a detailed abstract of the growth statistics, revenue estimation, and market valuation, and also highlights the state of the competitive spectrum and expansion strategies adopted by major industry players.

This Traction Battery market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.

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.
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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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.

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.

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