Press release
What's Driving the Traction Battery Market Growth? Johnson Controls, Hitachi, LG Chem, BYD Company, Panasonic Corporation, Enersys
Traction Battery Market
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The size of Traction Battery Market was registered at USD 30 billion in the year 2018 and is anticipated to cross USD 65 billion by 2024. Between the period 2018-2024, the Traction Battery Market is expected to register a CAGR of 11.9%.
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.
Key Players of Traction Battery Market:
o Haze Batteries Europe Ltd.
o Banner Batterien
o Midac S.P.A.
o BAE Batterien GmbH
o Amara Raja
o Chaowei Power Holdings Limited
o First National Battery
o Accumulatorenwerke HOPPECKE Carl Zoellner& Sohn GmbH
o Coslight Technology International Group Ltd.
o C&D Technologies Inc.
o Leoch International Technology Limited
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.
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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
Table Of 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 3600 synopsis, 2013 - 2024
2.2 Business Trends
2.3 Application Trends
2.4 Chemistry Trends
2.5 Regional Trends
Read More About Traction Battery Market - https://www.globenewswire.com/news-release/2018/09/13/1570259/0/en/Traction-Battery-Market-revenue-worth-over-65-billion-by-2024-Global-Market-Insights-Inc.html
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