Press release
Traction Battery Market Study for 2019 to 2024 providing information on Growth Drivers and Industry challenges | Key Players Hitachi, LG Chem, Systems Sunlight
Traction Battery Market
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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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.
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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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.
Partial Table of Contents (ToC) of the report:
Chapter 5 Traction battery market, By Chemistry
5.1 Traction battery market revenue share by chemistry, 2017 & 2024
5.2 Lead Acid
5.2.1 Global market by lead acid, 2013 - 2024
5.2.2 Global market by lead acid, by region, 2013 - 2024
5.3 Li-ion
5.3.1 Global market by Li-ion, 2013 - 2024
5.3.2 Global market by Li-ion, by region, 2013 - 2024
5.4 Nickel based
5.4.1 Global market by nickel based, 2013 - 2024
5.4.2 Global market by nickel based, by region, 2013 - 2024
5.5 Others
5.5.1 Global market by others, 2013 - 2024
5.5.2 Global market by others, by region, 2013 - 2024
Browse complete table of content of this report @ https://www.gminsights.com/toc/detail/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.
Contact Us
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: mailto:sales@gminsights.com
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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