Electric Commercial Vehicles Market Definition

The commercial electric vehicles market consists of sales of commercial electric vehicles by entities (organizations, sole traders and partnerships) that manufacture and sell electrical commercial vehicles to the end users or customers. Electric commercial vehicles, also known as, commercial electrical vehicles, are fully or partially powered by electricity instead of diesel or gasoline. Electric commercial vehicles include buses, vans, trucks, and pick-up trucks. The energy to drive them comes from an on-board battery, this battery is rechargeable from the power grid. Hybrid electric vehicles are driven by an internal combustion engine in conjunction with one or more electric motors that use energy stored in batteries. The companies in this industry produce these electric vehicles for commercial purposes, sell and distribute them to the end users.

The residential battery refer to the battery used for the in-home purpose to store the energy supplied from the power grid or energy generated from renewable energy sources like solar and wind. There are different types of battery technology available in the market, but the most commonly used technology is lithium-ion technology. Lithium-ion batteries work as rechargeable battery whenever it connects to power charge and disconnected discharge based on the residential usage. The main types of residential batteries are lithium-ion batteries, lead-acid batteries, and other types. A lithium-ion battery, often known as a Li-ion battery, is a rechargeable battery made up of cells in which lithium ions travel from the negative electrode to the positive electrode through an electrolyte during discharge and then back again during charging. These residential batteries can be operated by standalone systems, solar, and storage with a power rating of 3–6 kW, 6–10 kW used by industrial, commercial, and residential users. The residential battery market research report is one of a series of new reports from The Business Research Company that provides residential battery market statistics, including residential battery industry global market size, regional shares, competitors with a residential battery market share, detailed residential battery market segments, market trends and opportunities, and any further data you may need to thrive in the residential battery industry. This residential battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global residential battery market size grew from $7.3 billion in 2022 to $8.5 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The residential battery market size is expected to grow to $15.11 billion in 2027 at a CAGR of 15.5%. The increasing deployment of solar power generation is expected to drive the residential battery market. Many people are deploying solar panels in their houses and commercial spaces as it is cost-efficient. To store this power generated by solar panels, residential batteries are used. According to the Solar Energy Industries Association (SEIA), a national non-profit trade association of the solar-energy industry in the United States, the United States of America has installed a 4.6 GW of solar community energy in the year 2021. Regardless of the physical qualities or ownership of their house or company, community solar gives homeowners, renters, and companies equitable access to the economic and environmental benefits of solar energy generation. Moreover, over the next five years, the community solar sector in the USA will install more than 4.3 gigawatts of total capacity. Such rising demand for solar power generation is driving the residential batteries market. Technological advancement is a key trend gaining popularity in the residential battery market. Major companies in the battery market are advancing in their new technologies and research and developments in the battery market to provide an enhanced product to their customers. For instance, in October 2021, Solar Edge, an Israel-headquartered provider of power optimizers, solar inverters, and monitoring systems for photovoltaic arrays, launched a residential battery and inverter with a power of 11.4 KW and backup power of 10.3 KW. The battery and inverter can be connected to a local grid or a photovoltaic system and the battery itself has three conversions of power from DC to AC power. The device can connect wirelessly and can link to Solar Edge EV Charger. The gadgets are wirelessly connected and can connect to the SolarEdge Home EV charger. The company's mobile app may be used to monitor and manage the equipment. The program lets homeowners prioritize loads depending on their preferences, and it uses algorithms to make more cost-effective selections while taking into consideration external elements like weather. In September 2021, LG Energy Solutions, a storage battery manufacturing company based in South Korea, acquired NEC Energy Solutions for an undisclosed amount. As a result of this acquisition, LG Energy Solutions is planning to grow its energy storage in North America and also to establish itself as a one-stop energy storage system (ESS) solutions provider that offers a full range of solutions to the energy storage system. NEC Energy Solutions designs and manufactures advanced energy storage solutions located in Massachusetts USA. Major players in the residential battery market are Amara Raja Batteries Ltd., Samsung SDI Co. Ltd., LG Chem Ltd., BYD Company, Tesla, ABB Ltd., Siemens AG, Luminous Power Technologies, Contemporary Amperex Technology Co. Limited, Panasonic, Power-Sonic Corporation, Lishen, CBAK, Loom Solar, and Ruipu Energy Co. Asia-Pacific was the largest region in the residential battery market in 2022. The regions covered in the residential battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the residential battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The residential battery market consists of sales of rechargable batteries, solar batteries, lead-acid, lithium-ion, flow batteries, sodium nickel chloride, and vented batteries. