The Traction Battery Global Market Report 2023, provides comprehensive information on the traction battery market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Traction Battery Global Market Report 2023, the market size is expected to grow from $31.9 billion in 2022 to $36.18 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global traction battery is expected to grow to $58.53 billion in 2027 at a CAGR of 12.8%.
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The growing technological advancements are a key trend gaining popularity in the traction battery market. Major companies operating in the traction battery sector are focused on developing new technological solutions to provide cost-effective batteries and strengthen their position. For instance, in March 2022, Sunlight Group Energy Storage Systems, a Greece-based producer of integrated energy storage solutions, launched Sunlight ElectroLiFe, its newest semi-traction lithium-ion (Li-ion) battery. When used in manufacturing and light commercial vehicle applications like AGVs (automated guided vehicles) and other material handling machinery, ElectroLiFe’s revolutionary lightweight yet strong design enables tool-free plug-and-play installation to meet changing customer needs. The battery is also capable of being connected to GLocal, a cloud platform run by Sunlight Group, and has an increased lifespan of more than 2,000 cycles.
The traction battery market 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
North America was the largest region in the traction battery market in 2022.The table of contents in TBRC’s traction battery market report includes:
1. Executive Summary
2. Traction Battery Market Characteristics
3. Traction Battery Market Trends And Strategies
4. Traction Battery Market – Macro Economic Scenario
5. Traction Battery Market Size And Growth
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26. Africa Traction Battery Market
27. Traction Battery Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Traction Battery Market
29. Traction Battery Market Future Outlook and Potential Analysis
30. Appendix
Top Major players:
Amara Raja Batteries
BAE Batterien GmbH
Banner Batterien
BYD Company
Coslight Technology International Group Co. Ltd.
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