EV-traction Batteries Market Overview Analysis, Trends, Share, Size, Type & Future Forecast to 2032

The global EV-traction Batteries market size was valued at $31.6 billion in 2020, and is projected to reach $69.2 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.

An electric vehicle battery with a high ampere-hour capacity is known as a traction battery. Forklift trucks, locomotives, and mechanical handling equipment are the principal uses for lead acid traction batteries.

The demand for electric vehicles has increased as a result of rising fuel price volatility and growing environmental awareness. For instance, a report by the International Energy Agency (IEA) titled Global EV Outlook 2020 claims that the number of electric car sales worldwide in 2019 exceeded 2.1 million, representing a 40% increase year over year. Also, the development of electric vehicles will be boosted by factors including the electrification of the transportation sector and increased investments.

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Due to the rising demand for electric vehicles, traction batteries, which power the electric motors of electric or hybrid vehicles, have experienced tremendous growth. This could be one of the main factors influencing the growth of the traction battery market. Moreover, qualities like recyclability, affordability, and environmental friendliness are giving products an extra boost.to the market's expansion in the electric vehicle segment, consequently boosting overall market expansion.

Yet, the transportation industry is responsible for around 28% of all carbon emissions in the United States. To lower emissions, the government is continually working to raise public awareness of electric vehicles. Unfortunately, due to a lack of available space, funding, electrification, and other factors, the development of charging infrastructure for electric vehicles has seen a substantial setback in many nations. Throughout the forecast period, this factor is anticipated to limit the growth of the traction battery market.

The growing demand for electric vehicles, on the other hand, has accelerated R&D efforts to increase battery efficiency by optimising the charge cycle and lowering the unit consumption per charge. Also, the competition among traction battery producers to provide highly effective traction batteries for electric and hybrid vehicles has intensified with the development of batteries with high energy density. All of these elements are anticipated to present significant prospects for the worldwide traction battery market in the future.

Traction Battery Market, by Region

The traction battery market in Asia-Pacific, which had 54.5% of the market share in 2020, is anticipated to expand at a CAGR of 8.9% during the forecast period. In nations like China, India, and others, where traction batteries are utilised to power industrial equipment systems, the expanding demand for consumer goods has fueled the rise of the industrial manufacturing sectors. The market for traction batteries in Asia-Pacific may develop as a result. Also, the development of electric vehicles, in which traction batteries are frequently employed to power electric motors, has been pushed by growing environmental concerns and government initiatives. For instance, a Business Standard article estimates that sales of electric vehicles in India will rise by 26% between 2020 and 2023. This is expected to boost traction battery sales within the electric car category, opening up profitable market potential.

Traction Battery Market, by Product Type
The lead acid-based sector, which generated the most revenue in 2020, is expected to expand at a CAGR of 7.2% throughout the course of the forecast period. Lead acid-based traction batteries are frequently used to power road vehicles, locomotives, industrial forklift trucks, and other vehicles, which has accelerated the growth of the automotive and transportation industry. For instance, the transport industry in India is predicted to develop at a CAGR of 5.9%, making it one of the fastest-growing industries, according to a report released by the Indian Ministry of Trade and Industry. This could have a positive impact on the lead-acid traction battery market's expansion.

Market Segmentation
Global EV-traction Batteries Market: Segmentations

Global EV-traction Batteries Market: By Types
Open Lead Acid Battery
Pure Lead Battery
Gel Battery
Lithium-Ion Battery

Global EV-traction Batteries Market: By Applications
Industrial Vehicles
Recreational Vehicles

Global EV-traction Batteries Market: Major Players
Panasonic
CATL
LG Chem
BYD
GS Yuasa
Gotion
CSICP
Lishen
East Penn Manufacturing
Clarios
Enersys

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Global EV-traction Batteries Market: By Regions
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Q10. Which applications are expected to drive the adoption of Traction Battery?

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