Press release
Traction Battery Market Top Key Players, Size, Share, Demand, Opportunities And Forecasts To 2024
Traction Battery Market
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.
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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.
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.
Partial Table of Contents (ToC) of the report:
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
Continue….
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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.
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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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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