Traction batteries market is anticipated to grow at a CAGR of 10.5% during the forecast period. The market’s growth is attributed to factors such as increasing demand for electric vehicles, stringent emission regulations, technological advancements in battery technologies, and the shift towards sustainable transportation solutions. Additionally, factors such as government incentives and investments in charging infrastructure are expected to fuel the demand for traction batteries. For instance, several countries are implementing policies and offering subsidies to promote the adoption of electric vehicles, thereby driving the growth of the traction batteries market. For instance, the US government established a $7,500 tax credit for BEV and PHEV cars acquired in and after 2010. In addition, as consumer preferences shift toward electric forklifts across the material handling industry, product penetration will increase therefore escalating the demand for the traction battery across the global.
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Among the type segment, the lithium-ion batteries sub-segment is expected to register significant growth during the forecast period. The growth of lithium-ion batteries is attributed to factors such as their superior performance, higher energy storage capacity, and increasing adoption in EVs. The demand for lithium-ion batteries is further driven by technological advancements aimed at improving their energy efficiency and reducing costs. For instance, in March 2023, Sunlight Group launched a new lithium-ion battery called Sunlight Li.ON FORCE Lite, designed for Class III industrial vehicles. The battery is part of the Sunlight Li.ON FORCE range, which delivers premium safety, high efficiency, and long life.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Traction Batteries Market by Type
- Lithium-Ion Batteries
- Nickel-Metal Hydride Batteries
- Lead-Acid Batteries
- Solid-State Batteries
- Flow Batteries
Global Traction Batteries Market by Application
- Electric Vehicles (EVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Commercial Vehicles
- Rail
- Forklifts
Global Traction Batteries Market by Capacity
- Less than 100 Ah
- 100-200 Ah
- 200-300 Ah
- 300-400 Ah
- 400 Ah & Above
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- ABB Ltd.
- CHINA BAK BATTERY INC.
- Duracell Co.
- East Penn Manufacturing Co.
- ENERSYS
- EnerSys Reserve Power Pte. Ltd.
- Exide
- GS Yuasa Group
- Hitachi India Pvt. Ltd.
- HOPPECKE Carl Zoellner & Sohn GmbH
- Johnson Controls
- Saft Groupe SAS
- Tesla
- Toshiba Corp.
- Valence
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global traction batteries market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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