Traction Battery Market Size, Share, Growth Trends and Forecast 2025-2031 | At a CAGR of 13.6%

Market Summary -

Accourding to QY Research has released a new publication titled "Global Traction Battery Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031." This comprehensive study provides an in-depth evaluation of the worldwide Traction Battery industry, uncovering the major forces influencing market growth and delivering high-value insights for investors, industry leaders, and strategic decision-makers. The report examines critical elements such as market dynamics, evolving technologies, segmentation trends, regional developments, and the competitive landscape. With data backed by rigorous research and expert interpretation, it offers an authoritative guide to understanding the macroeconomic and microeconomic factors reshaping the global market.

The global market for Traction Battery was estimated to be worth US$ 57741 million in 2024 and is forecast to a readjusted size of US$ 138492 million by 2031 with a CAGR of 13.6% during the forecast period 2025-2031.

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The study provides verified historical data and forward-looking projections, offering readers a clear understanding of how the Traction Battery market is expected to expand through 2031. Using accurate and validated data sources, the report answers key questions related to market size, growth patterns, strategic initiatives, and future investment potential.

Traction battery is a battery designed to power the electric motors of electric vehicles (such as electric cars, hybrid cars, e-bikes, etc.). These batteries have high energy density, long life and fast charging capabilities, allowing them to support vehicles traveling longer distances without the need for frequent recharging. Traction batteries typically use lithium-ion technology, but other chemistries such as nickel metal hydride (NiMH) or lead-acid batteries are also available, with each type having its own specific benefits, costs and application scenarios. The key feature of these batteries is their ability to provide high power output during charge and discharge processes, and they are designed to withstand thousands of charge and discharge cycles, ensuring that electric vehicles maintain good performance throughout their service life.

Recent Developments -

The authors of the report have put forward recent developments by key participants. Other strategic activities by manufacturers such as M&A, joint ventures, collaborations, innovation, product offerings, and research and development activities are highlighted in this research study. This will keep the users up-to-date about the undertakings and give the users a crystal-clear understanding of the key advancements emerging in the business.

What is Driving the Traction Battery Market ?

The global traction battery market has experienced rapid evolution over the past decade, primarily driven by the accelerating electrification of the transportation sector. Traction batteries are the core energy-storage components used in electric vehicles, electric buses, trucks, forklifts, AGVs, and other industrial or transportation applications requiring propulsion power. With governments worldwide tightening emission regulations and OEMs committing to aggressive zero-emission roadmaps, demand for high-energy density, safe, and long-cycle-life battery systems has surged. Asia remains the dominant hub of traction battery production, led by Chinese, South Korean, and Japanese battery manufacturers, while Europe and North America continue to ramp up localized capacity in response to supply-chain resilience concerns and national industrial strategies.

Lithium-ion chemistries-particularly lithium iron phosphate (LFP) and nickel manganese cobalt oxide (NMC)-currently account for more than 75% of global traction battery installations. LFP is favored for commercial and heavy-duty applications due to its thermal stability, longer lifespan, and lower cost profile, whereas high-nickel NMC is commonly deployed in premium passenger EVs where higher energy density and longer driving ranges are critical.

Market competition is intense and increasingly polarized. Global leaders such as CATL, BYD, LG Energy Solution, Panasonic, and Samsung SDI collectively control over 70% of worldwide traction battery shipments, supplying both established automakers and new energy vehicle manufacturers. At the same time, fast-growing players-including CALB, EVE Energy, SVOLT, Northvolt, AESC, and Envision AESC-are heavily expanding capacity and bidding for OEM-level partnerships to secure long-term supply agreements. Outside of EVs, there is a growing segment of industrial traction battery demand coming from sectors such as urban delivery, port and mining vehicles, agriculture, rail, and marine, where electrification addresses both operational efficiency and carbon-reduction goals. Many of these applications require customized, ruggedized battery systems with higher power capability and different form-factor requirements compared to passenger EVs.

