Traction batteries market is anticipated to grow at a CAGR of 10.5% during the forecast period. The market’s growth is attributed to factors such as increasing demand for electric vehicles, stringent emission regulations, technological advancements in battery technologies, and the shift towards sustainable transportation solutions. Additionally, factors such as government incentives and investments in charging infrastructure are expected to fuel the demand for traction batteries. For instance, several countries are implementing policies and offering subsidies to promote the adoption of electric vehicles, thereby driving the growth of the traction batteries market. For instance, the US government established a $7,500 tax credit for BEV and PHEV cars acquired in and after 2010. In addition, as consumer preferences shift toward electric forklifts across the material handling industry, product penetration will increase therefore escalating the demand for the traction battery across the global.
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The global traction batteries market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these regions, Europe is anticipated to witness prominent growth over the forecast period. The growth of the traction batteries market in Europe is driven by factors such as strict emission regulations, government incentives for electric vehicles, and increasing investments in charging infrastructure. However, the Asia-Pacific region is projected to experience a considerable growth in the traction batteries market due to the expanding EV industry, supportive government policies, and a large consumer base.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Traction Batteries Market Report Segment
By Type
- Lithium-Ion Batteries
- Nickel-Metal Hydride Batteries
- Lead-Acid Batteries
- Solid-State Batteries
- Flow Batteries
By Application
- Electric Vehicles (EVs)
o Battery Electric Vehicles (BEVs)
o Hybrid Electric Vehicles (HEVs)
o Plug-In Hybrid Vehicles (PHEVs)
- Commercial Vehicles
- Rail
- Forklifts
By Capacity
- Less than 100 Ah
- 100-200 Ah
- 200-300 Ah
- 300-400 Ah
- 400 Ah & Above
Global Traction Batteries Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global traction batteries market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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