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global residential battery market is segmented - 1) By Type: Lithium-ion Battery, Lead-Acid Battery, Other Types 2) By Operation Type: Standalone systems, Solar and storage 3) By Power Rating: 3–6 kW, 6–10 kW 4) By End-User: Industrial, Commercial, Residential

The mobile battery refer to batteries are that rechargeable and that allow the use of the phone at any location and any time. The battery is revitalized using a charger designed specifically for the phone and battery. It is usually necessary to plug in a charger to a power source, such as an electrical outlet to recharge the battery. The main types of mobile batteries are lithium-ion, lithium polymer, nickel-cadmium, nickel-metal hydride, and other types. A lithium-ion battery, often known as a Li-ion battery, is a rechargeable battery made up of cells in which lithium ions travel from the negative electrode to the positive electrode through an electrolyte during discharge and then back again during charging. Mobile batteries are sold over online and offline channels on smartphones and non-smartphones. The mobile battery market research report is one of a series of new reports from The Business Research Company that provides mobile battery market statistics, including mobile battery industry global market size, regional shares, competitors with a mobile battery market share, detailed mobile battery market segments, market trends and opportunities, and any further data you may need to thrive in the mobile battery industry. This mobile battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global mobile battery market size grew from $21.61 billion in 2022 to $23.05 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The mobile battery market size is expected to grow to $29.9 billion in 2027 at a CAGR of 6.7%. The rise in the demand for smartphones all over the world is driving the growth of the market. Mobile battery products demand only depends on the sales of the mobile phones as mobile phones are chargeable and need batteries in them. According to TechRadar, an online publication focused on technology, in 2021, the global smartphone sales for the world's five largest manufacturers increased, with Samsung adding 7.6% to 272 million units - or 19% of the market and Apple devices sold increased by 19.7% to 239 million, and the company grew by 16.7% in terms of its market share. Xiaomi, Oppo, and Vivo all saw their shipments rise by roughly one-third. Therefore, the rising penetration of smartphones is driving the growth of the mobile battery market. Technological advancement is a key trend gaining popularity in the mobile batter market. Many Battery research companies are updating the newest technologies in the world to offer enhanced products to their users. In 2021, Xiaomi has developed a new battery technology for smartphones that could prepare OEMs to abandon the age-old lithium-ion technology currently used in smartphones. In terms of selling points, the company appears to be promoting its new High-Silicon Lithium battery technology, which offers a 10% increase in battery capacity at the same volume. Xiaomi claims that its negative electrodes now contain 300% more silicon. In addition to an in-house chip and advanced algorithms, battery performance should be enhanced greatly. Moreover, the company confirmed that mass production of the new high-silicon lithium batteries is scheduled for H2 2022. In July 2021, Enovix Corporation, a US-based advanced silicon-anode lithium-ion battery development, and production merged with Rodgers Silicon Valley Acquisition Corp. for an undisclosed amount. Through this merger, on July 15, the merged business will trade on the Nasdaq Global Select Market (Nasdaq) under the new ticker symbols ENVX for Enovix common stock and ENVXW for Enovix warrants, with the new ticker symbol ENVX for Enovix warrants. Until the ENVX opens for trading on July 15, stocks will be traded using the RSVA, RSVAU, and RSVAW ticker symbols. Enovix will be able to expand its first two manufacturing sites to meet demand from blue-chip clients in the worldwide mobile computing industry, while also continuing to develop cells for electric vehicles (EVs). Rodgers Silicon Valley Acquisition Corp. is a company formed for mergers, acquisitions, and share exchange. Major players in the mobile battery market are Sunwoda Electronic, DESAY, BYD Company Ltd., Samsung SDI Co. Ltd., LG Chem, ATL, TWS, Boston-Power, and China BAK Battery. Asia-Pacific was the largest region in the mobile battery market in 2022. The regions covered in the mobile battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the mobile battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The mobile battery market consists of sales of nickel-cadmium (NiCd), NiMH (NiMH), lithium-ion (Li-ion), and lithium Polymer (Li-pol) batteries.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global mobile battery market is segmented - 1) By Type: Lithium Ion, Lithium Polymer, Nickel Cadmium, Nickel Metal Hydride, Other Types 2) By Sales Channel: Online, Offline 3) By Industry: Smartphone, Non-smartphone

