Traction Battery Market : Commercial vehicles segment to account for biggest market share by 2021

The global traction batteries market is projected to reach USD 56 Billion in coming 7-10 years. Geographically, the global traction batteries market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific and rest of world.Traction batteries are electric devices which are used to power battery operated electric vehicles. These batteries are recyclable and thus, are in great demand from various sectors such as automobile, manufacturing, etc.

Market Segmentation

By Application

Based on application, the global traction battery market can be segmented into heavy, light and commercial vehicles, hybrid cars, electric cars, etc.

By Product

On the basis of products type, the global traction battery market is divided as lead-Acid, NiCad, Lithium ion and others.

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Growth Drivers and challenges

Rising popularity of rechargeable hybrid & electric cars and expansion of automotive sector in some of the major countries are two factors which are expected to drive the global traction battery market in future.
However, high cost of traction batteries and limitations on use of lead-acid traction battery are projected to dampen the growth of global traction battery market over the forecast period.

Market Size and Forecast

Regionally, North America dominated the global traction battery market in 2015 followed by Europe. The U.S. is the largest traction battery market in North America followed by Canada.

Europe holds the second largest traction battery market behind North America but expected that the region may be surpassed by Asia-Pacific in next five years of time. The traction battery market in the region is propelled by inclination of major auto-players towards manufacturing hybrid and electric power vehicles. The market is also sparked by upsurge of automobile sector in some of the major European countries such as the U.K., Germany, Italy, Spain and France.

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Asia-Pacific traction battery market is likely to get fuelled from strengthening of economy and rising foreign investments in automobile sector of some of the major countries such as India, China and Japan.

Key Players

The global traction battery market is very competitive and includes some of the top players such as Panasonic, GE USA, Mitsubishi/GS Yuasa, ACCUmotive GmbH, Samsung, Bater, B.B.Battery, Fiske, LG Chem, etc.

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This release was published on openPR.