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Traction Battery Market Analysis: $66.28 Billion by 2029 With a CAGR of 10.9%
Traction Battery
Traction Battery Market Value Projection: How Much Will the Market Size by 2025?
There has been significant growth in the traction battery market in the past few years. The market, which has a value of $39.91 billion in 2024, is projected to increase to $43.78 billion in 2025, with a compound annual growth rate (CAGR) of 9.7%. This expansion during the historical period is driven by factors such as the electrification of transport, government incentives and rules, environmental worries, and heightened consumer awareness and demand.
What Will Be the Market Growth Forecat for Traction Battery in 2029?
The market for traction batteries is projected to experience a swift increase in the coming years, reaching a value of $66.28 billion by 2029, rising at a compound annual growth rate (CAGR) of 10.9%. The expected growth during the forecast period is due to factors like the expansion of the EV market, uses in energy storage, advancements in battery recycling and sustainability, development of charging infrastructure, and diversification of the market. Key trends for the forecast period are improved fast-charging technology, repurposing of used batteries, enhancement of production capacity, advanced battery management systems, and higher energy density.
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What Are the Core Competitive Drivers in the Traction Battery Industry?
The escalation in the requirement for electric vehicles is anticipated to boost the traction battery market's expansion. Electric vehicles, which are eco-friendly as they are powered by electricity, utilize traction batteries to energize their battery electric motors. As per Sustainable Bus, a media corporation based in Italy that centers around clean buses and sustainability, there was a 53% increase in electric bus registrations in Europe in 2023 compared to 2022. Hence, the mounting demand for electric vehicles contributes to the proliferation of the traction battery market.
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Which Traction Battery Market Segment Is Projected to See the Fastest 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
Which Trends Are Opening New Opportunities in the Traction Battery Market?
Traction battery market is witnessing a rising trend of technological advancements, as leading companies strategize to implement cutting-edge technologies to manufacture cost-effective batteries, thereby solidifying their competitive stance. Sunlight Group Energy Storage Systems, an integrated energy storage solutions company in Greece, took a leap forward in March 2022 by introducing its latest semi-traction lithium-ion (Li-ion) battery, dubbed as Sunlight ElectroLiFe. It has been specifically designed for manufacturing and light commercial vehicle applications including AGVs and numerous material handling machines. Its ground-breaking lightweight design facilitates hassle-free plug-and-play setup to adapt to the evolving customer preferences. In addition, the battery can also be integrated with GLocal, a cloud-based platform operated by Sunlight Group, enhancing its lifespan to over 2,000 cycles.
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Who Are the Leaders 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
Which Regional Traction Battery Markets Offer the Greatest Growth Potential?
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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