Looking forward, the global traction battery market is projected to maintain a double-digit compound annual growth rate of 10-15% through 2031, supported by sustained regulatory incentives, expanding use-cases, and improving economics of battery packs. However, industry participants face several critical challenges, including securing raw material supply chains (lithium, nickel, cobalt), managing recycling/end-of-life logistics, improving safety performance, and overcoming cost barriers for mass adoption in heavy-duty transport. As battery technologies continue to advance and manufacturing scales rise, the sector is expected to move toward greater differentiation based on application-specific performance attributes, total cost of ownership, and sustainability credentials.

Market Segmentation and Regional -

By Type

Open Lead Acid Battery
Lithium-Ion Battery
Others

By Application

Passenger Electric Vehicles (EVs)
Commercial & Heavy‐duty Vehicles
Industrial Traction

Regional Analysis -

✔ North America (U.S., Canada, China)
✔ Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
✔ Asia-Pacific (Japan, South Korea, China Taiwan, Southeast Asia, India)
✔ Middle East, Africa, Latin America (Brazil, Mexico, Turkey, Israel, GCC Countries)

The analysis spans from 2024 (base year) to 2031 (forecast period).

Major Company Included: -

Panasonic
CATL
LG Energy Solution
BYD
GS Yuasa
Gotion High-tech
CSICP
Lishen
East Penn Manufacturing
Clarios
Enersys
Samsung SDI
CALB
EVE Energy
Sunwoda
SVOLT
Farasis Energy
REPT Battero
AESC
Envision AESC
LECLANCHÉ
Northvolt
Romeo Power (Nikola)

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Why should you purchase this report?

Purchasing this report provides you with a comprehensive and data-driven understanding of the market landscape, enabling informed business decisions and strategic planning. The report comes with free customization based on client requirements, including a country-level breakdown of any five countries of your choice and a competitive analysis of segment revenue by key market players. With detailed insights into market trends, growth drivers, challenges, competitive dynamics, and emerging opportunities, this report equips stakeholders, manufacturers, and investors with actionable intelligence to identify profitable prospects, optimize operations, and maintain a competitive edge in the industry.

How Can the Research Study Help your Business?

✔ The information presented in the Traction Battery report helps your decision makers to become prudent and make the best business choices.
✔ The report enables you to see the future of the global Traction Battery market and accordingly take decisions that will be in the best interest of your business.
✔ It offers you a forward-looking perspective of the global Traction Battery market drivers and how you can secure significant market gains in the near future.
✔ It provides SWOT analysis of the global Traction Battery market along with useful graphics and detailed statistics providing quick information about the market's overall progress throughout the forecast period.
✔ It also assesses the changing competitive dynamics of the global Traction Battery market using pin-point evaluation.

Key Questions Answered in the Report -

✔ What is the size and estimated growth rate of the global and regional Traction Battery market?
✔ Which countries are expected to display the strongest growth?
✔ Which region will dominate the market throughout the forecast period?
✔ What are the main factors driving or restraining market expansion?
✔ What technological advancements are shaping future demand?
✔ Where are the key opportunities for new entrants and established players?
✔ Which companies currently hold the highest market share?
✔ How will market dynamics evolve from 2025 to 2031?

Table of Contents - Major Key Points:

