Traction Batteries Market Report

Growing need to lower carbon emissions has led to the development of energy-efficient and environment friendly vehicles. This is eventually increasing the need for efficient batteries, Traction Batteries being one of them. Traction Batteries are high-performance batteries, having the ability to operate in harsh environments and withstand temperature ranges, including shock and vibration.
Increase in the Electric Vehicle Production to Act as a Key Booster in Market

Surge in the electric or hybrid vehicle production is one of the significant reasons behind the robust demand for Traction Batteries. Reduction in the Li-on battery prices could be a prime factor supporting the growth of the Traction Batteries market. Furthermore, growing application of traction batteries in varied vehicles is a key factor driving the market. Growing need for high-performance batteries among heavy industrial electrical applications is positively impacting the growth of the Traction Batteries market.

Manufacturers to Focus on Innovative Marketing Strategies in Future

Complete profiling of the major manufacturers of Traction Batteries including TOSHIBA CORPORATION, BYD, Panasonic, Tianjin Lishen Battery, Primearth EV Energy, SAMSUNG SDI, Epower, SK Innovation, Automotive Energy Supply Corporation, Beijing Pride Power, Mitsubishi, Amperex Technology, LG Chem, Hitachi Vehicle Energy, AESC, Air Litium (Lyoyang), Wanxiang, CATL, and Shuangdeng Group Co, Ltd. is mapped in the report.

Manufacturers are focusing on innovative marketing strategies to gain traction in the Traction Batteries market. Launch of new products is also one of the key strategies adopted by the key players. Moreover, they are taking up extensive research and development activities in order to improve the performance of the battery and meet the requirements of the vehicles.

Market Segmentation

By Product Type

●  Nickel Metal Hybrid

● Nickel Metal Hydride

●  Lead-Acid

●  NiCad

●  Lithium ion

●  Zebra

●  Others

By Application

●  Light Industrial Vehicle

●  Pure Electric Car

●  Heavy Industrial

●  Hybrid Car

●  Golf Car

●  Two Wheeler

●  Mobility for the disabled

Although lead acid batteries are commonly used for large power applications, the analysts expect that the demand for nickel metal hybrid battery may witness a surge owing to its advantages over other battery types including higher storage capacity, less toxicity, and lower cost. Traction Batteries are gaining widespread application in heavy industrial electrical vehicles such as electric tractors and electric forklift trucks.

By Region

Even though increasing demand for electric vehicles in the US makes North America a key region in the Traction Batteries market, APAC will emerge as a promising region in the years to come. This is account of growing automobile sector in the region, which is eventually increasing the application of traction batteries. Europe is also not lying behind due to strict regulations on the reduction of the carbon emissions, thereby encouraging the development of energy-efficient vehicles.

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