Traction Battery Market Growth Outlook Through 2024-2033

Overview and Scope
A traction battery is a type of rechargeable battery used to power the electric motor in a hybrid electric vehicle or battery electric vehicle. The traction battery is an assembly of accumulators that consists of the storage of energy used to power the traction motor. The design of a traction battery standard is crucial for ensuring extended and trouble-free service life.

Sizing and Forecast
The traction battery market size has grown rapidly in recent years. It will grow from <b>$36.14 billion in 2023 to $40.57 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. </b> 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 <b>$63.17 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. </b> 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.

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Segmentation & Regional Insights
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

<b>North America</b> was the largest region in the traction battery market in 2023. 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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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the traction battery market include <b> 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 Amperex Technology Co. Limited (CATL), Johnson Controls International plc, 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, Manz AG, Sinopoly Battery Limited </b>

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 analysis
5.Traction Battery Market Size And Growth
6.Traction Battery Segmentation
7.Traction Battery Regional And Country Analysis
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27.Traction Battery Competitive Landscape And Company Profiles
28.Traction Battery Key Mergers And Acquisitions
29.Traction Battery Future Outlook and Potential Analysis

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