1 Market Overview
1.1 Traction Battery Product Introduction
1.2 Global Traction Battery Market Size Forecast (2020-2031)
1.3 Traction Battery Market Trends & Drivers
1.3.1 Traction Battery Industry Trends
1.3.2 Traction Battery Market Drivers & Opportunity
1.3.3 Traction Battery Market Challenges
1.3.4 Traction Battery Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Competitive Analysis by Company
2.1 Global Traction Battery Players Revenue Ranking (2024)
2.2 Global Traction Battery Revenue by Company (2020-2025)
2.3 Key Companies Traction Battery Manufacturing Base Distribution and Headquarters
2.4 Key Companies Traction Battery Product Offered
2.5 Key Companies Time to Begin Mass Production of Traction Battery
2.6 Traction Battery Market Competitive Analysis
2.6.1 Traction Battery Market Concentration Rate (2020-2025)
2.6.2 Global 5 and 10 Largest Companies by Traction Battery Revenue in 2024
2.6.3 Global Top Companies by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Traction Battery as of 2024)
2.7 Mergers & Acquisitions, Expansion
3 Segmentation by Type
3.1 Introduction by Type
3.1.1 Open Lead Acid Battery
3.1.2 Lithium-Ion Battery
3.1.3 Others
3.2 Global Traction Battery Sales Value by Type
3.2.1 Global Traction Battery Sales Value by Type (2020 VS 2024 VS 2031)
3.2.2 Global Traction Battery Sales Value, by Type (2020-2031)
3.2.3 Global Traction Battery Sales Value, by Type (%) (2020-2031)
4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Passenger Electric Vehicles (EVs)
4.1.2 Commercial & Heavy‐duty Vehicles
4.1.3 Industrial Traction
4.2 Global Traction Battery Sales Value by Application
4.2.1 Global Traction Battery Sales Value by Application (2020 VS 2024 VS 2031)
4.2.2 Global Traction Battery Sales Value, by Application (2020-2031)
4.2.3 Global Traction Battery Sales Value, by Application (%) (2020-2031)
5 Segmentation by Region
5.1 Global Traction Battery Sales Value by Region
5.1.1 Global Traction Battery Sales Value by Region: 2020 VS 2024 VS 2031
5.1.2 Global Traction Battery Sales Value by Region (2020-2025)
5.1.3 Global Traction Battery Sales Value by Region (2026-2031)
5.1.4 Global Traction Battery Sales Value by Region (%), (2020-2031)
5.2 North America
5.2.1 North America Traction Battery Sales Value, 2020-2031
5.2.2 North America Traction Battery Sales Value by Country (%), 2024 VS 2031
5.3 Europe
5.3.1 Europe Traction Battery Sales Value, 2020-2031
5.3.2 Europe Traction Battery Sales Value by Country (%), 2024 VS 2031
5.4 Asia Pacific
5.4.1 Asia Pacific Traction Battery Sales Value, 2020-2031
5.4.2 Asia Pacific Traction Battery Sales Value by Region (%), 2024 VS 2031
5.5 South America
5.5.1 South America Traction Battery Sales Value, 2020-2031
5.5.2 South America Traction Battery Sales Value by Country (%), 2024 VS 2031
5.6 Middle East & Africa
5.6.1 Middle East & Africa Traction Battery Sales Value, 2020-2031
5.6.2 Middle East & Africa Traction Battery Sales Value by Country (%), 2024 VS 2031
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Traction Battery Sales Value Growth Trends, 2020 VS 2024 VS 2031
6.2 Key Countries/Regions Traction Battery Sales Value, 2020-2031
6.3 United States
6.3.1 United States Traction Battery Sales Value, 2020-2031
6.3.2 United States Traction Battery Sales Value by Type (%), 2024 VS 2031
6.3.3 United States Traction Battery Sales Value by Application, 2024 VS 2031
6.4 Europe
6.4.1 Europe Traction Battery Sales Value, 2020-2031
6.4.2 Europe Traction Battery Sales Value by Type (%), 2024 VS 2031
6.4.3 Europe Traction Battery Sales Value by Application, 2024 VS 2031
6.5 China
