How Global Traction Battery Market Players Should Strategize For 2022-2031

21 Feb, 2022

The global traction battery market size is expected to grow from $27.61 billion in 2021 to $31.88 billion in 2022 at a compound annual growth rate (CAGR) of 15.5%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The traction battery market is expected to reach $52.29 billion in 2026 at a CAGR of 13.2%.

What is the Global Traction Battery Market?

The traction battery market consists of sales of traction batteries by entities (organizations, sole traders, and partnerships) that is a type of rechargeable battery used to power the electric motor in a hybrid electric vehicle or battery electric vehicle. The traction battery is an assembly of accumulators that consists of the storage of energy used to power the traction motor. The design of a traction battery standard is crucial for ensuring extended and trouble-free service life.

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What drives the Global Traction Battery Market?

The rising demand for electric vehicles is expected to fuel the growth of the traction battery market going forward. EVs are environmentally friendly vehicles that are powered on electric power. An electric vehicle uses traction batteries to power the electric motor of the battery electric vehicle. Also, according to Bloomberg New Energy Finance (BNEF), EVs are expected to hit 10% of global passenger vehicle sales by 2025, rising to 28% in 2030 and 58% in 2040 Therefore, the rising demand for electric vehicles is driving the growth of the traction battery market.

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Global Traction Battery Market Segments
The global traction battery market is segmented:
By Product Type: Lead Acid Based, Li-Ion Based, Nickel Based, Others
By Capacity: Less than 100 Ah, 100 – 200 Ah, 200 – 300 Ah, 300 – 400 Ah, 400 Ah and Above
By Application: Electrical Vehicle (EV), Hybrid Electric Vehicle (HEV), Industrial, Forklift, Mechanical Handling Equipment, Others
By Geography: The regions covered in the traction battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Traction Battery Global Market Report 2022provides market size and growth forecasts for the global traction battery market, global traction battery market share, traction battery market segments and geographies, traction battery market competitive landscape including leading competitors’ revenues, profiles and market shares. The traction battery market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Traction Battery Industry Playersinclude Amara Raja Batteries, BAE Batterien GmbH, Banner Batterien, BYD Company, Coslight Technology International Group Co. Ltd., East Penn Manufacturing Company, Enersys, Exide Industries Limited, GS Yuasa International Ltd., HOPPECKE Carl Zoellner & Sohn GmbH, Mutlu Incorporated, Sunlight, C&D Technologies Inc., Chaowei Power Holdings Limited, Leoch International Technology Limited Inc., and Sebang Global. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.