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Anticipated Surge in Traction Battery Market, Projected to Reach $58.53 Billion by 2027 with a Robust CAGR of 12.8%|| Amara Raja Batteries, BAE Batterien GmbH, Banner Batterien, BYD Company
Traction Battery Market
The Business Research Company's Traction Battery Global Market Report 2023 the rising demand for electric vehicles is the major driver for the traction battery market's growth in the forecast period. Electric vehicles are environmentally friendly vehicles that are powered by electric power. The electric vehicle uses traction batteries to power the electric motor of the battery electric vehicle. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, in the year 2020, the global electric car stock reached 10 million, a 43% increase over 2019.
The global traction battery market size grew from $31.9 billion in 2022 to $36.18 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The traction battery market size is expected to grow to $58.53 billion in 2027 at a CAGR of 12.8%.
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Major competitors in the traction battery market are Amara Raja Batteries, BAE Batterien GmbH, Banner Batterien, BYD Company, Coslight Technology International Group Co. Ltd., East Penn Manufacturing Company, Enersys, Exide Industries Limited, GS Yuasa International Ltd., HOPPECKE Carl Zoellner & Sohn GmbH.
A key trend in the traction battery market includes growing technological advancements. Major companies operating in the traction battery sector are focused on developing new technological solutions to provide cost-effective batteries and strengthen their position. For instance, in March 2022, Sunlight Group Energy Storage Systems, a Greece-based producer of integrated energy storage solutions, launched Sunlight ElectroLiFe, its newest semi-traction lithium-ion (Li-ion) battery. When used in manufacturing and light commercial vehicle applications like AGVs (automated guided vehicles) and other material handling machinery, ElectroLiFe's revolutionary lightweight yet strong design enables tool-free plug-and-play installation to meet changing customer needs.
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The traction battery market is segmented -
• By Product Type: Lead Acid Based, Li-Ion Based, Nickel Based, Other Types
• By Capacity: Less than 100 Ah, 100 - 200 Ah, 200 - 300 Ah, 300 - 400 Ah, 400 Ah And above
• By Application: Electrical Vehicle (EV), Hybrid Electric Vehicles (HEV), Industrial, Forklift, Mechanical Handling Equipment, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the traction battery market.
The Business Research Company's "Global Traction Battery Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Traction Battery Market Include:
1. Executive Summary
2. Traction Battery Market Characteristics
3. Traction Battery Market Trends And Strategies
4. Traction Battery Market - Macro Economic Scenario
5. Traction Battery Market Size And Growth
……………
27. Traction Battery Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Traction Battery Market
29. Traction Battery Market Future Outlook And Potential Analysis
30. Appendix
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