Lithium iron phosphate battery refers to a particular type of lithium-ion battery that has a graphitic carbon electrode with metallic support for the anode and employs lithium iron phosphate as the cathode material to produce high current ratings and good thermal stability. The main lithium iron phosphate batteries power capacities include 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh and 100,001–540,000 mAh. The 0–16,250 mAh batteries have a capacity of 0- 16,250 mAh and are used in lighter applications. The different types of lithium iron phosphate batteries include portable and stationary for different industries including automotive, power, and industrial. The lithium iron phosphate batteries market research report is one of a series of new reports from The Business Research Company that provides lithium iron phosphate batteries market statistics, including lithium iron phosphate batteries industry global market size, regional shares, competitors with a lithium iron phosphate batteries market share, detailed lithium iron phosphate batteries market segments, market trends and opportunities, and any further data you may need to thrive in the lithium iron phosphate batteries industry. This lithium iron phosphate batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global lithium iron phosphate batteries market size grew from $6.69 billion in 2022 to $7.5 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The lithium iron phosphate batteries market size is expected to grow to $12.45 billion in 2027 at a CAGR of 13.5%. Increasing demand for electrical vehicles will propel the expansion of the lithium iron phosphate batteries market. Lithium iron phosphate (LFP) batteries are preferred in electric vehicles as they have a longer life and do not contain cobalt, reducing the cost of the battery, which allows manufacturers to lower the price of their electric vehicles. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, two-thirds of new electric car registrations and two-thirds of the stock in 2020 were battery electric vehicles (BEVs). Additionally, China has the greatest fleet size of electric vehicles with 4.5 million units and Europe experienced the largest annual growth, rising to 3.2 million in the year 2020. Hence, the increasing demand for electric vehicles is expected to drive the lithium iron phosphate batteries market in the forecast period. Product innovation are shaping the lithium iron phosphate batteries market. Companies are creating new and innovative products to satisfy market needs. For instance, in 2021, Chinese battery manufacturer, Guoxuan High-Tech Co Ltd., introduced a new high-energy-density lithium iron phosphate (LFP) lithium-ion battery cell rated at 210 Wh/kg, which is on par with NCM523 lithium-ion cells. The company used silicon anode materials and an in-house developed high-performance LFP cathode to enhance battery efficiency. In March 2022, Reliance New Energy Limited, an Indian-based technology Company, acquired Lithium Werks, for $61 Million. The deal would help Reliance further strengthen its cell chemistry technology leadership and accelerate the setting up of multi-gigawatt-hour scale battery manufacturing in India. Lithium Werks is a UK-based company that involved cobalt-free lithium battery technology. Major players in the lithium iron phosphate batteries market are BYD Company Ltd., A123 Systems LLC, K2 Energy, Electric Vehicle Power System Technology Co., Ltd., OptimumNano Energy, LiFeBATT, Inc., Lithium Werks, CENS Energy Tech Co. Ltd., RELiON Batteries, Victron Energy B.V, China Sun Group, Valence Technology, Lithium Technology Corporation, Formosa Energy & Material Technology and Bharat Power Solutions. Asia-Pacific was the largest region in the lithium iron phosphate batteries market in 2022. The regions covered in the lithium iron phosphate batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the lithium iron phosphate batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The lithium iron phosphate batteries market consists of sales of portable and stationary lithium iron phosphate batteries. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global lithium iron phosphate battery market is segmented - 1) By Type: Portable, Stationary 2) By Power Capacity: 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, 100,001–540,000 mAh 3) By Industry: Automotive, Power, Industrial

Lithium refers to the process of mining lithium and its compounds. Lithium extraction is a series of chemical procedures that isolate lithium from a material and transform it into a form that may be sold. Brine, or water with a high concentration of lithium carbonate, is frequently used to recover lithium. One of the main sources of lithium carbonate is subsurface brines that are confined in the Earth's crust. The main types of lithium are glass/ceramics, greases/lubricants, chemical synthesis, portable electronics and other handhelds, hybrids, battery electric vehicles (BEV), grid, and other power storage applications. Chemical synthesis refers to the process by which one or more chemical reactions are performed to convert a reactant or start material into a product or multiple products. The sources are brine and hard rock. The mining type includes underground mining, and surface mining. The lithium market research report