Traction Battery Global Market Report 2023: Rising Demand for Electric Vehicles Bolsters $36 Billion Industry

Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Traction Battery Global Market Report 2023" report has been added to * ResearchAndMarkets.com's* offering.

The global traction battery market grew from $31.9 billion in 2022 to $36.18 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The traction battery market is expected to grow to $58.53 billion in 2027 at a CAGR of 12.8%.

North America was the largest region in the traction battery market in 2022. The regions covered in traction battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The rising demand for electric vehicles is expected to fuel the growth of the traction battery market going forward. Electric vehicles are environmentally friendly vehicles that are powered by electric power. The electric vehicle uses traction batteries to power the electric motor of the battery electric vehicle.

For instance, according to International Energy Agency, a France-based autonomous intergovernmental organization, in the year 2020, the global electric car stock reached 10 million, a 43% increase over 2019. Also, according to Bloomberg New Energy Finance (BNEF), EVs are expected to hit 10% of global passenger vehicle sales by 2025, rising to 28% in 2030 and 58% in 2040. Therefore, the rising demand for electric vehicles is driving the growth of the traction battery market.

The growing technological advancements are a key trend gaining popularity in the traction battery market. Major companies operating in the traction battery sector are focused on developing new technological solutions to provide cost-effective batteries and strengthen their position.

For instance, in March 2022, Sunlight Group Energy Storage Systems, a Greece-based producer of integrated energy storage solutions, launched Sunlight ElectroLiFe, its newest semi-traction lithium-ion (Li-ion) battery. When used in manufacturing and light commercial vehicle applications like AGVs (automated guided vehicles) and other material handling machinery, ElectroLiFe's revolutionary lightweight yet strong design enables tool-free plug-and-play installation to meet changing customer needs. The battery is also capable of being connected to GLocal, a cloud platform run by Sunlight Group, and has an increased lifespan of more than 2,000 cycles.

In August 2021, Concentric LLC, a US-based leader in DC power management for the material handling and critical power industries acquired Stangco Industrial Equipment Inc. for an undisclosed amount. Through this acquisition, Concentric expects to extend its footprint, particularly its Forklift (Motive) Power presence, across southern California and the west coast market.

The acquisition further reinforces Concentric's ambition to create the only nationwide service organization capable of providing consistency for material handling customers from coast to coast. Stangco Industrial Equipment Inc. is a US-based manufacturer of traction batteries, industrial equipment batteries, forklifts, GSE, an ice rink, and sweeper batteries.

The countries covered in the traction battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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*Scope*
*Markets Covered:*

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

*Key Attributes:*

*Report Attribute* *Details*
No. of Pages 200
Forecast Period 2023 - 2027
Estimated Market Value (USD) in 2023 $36.18 billion
Forecasted Market Value (USD) by 2027 $58.53 billion
Compound Annual Growth Rate 12.8%
Regions Covered Global

*Key Topics Covered:*

*1. Executive Summary*

*2. Traction Battery Market Characteristics*

*3. Traction Battery Market Trends And Strategies*

*4. Traction Battery Market - Macro Economic Scenario*

*5. Traction Battery Market Size And Growth*

*6. Traction Battery Market Segmentation*

*7. Traction Battery Market Regional And Country Analysis*

*8. Asia-Pacific Traction Battery Market*

*9. China Traction Battery Market*

*10. India Traction Battery Market*

*11. Japan Traction Battery Market*

*12. Australia Traction Battery Market*

*13. Indonesia Traction Battery Market*

*14. South Korea Traction Battery Market*

*15. Western Europe Traction Battery Market*

*16. UK Traction Battery Market*

*17. Germany Traction Battery Market*

*18. France Traction Battery Market*

*19. Eastern Europe Traction Battery Market*

*20. Russia Traction Battery Market*

*21. North America Traction Battery Market*

*22. USA Traction Battery Market*

*23. South America Traction Battery Market*

*24. Brazil Traction Battery Market*

*25. Middle East Traction Battery Market*

*26. Africa Traction Battery Market*

*27. Traction Battery Market Competitive Landscape And Company Profiles*

*28. Key Mergers And Acquisitions In The Traction Battery Market*

*29. Traction Battery Market Future Outlook and Potential Analysis*

*30. Appendix*

*A selection of companies mentioned in this report includes*

· Amara Raja Batteries
· BAE Batterien GmbH
· Banner Batterien
· BYD Company
· Coslight Technology International Group Co. Ltd.
· East Penn Manufacturing Company
· Enersys
· Exide Industries Limited
· GS Yuasa International Ltd.
· HOPPECKE Carl Zoellner & Sohn GmbH
· Mutlu Incorporated
· Sunlight
· C&D Technologies Inc.
· Chaowei Power Holdings Limited
· Leoch International Technology Limited Inc.
· Sebang Global

For more information about this report visit https://www.researchandmarkets.com/r/c81i60

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*Attachment*

· Global Traction Battery Market

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