- A traction battery is a high-capacity battery used to power electric vehicles (EVs) and other electric transportation systems, providing energy for movement and propulsion
- The traction battery market is witnessing growth due to the increasing demand for electric vehicles, with companies
- For instance, Tesla adopting advanced traction battery technologies to power their electric cars, while cities such as London are incorporating electric buses powered by such batteries for public transportation
- Innovations in battery technology, such as lithium-ion and solid-state batteries, are improving the efficiency and lifespan of traction batteries, enabling their wider use in electric vehicles and industrial machinery such as forklifts
- For instance, companies such as Toyota Material Handling are using lithium-ion batteries in their electric forklifts
- As industries focus on sustainability, traction batteries are becoming critical in material handling equipment, with companies
- For instance, Toyota Material Handling investing in electric forklifts powered by high-performance traction batteries, which are more efficient and eco-friendlier compared to traditional lead-acid batteries
- The rise of renewable energy solutions has further spurred traction battery adoption, with energy storage applications becoming popular in commercial and residential sectors, especially for solar power integration
- For instance, companies such as Sonnen and Tesla’s Powerwall are providing residential energy storage solutions using traction batteries
- With continuous technological advancements and increasing investments, companies such as BYD and CATL are developing next-generation traction batteries that offer faster charging times and higher energy density to meet the needs of the electric vehicle and energy storage sectors, as seen in BYD's electric buses and CATL's battery cells used in various electric vehicle manufacturers
