Traction Battery Market Size, Share, Growth Analysis, By Product Type(Open Lead Acid Battery, Pure Lead Battery, Gel Battery, and Lithium-ion Battery), By End Users(Industrial Vehicles, Recreational Vehicles, Battery Electric Vehicle, and Electric Vehicle), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25A2217 | Region: Global | Published Date: April, 2024
Pages: 224 | Tables: 65 | Figures: 74

Traction Battery Market News

In June 2021, Hitachi ABB Power Grids had secured a contract with Teolisuden Voima Oyj (TVO) to deliver one of Europe’s largest battery energy storage systems to the Olkiluoto nuclear power plant in Finland 90MW system will support the entire power grid at Unit 3 of the Olkiluoto NPP Impact and Mitigation. The turnkey system acts as a backup power supply with a fast start-up time.

In October 2021, South Korea's Stelantis (STLA.MI) and Samsung SDI Co Ltd agreed to a joint venture to manufacture electric vehicle (E.V.) battery cells and modules.

In May 2022, Hitachi Energy launched the Power Semiconductor Module Road Pack for all electric vehicles worldwide. The product uses silicon carbide (SiC) technology to achieve robust vehicle lifetime stability, exceptional durability for fast charging, long driving ranges and minimal power loss in addition to RoadPak allowing inductive connectivity a lower occurs so that only one current ratings of the size module can be made.

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Traction Battery Market size was valued at USD 32.21 Billion in 2022 and is poised to grow from USD 36.14 Billion in 2023 to USD 101.84 Billion by 2031, growing at a CAGR of 12.2% in the forecast period (2024-2031).

The competitive environment of the Traction Battery Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Key players competing in the Traction Battery market are AEG Powertools; ALCAD; Cantec Systems; Cell Pack Solutions Ltd; ENERSYS; GS Yuasa Battery Sales UK Ltd; J&A Electronics; Panasonic Life Solutions India Pvt. Ltd; Power Sonic; and Zeus Battery Products. 'Johnson Controls', 'East Penn Manufacturing', 'Exide', 'Samsung', 'Hitachi', 'BYD Company', 'LG Chem', 'Panasonic', 'Mutlu', 'Enersys', 'Systems Sunlight', 'GS Yuasa', 'Amara Raja Batteries', 'Hoppecke Batteries', 'Haze Batteries', 'Banner Batterien', 'Midac', 'NorthStar Battery Company', 'BAE Batterien'

The increasing adoption of electric vehicles (EVs) across the globe is a major driver of the traction battery market as government and consumers consume sustainability first and forecasting alternatives for the development of in-house hybrid vehicles, which power electric cars, buses, trucks and other EVs. Factors such as environmental regulations, government incentives. advances in battery technology, and the increasing advantages of electricity transmission in EV deployment increase this demand.

Advances in Solid-State Battery: The major factor shaping the traction battery market is the ongoing research and development in solid-state battery technology. Solid-state batteries offer significant advantages over conventional lithium-ion batteries, including high energy. density, faster charging rates, enhanced safety, and longevity. As solid-state battery technology matures and becomes commercially viable, electric vehicle power meets significant performance limitations associated with current battery chemistry. It has the potential to transform the storage industry. Solid-state battery adoption is expected to increase rapidly in the coming years, spurring innovation and competition in the traction battery market.

North America is the dominating region in the market. The traction battery market benefits from the strong focus on clean energy policies, environmental regulations and technological innovations in North America. The automotive industry in this region is also witnessing significant investment in battery research in electric vehicle manufacturing, especially in the US. and Canada And, North America is a hub for battery technology development, with leading companies and research institutes driving advances in battery chemistry, materials science and manufacturing to reduce greenhouse gas emissions a disposal and the region’s dependence on fossil fuels. The promise is accelerating the adoption of electric vehicles and energy storage solutions, which positioned North America as a leader in pull-out batteries of the market.

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Traction Battery Market Size, Share, Growth Analysis, By Product Type(Open Lead Acid Battery, Pure Lead Battery, Gel Battery, and Lithium-ion Battery), By End Users(Industrial Vehicles, Recreational Vehicles, Battery Electric Vehicle, and Electric Vehicle), By Region - Industry Forecast 2024-2031

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