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Traction Battery Market Size 2021, Trend Analysis, Industry Growth Rate, Company Profiles with Strategies, Global Sales and Revenues, Future Demands, Production-Scenario and Supply Forecast 2030

Report Ocean published a new report on the traction battery market. The study includes an in-depth analysis of regional trends and market growth in North America, Europe, Asia-Pacific, and Middle East Africa. This study report also examines the challenges that are negatively impacting the industry’s growth and outlines a strategy adopted by companies during 2021 to 2030.

The traction battery market value was US$ 31.4 billion in 2020. The traction battery market is forecast to reach US$ 69 billion by 2030, and the market will grow at a compound annual growth rate (CAGR) of 8% during the forecast period from 2021-2030.

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Traction batteries are a type of electric vehicle battery that has a high capacity in terms of amperes. Battery applications include forklift trucks, locomotives, and mechanical handling equipment.

Factors Influencing the Market Growth

The use of traction batteries for driving electric motors in electric or hybrid vehicles has seen impressive growth as electric vehicle sales have surged. Hence, this may be one of the primary factors driving traction battery market growth.

Market dynamics such as recyclability, low cost, and eco-friendliness contribute to the growth of the electric vehicle segment, thus enhancing the market growth.

Developing charging infrastructure for electric vehicles is a significant setback in many countries because of a lack of space, investment, and electrification. During the forecast period, this factor is forecast to slow down the market growth.

Increasing demand for electric vehicles has led to increased activities in R&D aimed at improving battery efficiency by optimizing the charge cycle and reducing unit consumption per charge. In addition, the rise of high energy density batteries has increased the competition among traction battery manufacturers to produce highly efficient traction batteries for electric and hybrid vehicles. As a result of all these factors, the global traction battery market is likely to see future growth opportunities.

Impact Analysis of COVID-19

An incomparable global pandemic, the novel coronavirus has spread to several countries and caused huge losses of lives and money.

Due to its dependence on transportation, industrial manufacturing, and other sectors, the traction battery market has been adversely affected by the COVID-19 pandemic. The International Energy Agency reported that global road transport activity was almost 50% lower by March 2020 than March 2019.

Due to the risk of infections among the workforce, several companies have shut down or reduced their operations, lowering the production rates of traction batteries during COVID-19. Additionally, falling incomes and travel restrictions imposed by the government and local governments have decreased the sales of electric vehicles and e-bikes, which, in turn, has reduced the demand for traction batteries.

Due to COVID-19, many countries have temporarily stopped the trade of unnecessary products, hindering the supply chain for traction batteries. In addition, the shutdown of small and large-scale manufacturing industries utilizing traction batteries to power automotive industry systems has led to a decline in demand. A report published by the National Bureau of Statistics of China finds that manufacturing industry production declined by 20% in March 2020 compared to March 2019, and profits dropped by 66%.

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Regional Insights

During the forecast period, the Asia-Pacific traction battery market is expected to grow at the highest CAGR. There has been an increase in consumer demand for traction batteries in countries like China, India, and others used to power industrial machinery systems. Asia-Pacific may experience traction battery market growth due to this. As a result, environmental concerns and increased government initiatives have led to an increase in electric vehicles. Traction batteries power electric motors in these vehicles. An article published by the Business Standard estimates that India’s electric vehicle sales will increase by 26% from 2020 to 2023. The electric vehicle segment predicts to increase its sales of traction batteries, creating lucrative opportunities for the market.

Leading Competitors

The leading prominent companies profiled in the global traction battery market are:

BAE Batteries GmbH

Banner Batteries (GB) Ltd.

ECOVOLTA

Exide Industries Ltd.

GS Yuasa International Ltd.

HOPPECKE Carl Zoellner & Sohn GmbH

Inci GS Yuasa

INTILION GmbH

Leoch International Technology Limited Inc.

Toshiba Corporation

Other Prominent Players

Scope of the Report

The global traction battery market segmentation focuses on Product Type, Capacity, Application, and Region.

Segmentation based on Product Type

Lead Acid based

Nickel based

Lithium-ion based

Others

Segmentation based on Capacity

Less than 100 Ah

100 – 200 Ah

200 Ah – 300 Ah

300 – 400 Ah

400 Ah & above

Segmentation based on Application

Electrical Vehicle (EV)

Battery Electrical Vehicles (BEV)

Plug-in Hybrid Electrical Vehicles (PHEV)

Hybrid Electric Vehicles (HEV)

Industrial

Forklift

Mechanical Handling Equipment

Locomotives

Others

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Segmentation based on Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

Aim of the Report

This study aims to determine the market size of various segments and countries with forecast values for next ten years.

Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.

It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.

The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.

Access full Report Description, TOC, Table of Figure, Chart, etc.-https://reportocean.com/industry-verticals/sample-request?report_id=BWCC580

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.

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Updated : 2022-05-24 19:18 GMT+08:00