Report Overview:
The global traction battery market size was valued at USD 1.5 billion in 2021 and is projected to reach USD 2.6 billion by 2028, recording a CAGR of 13.6% during the forecast period. A collection of accumulators called traction batteries are used to power traction motors in vehicles. An electric-vehicle battery (EVB), usually referred to as a traction battery, is a battery that fuels the electric motors of a battery electric vehicle (BEV) or hybrid electric vehicle. The range of viable battery-powered traction applications has been constrained by the drawbacks of lead acid batteries, which have traditionally been utilized in traction applications, as well as the high cost of alternatives.
As a result of the extensive use of traction batteries in electric and hybrid vehicles, the global traction battery market is anticipated to grow over the course of the forecast period. Additionally, traction batteries are recyclable, which contributes to their high demand across a number of industries, including the manufacturing and automotive sectors, driving up the demand for traction batteries globally.
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Competitive Analysis:
Prominent Companies to Establish Various Corporate Strategies to Aid in Global Expansion. These players are focusing on strategic collaborations and partnerships to expand their market presence and strengthen their product portfolio.
Competitive Landscape
- Chavant, Inc.
- AMACO Brent
- Dixon Ticonderoga Company
- Sculpture House
- Sargent Art
- Crayola
- Sculpey
- Staedtler
- EC Fiberglass Supplies
- Faber-Castell
The demand for electric vehicles has increased as a result of rising fuel price volatility and growing environmental awareness. For instance, a report by the International Energy Agency (IEA) titled Global EV Outlook 2020 claims that the number of electric car sales worldwide in 2019 exceeded 2.1 million, representing a 40% increase year over year. Additionally, elements such as the electrification of the transportation industry and increased investments are expected to promote the development of electric vehicles.
Recent Development:
- In order to produce electric vehicle (EV) battery cells and modules, Stellantis and Samsung have decided to establish a joint venture in the United States in October 2021.
- In June 2021, the Olkiluoto nuclear power plant in Finland received battery energy storage systems due to a collaboration between Hitachi ABB Power Grids and Teollisuuden Voima Oyj (TVO). At Olkiluoto NPP’s unit 3, the 90MW system will support the entire energy network, minimizing the grid’s exposure to power fluctuations.
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Segmentation:
The report focuses on studying the Traction Battery market on the basis of segments by manufacturers, by type, by application, by region and country. It also offers information about market size (value, volume, sales and revenue) and CAGR for the historical period (2017-2020) and forecast period (2022-2028), considering 2021 as the base year.
On the basis of type, the global market is segmented into lithium-ion, lead-acid, nickel-based, and others. The lead-acid battery segment dominated the market share and is anticipated to continue its dominance. These batteries will become more popular on a global scale if they have certain key characteristics, such as higher cyclability, reduced cost, and greater vibration resistance. Success in the sector is attributed to a sharp decline in costs and high charging efficiency. Lead-acid batteries are used as stable and long-lasting power sources in electric cars, forklifts, golf carts, floor scrubbers, and e-bikes.
Market Segmentation (by Type)
- Open Lead Acid Battery
- Pure Lead Battery
- Gel Battery
- Lithium-Ion Battery
Market Segmentation (by Application)
- Industrial Vehicles
- Recreational Vehicles
Regional Data Analysis:
Europe is dominating the global traction battery market share owing to rising electric vehicle sales and strict targets to cut carbon emissions in the automobile sector. The recent announcements in France and the United Kingdom to phase out conventional gasoline and diesel cars by 2040 will improve regional growth rates, giving the industry enormous growth potential.
However, Asia Pacific is predicted to experience the highest growth rate during the forecast period of the global traction battery market on account of countries such as China, India, and others, where traction batteries are used to power industrial equipment systems and the rising demand for consumer goods has fueled the growth of the industrial manufacturing sectors.
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Why Purchase the Report?
-The report includes information such as market dynamics scenario, opportunities and challenges during the forecast period
-Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
-Regional, sub-regional, and country-level data include the demand and supply forces along with their influence on the market.
-The competitive landscape comprises a share of key players, offering products, relevant financial information, recent developments, SWOT analysis, and strategies.
-Understand the current market scenario and viability of the global market over the forecast period.
Some of the key questions answered in this report:
-What are sales, revenue, and price analysis of top manufacturers of the market?
-What would be the upcoming Traction Battery market behavior forecast with trends, challenges, and drivers for development?
-Which product and application will take a share of the Traction Battery market?
-What will happen in the coming existing and emerging markets?
-What will be the CAGR and size of the Traction Battery market throughout the forecast period?
Detailed TOC of Traction Battery Market: https://www.extrapolate.com/toc/energy-and-power/traction-battery-market-report/40931
TABLE OF CONTENTS:
Chapter 1: Traction Battery Market Overview
Chapter 2: Market Competition by Manufacturers
Chapter 3: Production Capacity by Region
Chapter 4: Traction Battery Consumption by Region
Chapter 5: Segment by Type
Chapter 6: Segment by Application
Chapter 7: Key Companies Profiled
Chapter 8: Traction Battery Manufacturing Cost Analysis
Chapter 9: Marketing Channel, Distributors and Customers
Chapter 10: Market Dyanamics
Chapter 11: Production and Supply Forecast
Chapter 12: Consumption and Demand Forecast
Chapter 13: Forecast by Type and by Application (2023-2028)
Chapter 14: Research Finding and Conclusion
Chapter 15: Methodology and Data Source
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