is one of a series of new reports from The Business Research Company that provides lithium market statistics, including lithium industry global market size, regional shares, competitors with a lithium market share, detailed lithium market segments, market trends and opportunities, and any further data you may need to thrive in the lithium industry. This lithium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global lithium market size will grow from $6.2 billion in 2022 to $7.25 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The lithium market size is expected to grow from $13.85 billion in 2027 at a CAGR of 17.5%. The growth in the lithium market is due to the increasing use of autonomous hauling systems trucks in the mining industry, which is significantly enhancing production efficiency and reducing turnaround time. Companies engaged in the lithium industry are using autonomous haulage systems to control and track mining vehicle movements, and coordinate and autonomously drive off-highway haul trucks operating in a mine. Major players in the lithium market include Albemarle Corporation, Sociedad Química Y Minera, FMC Corporation, Sichuan Tianqi Lithium Industries Inc., and Jiangxi Ganfeng Lithium Co. Ltd. South America was the largest region in the lithium market in 2022. The regions covered in this lithium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the Lithium market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The Lithium market includes revenues earned by entities by producing glass, aluminum products, and batteries. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global lithium market is segmented - 1) By Type: Glass/Ceramics, Greases / Lubricants, Chemical Synthesis, Portable Electronics & Other Handhelds, Hybrids, Battery Electric Vehicle (bev), Grid, and Other Power Storage Applications 2) By Mining Type: Underground Mining, Surface Mining

The EV battery recycling refers to the process of recycling the batteries of electric vehicles. Lithium-ion batteries are the common type of batteries that are used in electric vehicles (EVs), and recycling of these batteries is done to reclaim the crucial minerals such as lithium, cobalt, manganese, and nickel. These minerals are further used to produce new batteries. The main types of EV battery recycling are lead-acid batteries, lithium-based batteries, and others. The lead-acid battery refers to rechargeable batteries that have a small energy-to-volume ratio and a very low energy-to-weight ratio. They have a low energy density, a long life, and are cost-effective. The recycling of these batteries involves the extraction of lead metal from the batteries and is a rigorous process. Advanced high-power lead-acid batteries are being developed for use in commercial electric vehicles. The various processes include pyrometallurgical, hydrometallurgical, and others, which are used in various vehicle types such as passenger cars and commercial vehicles. The various applications include electric cars, electric buses, energy storage systems, and others. The EV battery recycling market research report is one of a series of new reports from The Business Research Company that provides EV battery recycling market statistics, including EV battery recycling industry global market size, regional shares, competitors with an EV battery recycling market share, detailed EV battery recycling market segments, market trends and opportunities, and any further data you may need to thrive in the EV battery recycling industry. This EV battery recycling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global ev battery recycling market size grew from $1.77 billion in 2022 to $2.34 billion in 2023 at a compound annual growth rate (CAGR) of 32.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ev battery recycling market size is expected to grow to $6.73 billion in 2027 at a CAGR of 30.2%. An increase in the sales of electric vehicles (EV) is expected to propel the growth of the EV battery recycling market going forward. EVs are vehicles that are either partially or fully powered by electricity and contain a battery that powers an electric motor. EV batteries contain critical minerals that can be reclaimed through recycling of end-of-life EV batteries and used for manufacturing new batteries that are used in electric vehicles. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global sales of EVs that include fully electric and plug-in hybrids reached 6.6 million units in 2021. Also, the total number of EVs on the roads worldwide stood at 16.5 million in the year 2021. Therefore, the increase in the sales of electric vehicles is driving the demand for the EV battery recycling market. The emergence of new processes is a key trend gaining popularity in the EV battery recycling market. Major companies operating in the EV battery recycling sector are developing new and innovative processes to recover valuable battery minerals. For instance, in March 2022, Ascend Elements, a US-based manufacturer of advanced battery materials, and Koura, a US-based manufacturer of fluoroproducts have jointly developed a new process, called Hydro-to-Anode that can recover 99.9% pure graphite from the used batteries. The quality of the recovered graphite is at par with virgin graphite, and it can be used for manufacturing new batteries. The use of this process is cost effective and enables economical recycling of lithium-ion (Li-ion) batteries, and also minimizes the need for mining new materials. In March 