Traction Battery Market Expands with Lithium-Ion Based Segment at a robust CAGR of 16.52%
The increasing global traction battery market is driven by rapid growth in electric vehicle (EV) adoption, advancements in battery technology demand during the forecast period 2024-2028
According
to TechSci Research report, “Global
Traction Battery Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028, The Global Traction Battery Market is
undergoing a profound transformation driven by the escalating demand for
electric mobility and sustainable energy solutions. Traction batteries,
essential for powering electric vehicles (EVs), industrial machinery, and
locomotives, play a pivotal role in shaping the contemporary energy storage
landscape. Lithium-Ion batteries, with their superior energy density and
efficiency, dominate the market, particularly within the EV segment. The
Asia-Pacific region, spearheaded by manufacturing giants like China, Japan, and
South Korea, stands as a frontrunner in innovation, garnering substantial
government support and fostering technological advancements. Within the market,
the 200-300 Ah capacity range emerges as a key player, offering an optimal
balance of power and weight, making it a preferred choice for electric vehicles
and various industrial applications.
Government
incentives and regulatory initiatives worldwide, aimed at curbing emissions and
promoting sustainable transportation, fuel the market's growth. The ongoing
shift towards electric mobility is reinforced by the commitment of major
automotive manufacturers, investing strategically in the development and
production of electric vehicles. As a result, the Electric Vehicle application
segment takes center stage, influencing market dynamics significantly. The
market's trajectory is marked by environmental consciousness among consumers,
who increasingly seek clean and eco-friendly transportation alternatives.
Amidst
these trends, the Global Traction Battery Market is positioned for sustained
expansion and innovation. With a focus on electrified transportation and the
broader adoption of sustainable energy solutions, the market is set to play a
defining role in the global transition towards cleaner and more efficient
energy technologies. As industries align with environmental goals and
governments worldwide intensify efforts to promote electrified mobility, the
Traction Battery Market continues to evolve, representing a crucial component
in the quest for a more sustainable and energy-efficient future.
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over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global
Traction Battery Market"
The
global traction battery market is segmented into product type, capacity, application,
and region. Based on product type, the market is segmented into lead acid
based, nickel based, lithium-ion based, others. Based on capacity, the market
is segmented into Less than 100 Ah, 100-200 Ah, 200-300 Ah, 300-400 Ah, 400 Ah
& Above. Based on application, the market is segmented into electric
vehicle (EV), industrial, locomotives, others. Based on region, the market is
further bifurcated into North America, Asia-Pacific, Europe, South America,
Middle East & Africa.
Based
on application, electric vehicle (EV) dominated in the global traction battery market
in 2022. The surge in electric vehicle adoption worldwide is a primary driver
propelling the Electric Vehicle application to the forefront of the Traction
Battery market. Governments, industries, and consumers are increasingly
embracing the imperative of reducing carbon emissions and transitioning towards
cleaner, more sustainable transportation options. Electric vehicles, powered by
traction batteries, have emerged as a pivotal solution in this transformative
journey, contributing to the dominance of the Electric Vehicle application
segment.
Government
incentives and regulatory initiatives further bolster the dominance of the
Electric Vehicle segment. Countries around the globe are implementing policies
that incentivize the production and adoption of electric vehicles, ranging from
financial incentives and tax credits to stringent emission regulations favoring
electric mobility. These initiatives create a conducive environment for the
proliferation of electric vehicles, driving the demand for traction batteries
designed specifically for this application.
The
relentless pace of technological advancements in the electric mobility sector
plays a pivotal role in elevating the Electric Vehicle application to its
dominant position. Breakthroughs in battery technology, including improvements
in energy density, charging infrastructure, and range capabilities, contribute
to the growing acceptance and popularity of electric vehicles. Traction
batteries designed for electric vehicles are at the forefront of these
innovations, solidifying the Electric Vehicle application as a key driver of
market dynamics.
Key
market players in the global traction battery market are:
-
- Contemporary Amperex Technology Co.,
Ltd. (CATL)
- LG Energy Solution
- Panasonic Corporation
- BYD Co., Ltd.
- Samsung SDI Co., Ltd.
- SK Innovation Co., Ltd.
- Guoxuan High-Tech Power Energy Co.,
Ltd.
- Sunwoda Electronic Co., Ltd.
- AESC (Automotive Energy Supply
Corporation)
- PEVE (Primearth EV Energy)
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“The
Global Traction Battery Market is witnessing dynamic growth driven by the
escalating demand for electric vehicles (EVs) and sustainable energy solutions.
Lithium-Ion batteries, particularly in the 200-300 Ah capacity range, dominate
the market, offering an optimal balance of power and weight. Asia-Pacific, led
by manufacturing powerhouses like China, Japan, and South Korea, plays a
central role in technological innovation. Government incentives and strategic
investments by automotive manufacturers amplify the market's expansion. With a
focus on cleaner transportation, the Traction Battery Market stands at the
forefront of the global shift towards sustainable and efficient energy storage
technologies.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Traction Battery Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Lead
Acid Based, Nickel Based, Lithium-Ion Based, Others), By Capacity (Less than
100 Ah, 100-200 Ah, 200-300 Ah, 300-400 Ah, 400 Ah & Above), By Application
(Electric Vehicle (EV), Industrial, Locomotives, Others), By Region, and By
Competition, 2018-2028,” has evaluated the future growth
potential of Global Traction Battery Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Traction Battery Market.
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