Traction Battery Market | Growth Analysis Report, 2032

The Traction Battery  Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Traction Battery  Global Market Report 2024, The traction battery market size has grown rapidly in recent years. It will grow from $36.14  billion in 2023 to $40.57  billion in 2024 at a compound annual growth rate (CAGR) of 12.2%.  The  growth in the historic period can be attributed to electrification of transportation, government incentives and regulations, environmental concerns, consumer awareness and demand.

The traction battery market size is expected to see rapid growth in the next few years. It will grow to $63.17  billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.  The growth in the forecast period can be attributed to ev market expansion, energy storage applications, battery recycling and sustainability, charging infrastructure development, market diversification. Major trends in the forecast period include fast charging technology, second-life batteries, increased production capacity, advanced battery management systems, increased energy density.

The rising demand for electric vehicles is expected to fuel the growth of the traction battery market going forward. Electric vehicles are environmentally friendly vehicles that are powered by electric power. The electric vehicle uses traction batteries to power the electric motor of the battery electric vehicle. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the rising demand for electric vehicles is driving the growth of the traction battery market.

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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

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 report table of contents includes:

 

1. Executive Summary
2. Traction Battery Market Characteristics
3. Traction Battery Market Trends And Strategies
4. Traction Battery Market – Macro Economic Scenario
5. Global Traction Battery Market Size and Growth

 

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31. Global Traction Battery Market Competitive Benchmarking
32. Global Traction Battery Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Traction Battery Market
34. Traction Battery Market Future Outlook and Potential Analysis
35. Appendix

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