The global traction battery market was valued at $31.6 billion in 2020, and is projected to reach $69.2 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Traction battery is a type of electric vehicle battery that is designed to hold high ampere-hour capacity. It is used to power the electric motors of both hybrid and electric vehicles. It is usually rechargeable and specially designed for high ampere-hour capacities.
The growth of the global traction battery market is driven by rising demand for electric vehicles and attractive government policies coupled with tax incentives. Governments of different countries have emphasized reducing the emissions from the automobile & transportation sector. Several regulatory bodies, such as the United States Environmental Protection Agency (U.S. EPA), European Union (EU), and others, have laid down acts and regulations to reduce emission levels caused due to vehicles. This has led the government to increase awareness of electric vehicles in both developed and developing economies. Moreover, the electric vehicle industry is primarily driven by attractive government policies and tax incentives for both manufacturers and customers of the electric vehicle sector. In addition, increasing awareness of environment-friendly vehicles and rising volatility in fuel prices have surged the demand for electric vehicles. Factors, such as electrification of the transport sector and rising investments, will stimulate the growth of electric vehicles. Traction batteries being used for powering electric motors of electric or hybrid vehicles have registered an impressive growth, owing to the increasing demand for electric vehicles.
However, the transportation sector contributes around 28% of the U.S. total carbon emissions. The government is constantly engaged in increasing awareness for electric vehicles to reduce emission levels. However, the development of charging infrastructure for electric vehicles is a significant setback in many countries, owing to lack of space, investments, electrification, and others. According to an article published by Forbes, around 35 million electric vehicles will be sold by 2030 in the U.S. that will require 50,000 direct current fast charging (DCFC) stations and 1.2 million level 2 ports. This means approximately 380 electric vehicle charging ports need to be installed each day for the next nine years but in comparison, the U.S. has installed an average of 30 level 2 ports per day between 2010 and 2020. These factors are attributed to hamper the growth of the electric vehicle industry, which, in turn, may restrain the demand for traction battery during the forecast period.
The increasing demand for electric vehicles has surged R&D activities for enhancing battery efficiencies by improving the charge cycle and reducing the unit consumption per charge. Moreover, the emergence of batteries with high energy density has increased the competition among traction battery manufacturers for producing highly efficient traction batteries for both electric and hybrid vehicles. For instance, according to an article published by International Industrial Vehicle Technology, Ecovolta, a leading manufacturer of battery systems, launched a new range of traction batteries known as evoTraction battery that can replace lead-acid batteries with a standardized lithium-ion battery, thus cutting costs per charge cycle by up to 50%. Furthermore, customers are becoming more linear toward purchasing lithium-ion traction batteries, owing to their lightweight and long-lasting battery life. This factor is anticipated to offer new opportunity in the global traction battery market.
The traction battery market analysis is done on the basis of product type, capacity, application, and region. On the basis of product type, the market is categorized into lead acid based, nickel based, lithium-ion based, and others. Based on capacity, it is segmented into less than 100 Ah, 100 - 200 Ah, 200 - 300 Ah, 300 - 400 Ah, and 400 Ah & above. The applications covered in the study include electrical vehicle, industrial, locomotives, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global traction battery market profiles leading players such as Exide Industries Ltd., ECOVOLTA, GS Yuasa International Ltd., HOPPECKE Carl Zoellner & Sohn GmbH, Banner Batteries (GB) Ltd., BAE Batteries GmbH, Toshiba Corporation, INTILION GmbH, Leoch International Technology Limited Inc., and Inci GS Yuasa.
The global traction battery market report provides in-depth competitive analysis as well as profiles of these major players.
2. ECOVOLTA
3. GS Yuasa International Ltd.
4. HOPPECKE Carl Zoellner & Sohn GmbH
5. Banner Batteries (GB) Ltd.
6. BAE Batteries GmbH
7. Toshiba Corporation
8. INTILION GmbH
9. Leoch International Technology Limited Inc
10. Inci GS Yuasa
Traction battery is a type of electric vehicle battery that is designed to hold high ampere-hour capacity. It is used to power the electric motors of both hybrid and electric vehicles. It is usually rechargeable and specially designed for high ampere-hour capacities.
The growth of the global traction battery market is driven by rising demand for electric vehicles and attractive government policies coupled with tax incentives. Governments of different countries have emphasized reducing the emissions from the automobile & transportation sector. Several regulatory bodies, such as the United States Environmental Protection Agency (U.S. EPA), European Union (EU), and others, have laid down acts and regulations to reduce emission levels caused due to vehicles. This has led the government to increase awareness of electric vehicles in both developed and developing economies. Moreover, the electric vehicle industry is primarily driven by attractive government policies and tax incentives for both manufacturers and customers of the electric vehicle sector. In addition, increasing awareness of environment-friendly vehicles and rising volatility in fuel prices have surged the demand for electric vehicles. Factors, such as electrification of the transport sector and rising investments, will stimulate the growth of electric vehicles. Traction batteries being used for powering electric motors of electric or hybrid vehicles have registered an impressive growth, owing to the increasing demand for electric vehicles.