2022, Retriev Technologies, a US-based lithium battery recycling, and management company acquired Battery Solutions for an undisclosed amount. This acquisition is expected to expand Retriev Technologies' expertise in the area of the battery-centric logistics network, cross-chemistry collection, and end-of-life battery sorting services. Also, it will enable Retriev in expanding the current offerings of the company and expanding its footprint in the US market. Battery Solutions is a US-based battery recycling management company. Major players in the EV battery recycling market are Accurec Recycling Gmbh, American Manganese Inc., Umicore, Li-Cycle Corp., G & P Batteries, Recupyl, Retriev Technologies, Sitrasa, Floridienne (Snam S.A.S.), Redwood Materials, Attero Recycling, Australian Battery Recycling Initiatives, TES-Amm, Gravita India Ltd., Ziptrax Cleantech, Lohum Cleantech, and ACE Green Recycling Inc., Asia-Pacific was the largest region in the EV battery recycling market in 2022. The regions covered in the EV battery recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the EV battery recycling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The EV battery recycling market includes revenues earned by entities by nickel-metal hydride batteries and ultracapacitors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global ev battery recycling market is segmented - 1) By Battery Type: Lead-Acid Battery, Lithium-Based Battery, Other Battery Types 2) By Process: Pyrometallurgical, Hydrometallurgical, Other Processes 3) By Vehicle Type: Passenger Cars, Commercial Vehicles 4) By Application: Electric Cars, Electric Buses, Energy Storage Systems, Other Applications

The traction battery refers to 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 an extended and trouble-free service life. The main types of products in traction batteries are lead acid-based, Li-ion-based, nickel-based, and others. The Li-ion base battery consists of lithium-ion as a component. These are used in industrial trucks originally designed to be powered by lead-acid batteries. These have different capacities that include less than 100 AH, 100 – 200 AH, 200 – 300 AH; 300 – 400 AH, 400 AH, and above and are used in various applications such as electric vehicles (EV), hybrid electric vehicles (HEV), industrial, forklift, mechanical handling equipment, others. The traction battery market research report is one of a series of new reports from The Business Research Company that provides traction battery market statistics, including traction battery industry global market size, regional shares, competitors with a traction battery market share, detailed traction battery market segments, market trends and opportunities, and any further data you may need to thrive in the traction battery industry. This traction battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global traction battery market size grew from $31.9 billion in 2022 to $36.18 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The traction battery market size is expected to grow to $58.53 billion in 2027 at a CAGR of 12.8%. The rising demand for electric vehicles is expected to fuel the growth of the traction battery market going forward. Electric vehicles are environmentally friendly vehicles that are powered by electric power. The electric vehicle uses traction batteries to power the electric motor of the battery electric vehicle. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, in the year 2020, the global electric car stock reached 10 million, a 43% increase over 2019. 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. The growing technological advancements are a key trend gaining popularity in the traction battery market. Major companies operating in the traction battery sector are focused on developing new technological solutions to provide cost-effective batteries and strengthen their position. For instance, in March 2022, Sunlight Group Energy Storage Systems, a Greece-based producer of integrated energy storage solutions, launched Sunlight ElectroLiFe, its newest semi-traction lithium-ion (Li-ion) battery. When used in manufacturing and light commercial vehicle applications like AGVs (automated guided vehicles) and other material handling machinery, ElectroLiFe's revolutionary lightweight yet strong design enables tool-free plug-and-play installation to meet changing customer needs. The battery is also capable of being connected to GLocal, a cloud platform run by Sunlight Group, and has an increased lifespan of more than 2,000 cycles. In August 2021, Concentric LLC, a US-based leader in DC power management for the material handling and critical power industries acquired Stangco Industrial Equipment Inc. for an undisclosed amount. Through this acquisition, Concentric expects to extend its footprint, particularly its Forklift (Motive) Power presence, across southern California and the west coast market. The acquisition further reinforces Concentric's ambition to create the only nationwide service organization capable of providing consistency for material handling customers from coast to coast. Stangco Industrial Equipment Inc. is a US-based manufacturer of traction batteries, industrial equipment batteries, forklifts, GSE, an ice rink, and sweeper batteries. Major players in the traction battery market are 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. North America was the largest region in the traction battery market in 2022. The regions covered in traction battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the traction battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The traction battery market consists of sales of volt battery, and monobloc battery. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global traction battery market is segmented - 1) By Product Type: Lead Acid Based, Li-Ion Based, Nickel Based, Other Types 2) By Capacity: Less than 100 Ah, 100 – 200 Ah, 200 – 300 Ah, 300 – 400 Ah, 400 Ah And above 3) By Application: Electrical Vehicle (EV), Hybrid Electric Vehicles (HEV), Industrial, Forklift, Mechanical Handling Equipment, Other Applications

