The global traction battery market size was valued at $31.6 billion in 2020, and is projected to reach $69.2 billion by 2030, growing at a CAGR of 8.2% from 2021-2030
A battery electric vehicle’s (BEV) or a hybrid electric vehicle’s (HEV) electric motors are powered by traction batteries, which are rechargeable batteries (HEV). They are primarily manufactured with lithium-ion batteries, which have a large amount of energy storage capacity. Because traction batteries are deep-cycle batteries and are made to provide power for extended periods, they differ from starting, lights, and ignition (SLI) batteries. The power-to-weight ratio, specific energy, and energy density of traction batteries are all quite high. Smaller, lighter batteries are preferable since they enable lighter, faster vehicle operation.
In comparison to liquid fuels, most battery technologies now have substantially lower specific energies. The maximum range of electric-only vehicles is frequently impacted by this. In contemporary electric vehicles, lithium-ion and lithium polymer batteries are the most prevalent traction battery types. This is due to the fact that they are little but contain a lot of energy. Batteries for electric cars also include lead-acid (“flooded,” “deep-cycle,” and “valve-regulated lead-acid”), nickel-cadmium, nickel-metal hydride, and, less frequently, zinc-air and sodium nickel chloride (“zebra”) batteries. The overall energy is frequently measured in kilowatt-hours, while the quantity of electricity (or electric charge) stored in batteries is measured in ampere-hours or coulombs (kWh).
Traction Battery Market Overview:
Increased demand for electric vehicles, enticing government programs and tax breaks, and increased R&D efforts are the market’s growth drivers. As consumers become more aware of ecologically friendly automobiles and as gasoline prices become more unstable, there is a growing demand for electric vehicles. According to the Global EV Outlook 2020 report from the International Energy Agency (IEA), there were more than 2.1 million electric car sales worldwide in 2019, an increase of 40% from the previous year. The use of electric vehicles will also be accelerated by factors like greater investment and the electrification of transportation. Traction batteries, which power the electric motors in electric or hybrid vehicles, have grown significantly as a result of the increased demand for electric vehicles.
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Research and development efforts to increase battery efficiency by shortening the charge cycle and reducing unit consumption per charge have been spurred by the increase in demand for electric vehicles. Additionally, the development of highly effective traction batteries for electric and hybrid vehicles has become more competitive due to the introduction of high-energy-density batteries among traction battery producers. All of these aspects are anticipated to be favorable in the future for the global traction battery market. Inadequate charging infrastructure is a market growth restriction. While cost savings and increased battery capacity are the opportunities.
Traction Battery Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Global Traction Battery Market: Major Players
East Penn Manufacturing
Amara Raja Batteries
Global Traction Battery Market: By Types
Global Traction Battery Market: By Applications
Global Traction Battery Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Traction Battery market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.