Traction batteries are electric devices which are used to power battery operated electric vehicles. These batteries are recyclable and thus, are in great demand from various sectors such as automobile, manufacturing, etc.
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“Global Traction Battery Market Analysis & Opportunity Outlook 2021”
The global traction battery market is segmented into application such as electric car, hybrid car, heavy commercial vehicles, light commercial vehicles and others. Among these segments, electric car segment is expected to occupy the top position in the market.
Increasing demand for electric vehicles in the world is expected to foster the growth of the traction battery market. Moreover, government initiatives to encourage the adoption of electric vehicle are likely to boost the demand for traction batteries in electric vehicle during the forecast period.
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Global traction battery market is expected to flourish at a robust CAGR over the forecast period. Moreover, the global traction battery market is projected to garner USD 56 Billion by the end of 2021.
Rising demand for electric vehicles and increasing application in fork lifts and mobility scooter is expected to garner the growth of the traction battery market.
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North America accounted for the largest market share in overall traction battery market. Further, rising demand for electric vehicles is expected to behold the positive growth of the traction battery market in the region.
Europe is predicted to showcase significant growth during the forecast period. Increasing focus of major automotive manufacturers to develop electric vehicles is anticipated to accelerate the growth of the traction battery market in Europe.
Additionally, Asia Pacific market is also expected to observe significant CAGR during the forecast period. Favorable government regulations and rising sale of hybrid and electric vehicles in the region is anticipated to impel the growth of the traction battery market in the region.
Moreover, China and Japan are witnessing the augmented demand for traction batteries.
Increasing Demand for Electric Vehicles
Rising sale of vehicles coupled with growing use of traction batteries in automotive vehicles such as hybrid vehicles, electric vehicles, commercial vehicles and other is driving the growth of traction battery market. Moreover, increasing demand and sale of electric and hybrid vehicles is expected to impel the growth of the traction battery market.
According to International Energy Agency, in 2016, 750 thousand new electric vehicles were registered across the globe.
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Wide Scale Application
Apart from their application in electric and hybrid vehicles, traction batteries are also used in fork-lift, golf carts, mobility scooters and other vehicles. This factor is believed to impel the growth of the traction battery market.
Further, technological advancement such as high energy density and enhancement in battery life is likely to fuel the growth of the traction battery market.
Although, limitation of lead acid battery such as low backup and high cost of other traction batteries is likely to inhibit the growth of the traction battery market in the near future.
The report titled “Global Traction Battery Mar…tlook 2021” delivers detailed overview of the global traction battery market in terms of market segmentation by product, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global traction battery market which includes company profiling of Panasonic Corporation, General Electric, GS Yuasa International Ltd., Deutsche Accumotive GmbH & Co. KG, Samsung SDI Co. Ltd., Bater Ltd., B.B.
Battery, Discover Energy Corp, Exide Industries Ltd. and LG Chem. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global traction battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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