A drone battery refers to the power system of a drone that allows the drone to fly high and runs the drone’s onboard systems. The main types of drones in the drone battery market are medium altitude long endurance (MALE), high altitude long endurance (HALE), tactical, and small. Medium altitude long endurance (MALE) is a UAV or drone that flies at an altitude of 10000 to 30000 feet for the duration of 24 to 48 hours of time. The different components include cell, BMS, enclosure, and connector, and involve various battery types such as fuel cells, lithium-ion, lithium-polymer, and nickel-cadmium. The different functions include special-purpose drones, passenger drones, inspection, and monitoring drones, surveying and mapping drones, agriculture drones, cargo air vehicles, and others, and is used by commercial, military, government and law enforcement, and other end users. The drone battery market research report is one of a series of new reports from The Business Research Company that provides drone battery market statistics, including drone battery industry global market size, regional shares, competitors with a drone battery market share, detailed drone battery market segments, market trends and opportunities, and any further data you may need to thrive in the drone battery industry. This drone battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global drone battery market size grew from $4.01 billion in 2022 to $4.94 billion in 2023 at a compound annual growth rate (CAGR) of 23.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The drone battery market size is expected to grow to $10.29 billion in 2027 at a CAGR of 20.1%. The increase in the adoption of drones for commercial and defense applications is expected to propel the growth of the drone batteries market going forward. The adoption of drones for commercial and defense applications is required to detect threats, identify risk-prone areas of remote locations, conduct reconnaissance missions, track illegal activities, and to control crime. For instance, according to Goldman Sachs, a US-based Investment banking company, the drone sector is expected to reach $100 billion by 2022. Therefore, the increasing adoption of drones for commercial and defense applications drives the growth of the drone batteries market. Strategic partnerships have emerged as the key trend gaining popularity in the drone batteries market. Major companies operating in the drone batteries sector are focused on partnerships to meet consumer demand and strengthen their position. For instance, in March 2021, Axon, a US-based provider of electronic control devices, partnered with Skydio, a US-based drone manufacturer. Through this partnership, Skydio's autonomous drones will be available to law enforcement and emergency services through Axon's unmanned aircraft program, Axon Air. Furthermore, in November 2020, AggieAir, a Utah State University, partnered with Arctech Charge, a US-based company operating in drone batteries. This collaboration intends to develop crucial technology for drone battery charging and life extension, as well as other novel ways to charge and manage drone fleet batteries for the viability and sustainability of any drone operation. In October 2020, Honeywell, a US-based company operating in drone batteries, acquired Ballard power systems for an undisclosed amount. With this acquisition, the companies committed to a long-term strategic collaboration to use both companies' expertise in fuel cell technology and leadership in aerospace. Ballard is a US-based company that makes proton exchange membrane fuel cell products that power unmanned aerial aircraft (UAS). Major players in the drone battery market are Amperex Technology Limited, Skydio, Yuneec International, SolidEnergy Systems, Genspow GmbH, H3 Dynamics, Plug Power, Epsilor, Shenzhen Grepow Battery Co. Ltd., Eagle Picher, RRC Power Solutions GmbH, Proflight Zambia, Amicell-Amit Industries Limited, Uvify Inc., and GensAce. North America was the largest region in the drone battery market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the drone battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the drone battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The drone battery market consists of sales of rechargeable batteries for drones. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global drone battery market is segmented - 1) By Component: Cell, BMS, Enclosure, Connector 2) By Battery: Fuel Cell, Lithium-Ion, Lithium-Polymer, Nickel Cadmium 3) By Drone Type: Medium Altitude Long Endurance (MALE), High Altitude Long Endurance (HALE), Tactical, Small 4) By Function: Special Purpose Drones, Passenger Drones, Inspection And Monitoring Drones, Surveying And Mapping Drones, Agriculture Drones, Cargo Air Vehicles, Other Functions 5) By End-User: Commercial, Military, Government and Law Enforcement, Other End Users