Global Traction Battery Market, By Product Type (Lead Acid Based, Nickel Based, Lithium-Ion Based, and Others), Capacity (Less Than 100 Ah, 100-200 Ah, 200-300 Ah, 300-400 Ah, And 400 Ah and Above), Application Type (Heavy Industrial, Light Industrial and Commercial, Two Wheeler, Hybrid Car, Pure Electric Car, Mobility for the disabled, Golf Car, Military, Marine, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights Global Traction Battery Market
Data Bridge Market Research analyses that the Traction battery market would exhibit a CAGR of 13.7% for the forecast period of 2022-2029. Data Bridge Market Research report on traction battery market provides analysis and insights regarding the factor such as increasing demand of hybrid vehicle will help in the growth of the market.
A traction battery is a type of electric vehicle battery with a high ampere-hour capacity. Lead acid traction batteries are primarily used in forklift trucks, locomotives, and mechanical handling equipment.
The growing awareness of environmentally friendly vehicles, combined with rising volatility in fuel prices, has increased demand for electric vehicles. Furthermore, factors such as transportation electrification and rising investment will drive the growth of electric vehicles. Traction batteries, which are used to power electric motors in electric or hybrid vehicles, have seen impressive growth as demand for electric vehicles has increased. This could be one of the key drivers responsible for the growth of the traction battery market. Furthermore, attributes such as recyclability, low cost, and eco-friendliness are providing an additional push to the market's growth in the electric vehicle segment, thereby augmenting market growth.
However, due to a lack of space, investments, electrification, and other factors, the development of charging infrastructure for electric vehicles is a significant setback in many countries. During the forecast period, this factor is expected to restrain the growth of the traction battery market. On the contrary, rising demand for electric vehicles has boosted RandD efforts to improve battery efficiencies by shortening the charge cycle and lowering unit consumption per charge.
Now as people are beginning to ignore the pandemic and become more mobile, the solid-state battery industry is growing at a faster rate. This indicates that they are driving more frequently. As a result, more people and businesses are purchasing electric automobiles and other vehicles. Many manufacturers of these vehicles are increasing their research and development spending.
This Traction battery market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Traction battery market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Traction Battery Market Scope and Market Size
Traction battery market is segmented on the basis of product type, capacity and application type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Traction battery market on the basis of product type has been segmented as lead-acid, nickel metal hybrid, nicad, nickel metal hydride, zebra, lithium ion and other.
- On the basis of capacity traction battery market has been segmented into less than 100 ah, 100-200 ah, 200-300 ah, 300-400 ah, and 400 ah and above
- On the basis of application type, traction battery market has been segmented into heavy industrial, light industrial and commercial, two wheeler, hybrid car, pure electric car, mobility for the disabled, golf car, military, marine and others.
Traction Battery Market Country Level Analysis
The global Traction battery market is analysed and market size insights and trends are provided by country, product type, capacity and application type as referenced above.
The countries covered in the Traction battery market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific dominates the Traction battery market and will continue to flourish its trend of dominance during the forecast period due to the rising demand for consumer goods has fueled the expansion of industrial manufacturing sectors in countries such as China, India, and others where traction batteries are used to power industrial machinery systems. This could fuel the growth of the Asia-Pacific traction battery market. Furthermore, rising environmental concerns and government initiatives have fuelled the growth of electric vehicles, with traction batteries widely used to power electric motors.
The country section of the Traction battery market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Traction Battery Market Share Analysis
The Traction battery market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Traction battery market.
Some of the major players covered in the Traction battery market report are Cymbet Corporation, Seeo Inc. (Robert Bosch GMBH subsidiary), StmicroElectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd subsidiary) and Brightvolt, Inc. The other key players include Excellatron Solid State, LLC, Infinite Power Solution, Inc., Planar Energy Devices, Inc., QuantumEscape, Altairnano, and Solid Power, Inc. among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.