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Traction Battery Market size was valued over USD 30 billion in 2017 and is set to expand over 11% by 2024 | Price Trends, Competitive Market Share & Forecast, 2018– 2024

04-15-2019 09:24 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Traction Battery Market size was valued over USD 30 billion

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.

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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.

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.

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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.

The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:

Definition and scope of research
Market dynamics, growth drivers and industry pitfalls
Regulatory and political guidelines for the industry
Demographics and statistical data

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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