However, the transportation sector contributes around 28% of the U.S. total carbon emissions. The government is constantly engaged in increasing awareness for electric vehicles to reduce emission levels. However, the development of charging infrastructure for electric vehicles is a significant setback in many countries, owing to lack of space, investments, electrification, and others. According to an article published by Forbes, around 35 million electric vehicles will be sold by 2030 in the U.S. that will require 50,000 direct current fast charging (DCFC) stations and 1.2 million level 2 ports. This means approximately 380 electric vehicle charging ports need to be installed each day for the next nine years but in comparison, the U.S. has installed an average of 30 level 2 ports per day between 2010 and 2020. These factors are attributed to hamper the growth of the electric vehicle industry, which, in turn, may restrain the demand for traction battery during the forecast period.
The increasing demand for electric vehicles has surged R&D activities for enhancing battery efficiencies by improving the charge cycle and reducing the unit consumption per charge. Moreover, the emergence of batteries with high energy density has increased the competition among traction battery manufacturers for producing highly efficient traction batteries for both electric and hybrid vehicles. For instance, according to an article published by International Industrial Vehicle Technology, Ecovolta, a leading manufacturer of battery systems, launched a new range of traction batteries known as evoTraction battery that can replace lead-acid batteries with a standardized lithium-ion battery, thus cutting costs per charge cycle by up to 50%. Furthermore, customers are becoming more linear toward purchasing lithium-ion traction batteries, owing to their lightweight and long-lasting battery life. This factor is anticipated to offer new opportunity in the global traction battery market.
The traction battery market analysis is done on the basis of product type, capacity, application, and region. On the basis of product type, the market is categorized into lead acid based, nickel based, lithium-ion based, and others. Based on capacity, it is segmented into less than 100 Ah, 100 - 200 Ah, 200 - 300 Ah, 300 - 400 Ah, and 400 Ah & above. The applications covered in the study include electrical vehicle, industrial, locomotives, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global traction battery market profiles leading players such as Exide Industries Ltd., ECOVOLTA, GS Yuasa International Ltd., HOPPECKE Carl Zoellner & Sohn GmbH, Banner Batteries (GB) Ltd., BAE Batteries GmbH, Toshiba Corporation, INTILION GmbH, Leoch International Technology Limited Inc., and Inci GS Yuasa.
The global traction battery market report provides in-depth competitive analysis as well as profiles of these major players.
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations of the market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Key market segments
By Product Type
- Lead Acid based
- Nickel based
- Lithium-ion based
- Others
By Capacity
- Less than 100 Ah
- 100 - 200 Ah
- 200 Ah - 300 Ah
- 300 - 400 Ah
- 400 Ah & above
By Application
- Electrical Vehicle (EV)
- Battery Electrical Vehicles (BEV)
- Plug-in Hybrid Electrical Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
- Industrial
- Forklift
- Mechanical Handling Equipment
- Others
- Locomotives
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- South Korea
- Australia
- Japan
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY PLAYERS in the Global Traction battery Market are:
1. Exide Industries Ltd.2. ECOVOLTA
3. GS Yuasa International Ltd.
4. HOPPECKE Carl Zoellner & Sohn GmbH
5. Banner Batteries (GB) Ltd.
6. BAE Batteries GmbH
7. Toshiba Corporation
8. INTILION GmbH
9. Leoch International Technology Limited Inc
10. Inci GS Yuasa
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TRACTION BATTERY MARKET, BY TYPE
CHAPTER 5: TRACTION BATTERY MARKET, BY CAPACITY
CHAPTER 6: TRACTION BATTERY MARKET, BY APPLICATION
CHAPTER 7: TRACTION BATTERY MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES:
List of Tables
List of Figures
Companies Mentioned
- Exide Industries Ltd.
- ECOVOLTA
- GS Yuasa International Ltd.
- HOPPECKE Carl Zoellner & Sohn GmbH
- Banner Batteries (GB) Ltd.
- BAE Batteries GmbH
- Toshiba Corporation
- INTILION GmbH
- Leoch International Technology Limited Inc.
- Inci GS Yuasa
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 230 |
| Published | October 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 31.6 billion |
| Forecasted Market Value ( USD | $ 69.2 billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
