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Traction Battery Market Strategies, Growth Analysis, Top Key Players And Forecast 2033
Traction Battery Market Strategies
Traction Battery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $63.17 billion In 2028 At A CAGR Of 11.7% :
The traction battery market size has grown rapidly in recent years. It will grow from $36.14 billion in 2023 to $40.57 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to electrification of transportation, government incentives and regulations, environmental concerns, consumer awareness and demand.
The traction battery market size is expected to see rapid growth in the next few years. It will grow to $63.17 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to ev market expansion, energy storage applications, battery recycling and sustainability, charging infrastructure development, market diversification. Major trends in the forecast period include fast charging technology, second-life batteries, increased production capacity, advanced battery management systems, increased energy density.
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Traction Battery Market Major Segments
The traction battery market covered in this report is segmented -
1) By Product Type: Lead Acid Based, Li-Ion Based, Nickel Based, Other Types
2) By Capacity: Less than 100 Ah, 100 - 200 Ah, 200 - 300 Ah, 300 - 400 Ah, 400 Ah And above
3) By Application: Electrical Vehicle (EV), Hybrid Electric Vehicles (HEV), Industrial, Forklift, Mechanical Handling Equipment, Other Applications
Key Driver - Electric Vehicle Boom Sparks Surge In Traction Battery Market
The rising demand for electric vehicles is expected to fuel the growth of the traction battery market going forward. 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, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the rising demand for electric vehicles is driving the growth of the traction battery market.
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Prominent Trend - Technological Advancements To Provide Cost-Effective Batteries
The growing technological advancements are a key trend gaining popularity in the traction battery market. 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. The battery is also capable of being connected to GLocal, a cloud platform run by Sunlight Group, and has an increased lifespan of more than 2,000 cycles.
Traction Battery Market Players
Major companies operating in the traction battery market include Amara Raja Batteries Limited, BAE Batterien GmbH, Banner Batterien GmbH, BYD Company Limited, Coslight Technology International Group Co. Ltd., East Penn Manufacturing Company Inc., EnerSys, Exide Industries Limited, GS Yuasa International Ltd., HOPPECKE Carl Zoellner & Sohn GmbH, Mutlu Akü ve Malzemeleri Sanayi Ticaret A.S., Sunlight Systems S.A., C&D Technologies Inc., Chaowei Power Holdings Limited, Leoch International Technology Limited, Sebang Global Battery Co. Ltd., Tesla Inc., Panasonic Corporation, LG Chem Ltd., Samsung SDI Co. Ltd., Contemporary Ampere*x Technology Co. Limited (CATL), Johnson Controls International plc, Saft Groupe S.A., Trojan Battery Company, A123 Systems LLC, Toshiba Corporation, Hitachi Chemical Co. Ltd., Narada Power Source Co. Ltd., NorthStar Battery Company LLC, Sumitomo Electric Industries Ltd., Crown Battery Manufacturing Company, Tadiran Batteries GmbH, Discover Battery, Manz AG, Sinopoly Battery Limited.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the traction battery market in 2023. The regions covered in the traction battery market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Traction Battery Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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