Traction Battery Market (2019): to register double-digit CAGR through 2024

The traction battery market in asia pacific is anticipated to witness a CAGR of 10% over the forecast period owing to favorable policy adoptions and growing concerns to curb the emission levels contributed by the automotive sector.

Selbyville, United States – October 25, 2019 /MarketersMedia/ —

Traction battery market size is poised to exceed US$ 65bn by 2024, according to a research report by Global Market Insights, Inc. (GMI).

Soaring demand for EVs along with favorable government policies are set to act as catalysts in bolstering traction battery market share. Supporting technologies and new battery chemistries have brought a paradigm shift with economic and technical benefits, thereby making battery power apt for traction applications which were previously impractical or uneconomical.

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Shifting consumer preference towards curbing greenhouse gas emission and utilization of clean energy will potentially have overarching impact on the popularity of EVs. Palpable traction towards electric vehicles have had positive influence on the growth of traction battery market share. According to Paris-based International Energy Agency (IEA), global sales of new electric cars in terms of volume surpassed one million units in 2017 alone.

Seismic shift towards EVs has spurred billions of dollars in investments by automakers, electronics, real-state companies and startups. These robust developments underscore a positive traction battery market outlook as far as the deployment of electric vehicles is concerned. Further, technological advancements have been delivering considerable cost cuts as leading countries use a range of measures such as fuel economy standards with incentive for zero-and low-emission vehicles.

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Li-Ion traction battery is expected to expand robustly at a growth rate of over 13% through 2024 as its significance in electrification of the automotive sector has risen considerably in recent times.

The rise in number of electric vehicles and ever-increasing demand for high quality batteries will augment the U.S. traction battery market outlook. The U.S. policy support is being extended to acknowledge the strategic importance of the traction battery value chain.

Amid looming climate change crisis, North America is set to bolster traction battery market share with the U.S. market being valued over 3 bn in 2017. In addition, favorable federal policies, including tax credits and purchase incentives for EVs will drive traction battery market trend.

On the other hand, China will underpin the APAC traction battery market with 486 EV manufacturers registered in the mainland in 2019 alone. Global Market Insights, Inc. envisages China traction battery market to expand at a CAGR of over 11% through 2024. With huge capital being poured into battery research, Ministry of Finance in China approved US$ 15 bn to aid new EV development from 2011 to 2020.

Forklift traction battery market will potentially witness dynamic growth against the backdrop expanding penetration of e-commerce and burgeoning industrialization. Notably in 2017, the U.S. electric forklift registered over 3/5th of the total truck lift stake. Predominantly, forklift as an ideal means to curb greenhouse gas emission is set to trigger growth in traction battery market share.

Leading companies playing an instrumental role in traction battery market are Hitachi, Samsung, Panasonic, Exide, BYD, Haze Batteries, among others. In a bid to gain competitive advantage and comply with Corporate Social Responsibility (CSR) initiatives, these companies are touted to invest in EVs.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Hitachi
• Samsung
• Panasonic
• Exide
• BYD
• Haze Batteries

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