The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Traction Battery Global Market Report 2024 offers crucial insights into the traction battery market help businesses analyse and build stronger strategies.

The traction battery market has experienced significant growth in recent years, with notable projections for the future. Key factors contributing to this growth include:

• Electrification of Transportation: The shift towards electric vehicles has been a major driver of traction battery market growth.
• Government Incentives and Regulations: Policies promoting electric vehicles and sustainable transportation have boosted demand for traction batteries.
• Environmental Concerns: Increasing awareness of environmental issues has led consumers to favor electric vehicles and cleaner energy solutions.
• Consumer Awareness and Demand: Growing awareness of the benefits of electric vehicles has spurred demand for traction batteries.

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Technological Advancements To Provide Cost-Effective Batteries
Technological advancements play a crucial role in shaping the traction battery market. Major trends and developments include:

• Development of New Technological Solutions: Companies are investing in research and development to create cost-effective and efficient battery technologies.
• Introduction of Semi-Traction Lithium-ion Batteries: Sunlight Group Energy Storage Systems launched ElectroLiFe, a semi-traction lithium-ion battery designed for various applications.
• Acquisitions and Expansion: Concentric LLC’s acquisition of Stangco Industrial Equipment Inc. aims to strengthen its presence in the traction battery market and enhance service capabilities.

Market Segmentation and Regional Analysis
The traction battery market is segmented based on product type, capacity, and application:

1. Product Type:
   • Lead Acid Based
   • Li-Ion Based
   • Nickel Based
   • Other Types
2. Capacity:
   • Less than 100 Ah
   • 100 – 200 Ah
   • 200 – 300 Ah
   • 300 – 400 Ah
   • 400 Ah and above
3. Application:
   • Electrical Vehicle (EV)
   • Hybrid Electric Vehicles (HEV)
   • Industrial
   • Forklift
   • Mechanical Handling Equipment
   • Other Applications

Regional Analysis
North America emerged as the largest region in the traction battery market in 2023. The region’s dominance underscores the significant adoption of electric vehicles and industrial applications requiring traction batteries.

Future Projections and Trends
The traction battery market is poised for continued growth and innovation in the coming years. Forecasts indicate:

• Projected Growth: The market is expected to grow from $36.14 billion in 2023 to $40.57 billion in 2024, with a compound annual growth rate (CAGR) of 12.2%.
• Rapid Expansion: By 2028, the market is forecasted to reach $63.17 billion, driven by factors such as EV market expansion, energy storage applications, and sustainability initiatives.
• Major Trends: Emerging trends include fast charging technology, second-life batteries, increased production capacity, advanced battery management systems, and enhanced energy density.

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The Traction Battery Global Market Report 2024  provides a comprehensive outlook of the traction battery market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The traction battery market forecast offers a thorough analysis on traction battery market size, traction battery market share, prominent players and their strategies.

The Table Of Content For The Traction Battery Market Include:
1. Traction Battery Market Executive Summary
2. Traction Battery Market Segments
3. Traction Battery Market Size And Traction Battery Market Growth Rate
4. Key Traction Battery Market Trends
5. Major Traction Battery Market Drivers
……
25. Key Mergers And Acquisitions In The Traction Battery Market
26. Top Traction Battery Companies
27. Traction Battery Market Opportunities And Strategies
28. Traction Battery Market, Conclusions And Recommendations
29. Appendix

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