6.5.1 China Traction Battery Sales Value, 2020-2031
6.5.2 China Traction Battery Sales Value by Type (%), 2024 VS 2031
6.5.3 China Traction Battery Sales Value by Application, 2024 VS 2031
6.6 Japan
6.6.1 Japan Traction Battery Sales Value, 2020-2031
6.6.2 Japan Traction Battery Sales Value by Type (%), 2024 VS 2031
6.6.3 Japan Traction Battery Sales Value by Application, 2024 VS 2031
6.7 South Korea
6.7.1 South Korea Traction Battery Sales Value, 2020-2031
6.7.2 South Korea Traction Battery Sales Value by Type (%), 2024 VS 2031
6.7.3 South Korea Traction Battery Sales Value by Application, 2024 VS 2031
6.8 Southeast Asia
6.8.1 Southeast Asia Traction Battery Sales Value, 2020-2031
6.8.2 Southeast Asia Traction Battery Sales Value by Type (%), 2024 VS 2031
6.8.3 Southeast Asia Traction Battery Sales Value by Application, 2024 VS 2031
6.9 India
6.9.1 India Traction Battery Sales Value, 2020-2031
6.9.2 India Traction Battery Sales Value by Type (%), 2024 VS 2031
6.9.3 India Traction Battery Sales Value by Application, 2024 VS 2031
7 Company Profiles
7.1 Panasonic
7.1.1 Panasonic Profile
7.1.2 Panasonic Main Business
7.1.3 Panasonic Traction Battery Products, Services and Solutions
7.1.4 Panasonic Traction Battery Revenue (US$ Million) & (2020-2025)
7.1.5 Panasonic Recent Developments
7.2 CATL
7.2.1 CATL Profile
7.2.2 CATL Main Business
7.2.3 CATL Traction Battery Products, Services and Solutions
7.2.4 CATL Traction Battery Revenue (US$ Million) & (2020-2025)
7.2.5 CATL Recent Developments
7.3 LG Energy Solution
7.3.1 LG Energy Solution Profile
7.3.2 LG Energy Solution Main Business
7.3.3 LG Energy Solution Traction Battery Products, Services and Solutions
7.3.4 LG Energy Solution Traction Battery Revenue (US$ Million) & (2020-2025)
7.3.5 LG Energy Solution Recent Developments
7.4 BYD
7.4.1 BYD Profile
7.4.2 BYD Main Business
7.4.3 BYD Traction Battery Products, Services and Solutions
7.4.4 BYD Traction Battery Revenue (US$ Million) & (2020-2025)
7.4.5 BYD Recent Developments
7.5 GS Yuasa
7.5.1 GS Yuasa Profile
7.5.2 GS Yuasa Main Business
7.5.3 GS Yuasa Traction Battery Products, Services and Solutions
7.5.4 GS Yuasa Traction Battery Revenue (US$ Million) & (2020-2025)
7.5.5 GS Yuasa Recent Developments
7.6 Gotion High-tech
7.6.1 Gotion High-tech Profile
7.6.2 Gotion High-tech Main Business
7.6.3 Gotion High-tech Traction Battery Products, Services and Solutions
7.6.4 Gotion High-tech Traction Battery Revenue (US$ Million) & (2020-2025)
7.6.5 Gotion High-tech Recent Developments
7.7 CSICP
7.7.1 CSICP Profile
7.7.2 CSICP Main Business
7.7.3 CSICP Traction Battery Products, Services and Solutions
7.7.4 CSICP Traction Battery Revenue (US$ Million) & (2020-2025)
7.7.5 CSICP Recent Developments
7.8 Lishen
7.8.1 Lishen Profile
7.8.2 Lishen Main Business
7.8.3 Lishen Traction Battery Products, Services and Solutions
7.8.4 Lishen Traction Battery Revenue (US$ Million) & (2020-2025)
7.8.5 Lishen Recent Developments
7.9 East Penn Manufacturing
7.9.1 East Penn Manufacturing Profile
7.9.2 East Penn Manufacturing Main Business
7.9.3 East Penn Manufacturing Traction Battery Products, Services and Solutions
7.9.4 East Penn Manufacturing Traction Battery Revenue (US$ Million) & (2020-2025)
7.9.5 East Penn Manufacturing Recent Developments
7.10 Clarios
7.10.1 Clarios Profile
7.10.2 Clarios Main Business
7.10.3 Clarios Traction Battery Products, Services and Solutions
7.10.4 Clarios Traction Battery Revenue (US$ Million) & (2020-2025)
7.10.5 Clarios Recent Developments
7.11 Enersys
7.11.1 Enersys Profile
7.11.2 Enersys Main Business
7.11.3 Enersys Traction Battery Products, Services and Solutions
