Overview:

The global traction battery market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2021-2029. The traction batteries are also referred as motive power batteries or electric vehicle batteries. The battery that is used to generate motive power in the vehicle is called as traction battery. Based on type these batteries are categorized into lead acid battery, li-ion battery, and nickel-based battery.

The typical application for traction battery were electric forklifts and electric golf carts. However, now a day’s electric vehicle is becoming a major application area for traction batteries across the globe.

Market Dynamics:

Growing demand for electric vehicles driven by electrification of the transport sector is a major factor driving growth of the traction battery market. An electric vehicle operates on electricity unlike its counterpart, that runs on fuel. These vehicles use an electric motor instead of an internal combustion engine, which requires a constant supply of energy from batteries. In electric vehicles, lithium ion, molten salt, zinc-air, and various nickel-based batteries are used. Electric vehicles were created to replace traditional modes of transportation, to reduce the carbon footprints across the globe.

In addition, various technological advances in the electric car are resulting in growth in their popularity and driving growth of the target market. Additionally, the electric vehicle offers various cost benefits over traditional vehicle such as low maintenance cost and low running cost. This also among the others factor supporting market growth.

Moreover, favorable government regulations related with electric vehicle launches, deployment, and advancement is key factor driving the global traction battery market. However, uncertainty in the raw material supply and cost owing to high concentration of raw material sources in specific countries supports supplier power. The uncertain political issues with these countries may affect the raw material supply over the forecast period.

Key Trends:

Rising focus on various strategic partnerships among key players is a major trend witnessed in the global traction battery market. For instance, In February, 2021, Fisker Inc. designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles, and advanced mobility solutions announced that it has entered into a MOU with Hon Hai Technology Group to develop a breakthrough electric vehicle.

Regional Analysis:

For detailed understanding of market dynamics, the global traction battery market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific region held the major market share in the year 2020. This is associated with aggressive deployment of electric vehicles in countries such as China, Japan, and South Korea in the region. Additionally, extensive availability of raw material and manufacturing companies in these countries supporting the growth of the target market in this region.

However, the traction battery market in the Europe is expected to witness highest growth closely followed by North America in terms of CAGR over the forecast period. Increasing stringent regulations related with CO₂ emission by government authorities is pushing the market growth in these regions.

Scope of the Report:

Detailed Segmentation:

Global Traction Battery Market, By Product Type:

• Lead Acid
• Li-ion
• Nickel-based
• Other Type

Global Traction Battery Market, By Application:

• Electric Vehicles
• E-bikes
• Industrial

Key Players Covered:

Key players operating in the global traction battery market includes BAE Batterien GmbH, First National Battery, Haze Battery Company, Midac S.P.A., Amara Raja Batteries Limited, Coslight Group, Enersys Inc., NorthStar Battery Company LLC, Exide Industries Limited, and Hitachi Group.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Traction Battery Market by product type, application, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2019 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global traction battery market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.