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Future of the Traction Battery Market: Trends, Innovations, and Key Forecasts Through 2034
Traction Battery Market Size
Traction Battery Market Size Growth Forecast: What to Expect by 2025?
The market size of the traction battery has seen rapid expansion in recent years. It is projected to escalate from $39.91 billion in 2024 to $44.47 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.4%. Key factors that have driven growth during the historic period include the electrification of transport, governmental incentives and regulations, environmental considerations, and increased consumer awareness and demand.
How Will the Traction Battery Market Size Evolve and Grow by 2029?
In the coming years, the traction battery market is projected to experience swift expansion, swelling to a $68.71 billion worth by 2029, with a compound annual growth rate (CAGR) of around 11.5%. Factors contributing to the growth during the predicted period include expansion of the electronic vehicle market, the use of batteries in energy storage applications, recycling and sustainability of batteries, development in charging infrastructures, and market diversification. The forecasted trends include quick charging technologies, second-life batteries, enhanced production capability, progressive battery management systems, and improved energy density.
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What Drivers Are Propelling the Growth of Traction Battery Market Forward?
The escalating interest for electric vehicles is projected to drive the traction battery market's expansion. Electric vehicles, which are eco-friendly and operate on electric power, use traction batteries to fuel their electric motors. Sustainable Bus, a media firm based in Italy that concentrates on sustainable buses, reported a 53% rise in the European electric bus registration in 2023 compared to 2022. As such, the burgeoning need for electric vehicles is fuelling the growth of the traction battery market.
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Which Emerging Trends Are Transforming the Traction Battery Market in 2025?
The traction battery market is increasingly benefiting from advancements in technology. Key players within the industry are focusing their attention on formulating new tech solutions in order to deliver more cost-effective products and solidify their standing in the market. One such instance is Sunlight Group Energy Storage Systems - a Greece-based integrated energy storage solutions company - who, in March 2022, unveiled the Sunlight ElectroLiFe, their latest semi-traction lithium-ion (Li-ion) battery. Through its lightweight, powerful construction, the Sunlight ElectroLiFe provides easy plug-and-play installation without needing tools, making it suitable for manufacturing and light commercial vehicle applications like AGVs (automated guided vehicles) and other material handling equipment. These adjustments accommodate evolving client requirements. Not only is the battery connectable to GLocal, a cloud platform managed by Sunlight Group, but it also boasts a prolonged lifespan of over 2,000 cycles.
What Are the Key Segments in the Traction Battery Market?
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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Who Are the Key Players Shaping the Traction Battery Market's Competitive Landscape?
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 Amp 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
What Geographic Markets Are Powering Growth in the Traction Battery Market?
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.
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