7.11.4 Enersys Traction Battery Revenue (US$ Million) & (2020-2025)
7.11.5 Enersys Recent Developments
7.12 Samsung SDI
7.12.1 Samsung SDI Profile
7.12.2 Samsung SDI Main Business
7.12.3 Samsung SDI Traction Battery Products, Services and Solutions
7.12.4 Samsung SDI Traction Battery Revenue (US$ Million) & (2020-2025)
7.12.5 Samsung SDI Recent Developments
7.13 CALB
7.13.1 CALB Profile
7.13.2 CALB Main Business
7.13.3 CALB Traction Battery Products, Services and Solutions
7.13.4 CALB Traction Battery Revenue (US$ Million) & (2020-2025)
7.13.5 CALB Recent Developments
7.14 EVE Energy
7.14.1 EVE Energy Profile
7.14.2 EVE Energy Main Business
7.14.3 EVE Energy Traction Battery Products, Services and Solutions
7.14.4 EVE Energy Traction Battery Revenue (US$ Million) & (2020-2025)
7.14.5 EVE Energy Recent Developments
7.15 Sunwoda
7.15.1 Sunwoda Profile
7.15.2 Sunwoda Main Business
7.15.3 Sunwoda Traction Battery Products, Services and Solutions
7.15.4 Sunwoda Traction Battery Revenue (US$ Million) & (2020-2025)
7.15.5 Sunwoda Recent Developments
7.16 SVOLT
7.16.1 SVOLT Profile
7.16.2 SVOLT Main Business
7.16.3 SVOLT Traction Battery Products, Services and Solutions
7.16.4 SVOLT Traction Battery Revenue (US$ Million) & (2020-2025)
7.16.5 SVOLT Recent Developments
7.17 Farasis Energy
7.17.1 Farasis Energy Profile
7.17.2 Farasis Energy Main Business
7.17.3 Farasis Energy Traction Battery Products, Services and Solutions
7.17.4 Farasis Energy Traction Battery Revenue (US$ Million) & (2020-2025)
7.17.5 Farasis Energy Recent Developments
7.18 REPT Battero
7.18.1 REPT Battero Profile
7.18.2 REPT Battero Main Business
7.18.3 REPT Battero Traction Battery Products, Services and Solutions
7.18.4 REPT Battero Traction Battery Revenue (US$ Million) & (2020-2025)
7.18.5 REPT Battero Recent Developments
7.19 AESC
7.19.1 AESC Profile
7.19.2 AESC Main Business
7.19.3 AESC Traction Battery Products, Services and Solutions
7.19.4 AESC Traction Battery Revenue (US$ Million) & (2020-2025)
7.19.5 AESC Recent Developments
7.20 Envision AESC
7.20.1 Envision AESC Profile
7.20.2 Envision AESC Main Business
7.20.3 Envision AESC Traction Battery Products, Services and Solutions
7.20.4 Envision AESC Traction Battery Revenue (US$ Million) & (2020-2025)
7.20.5 Envision AESC Recent Developments
7.21 LECLANCHÉ
7.21.1 LECLANCHÉ Profile
7.21.2 LECLANCHÉ Main Business
7.21.3 LECLANCHÉ Traction Battery Products, Services and Solutions
7.21.4 LECLANCHÉ Traction Battery Revenue (US$ Million) & (2020-2025)
7.21.5 LECLANCHÉ Recent Developments
7.22 Northvolt
7.22.1 Northvolt Profile
7.22.2 Northvolt Main Business
7.22.3 Northvolt Traction Battery Products, Services and Solutions
7.22.4 Northvolt Traction Battery Revenue (US$ Million) & (2020-2025)
7.22.5 Northvolt Recent Developments
7.23 Romeo Power (Nikola)
7.23.1 Romeo Power (Nikola) Profile
7.23.2 Romeo Power (Nikola) Main Business
7.23.3 Romeo Power (Nikola) Traction Battery Products, Services and Solutions
7.23.4 Romeo Power (Nikola) Traction Battery Revenue (US$ Million) & (2020-2025)
7.23.5 Romeo Power (Nikola) Recent Developments
8 Industry Chain Analysis
8.1 Traction Battery Industrial Chain
8.2 Traction Battery Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.2.3 Manufacturing Cost Structure
8.3 Midstream Analysis
8.4 Downstream Analysis (Customers Analysis)
8.5 Sales Model and Sales Channels
8.5.1 Traction Battery Sales Model
8.5.2 Sales Channel
8.5.3 Traction Battery Distributors
9 Research Findings and Conclusion
10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer

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