Press release
Key Trends Shaping the Future Traction Battery Market From 2025-2034: Technological Advancements To Provide Cost-Effective Batteries
Traction Battery Market Forecast
The traction battery market is anticipated to grow due to the increasing demand for electric vehicles. These eco-friendly transport options run on electricity and employ traction batteries to activate the vehicle's electric motor. This upward trend in electric vehicle usage is reflected by data from Sustainable Bus, an Italian organization specializing in sustainable and clean bus solutions. Their figures show a 53% rise in electric bus registration in Europe in 2023 when compared to the previous year, 2022. Consequently, this increasing interest and demand in electric vehicles are fuelling the expansion of the traction battery market.
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What is the future CAGR of the traction battery market, and how will it impact industry expansion?
The market size for traction batteries has seen a significant rise in recent times. The market, valued at $39.91 billion in 2024, is projected to surge to $44.47 billion in 2025 with a compound annual growth rate (CAGR) of 11.4%. The unprecedented growth in the past years is linked to the surge in the electrification of transportation, government policies and incentives, rising environmental concerns, as well as increased consumer awareness and demand.
The market size for traction batteries is predicted to experience swift growth in the coming years. It is projected to reach a value of $68.71 billion by 2029, with a compound annual growth rate (CAGR) of 11.5%. This growth during the forecasted period is likely due to factors such as the expansion of the EV market, applications in energy storage, progress in battery recycling and sustainability, development of charging infrastructure, and market diversification. Some key trends expected during the forecasted duration include the advancement of fast charging technology, the resurgence of second-life batteries, a surge in production capacity, the enhancement of battery management systems, and a rise in energy density.
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What are the most significant trends transforming the traction battery market today?
Technological advancements continue to be a predominant trend in the traction battery market, with leading companies concentrating their efforts on innovative, cost-effective battery solutions to solidify their market presence. A notable instance is the Greece-based manufacturer of integrated energy storage solutions, Sunlight Group Energy Storage Systems, which unveiled the Sunlight ElectroLiFe in March 2022. This avant-garde semi-traction lithium-ion (Li-ion) battery is tailored for manufacturing and light industrial vehicle uses such as AGVs (automated guided vehicles) and other material handling machinery, thanks to its robust yet lightweight design that offers seamless plug-and-play installation to accommodate evolving consumer requirements. ElectroLiFe presents the ability to integrate with GLocal, a cloud platform managed by Sunlight Group, and touts an extended lifespan surpassing 2,000 cycles.
Which key market segments comprise the traction battery market and drive its revenue growth?
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
Subsegments:
1) By Lead Acid Based: Flooded Lead Acid Batteries, Absorbent Glass Mat (AGM) Batteries, Gel Lead Acid Batteries
2) By Li-Ion Based: Lithium Cobalt Oxide (LCO) Batteries, Lithium Iron Phosphate (LFP) Batteries, Lithium Nickel Manganese Cobalt (NMC) Batteries, Lithium Polymer (LiPo) Batteries
3) By Nickel Based: Nickel-Cadmium (NiCd) Batteries, Nickel-Metal Hydride (NiMH) Batteries
4) By Other Types: Sodium-Ion Batteries, Solid-State Batteries, Flow Batteries
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What regions are at the forefront of traction battery market expansion?
North America was the largest region in the traction battery market in 2024. The regions covered in the traction battery market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the traction battery market?
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 ere*x Technology Co. Limited (CATL), 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, Sinopoly Battery Limited
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What Is Covered In The Traction Battery Global Market Report?
•Market Size Forecast: Examine the traction battery market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the traction battery market for a structured understanding.
•Key Players Overview: Analyze major players in the traction battery market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the traction battery market.
•Segment Contributions: Evaluate how different segments drive overall growth in the traction battery market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the traction battery market.
•Industry Challenges: Identify potential risks and obstacles affecting the traction battery market.
•Competitive Landscape: Review strategic developments in the traction battery market, including expansions, agreements, and new product launches.
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