Traction Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Lead Acid Based, Nickel Based, Lithium-Ion Based, Others), By Capacity (Less than 100 Ah, 100-200 Ah, 200-300 Ah, 300-400 Ah, 400 Ah & Above), By Application (Electric Vehicle (EV), Industrial, Locomotives, Others), By Region, and By Competition 2018-2028

Industry : Power
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Published Date : NA

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Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 34.67 Billion
CAGR (2023-2028)	16.52%
Fastest Growing Segment	Electric Vehicle (EV)
Largest Market	Asia Pacific

Market Overview

The Global Traction Battery Market is experiencing a transformative evolution driven by the burgeoning demand for electric vehicles (EVs), industrial applications, and a broader shift towards sustainable energy solutions. Traction batteries, vital for powering electric mobility and various industrial machinery, have become pivotal in reshaping the energy storage landscape. The market is characterized by the dominance of Lithium-Ion batteries, particularly in the Electric Vehicle segment, owing to their superior energy density and efficiency. The Asia-Pacific region stands as a powerhouse, leading in manufacturing, government support, and technological innovation, with China, Japan, and South Korea spearheading advancements. The 200-300 Ah capacity range takes precedence, finding widespread use in electric vehicles and industrial applications due to its optimal balance of power and weight. The market is propelled by a confluence of factors, including government incentives, environmental sustainability goals, and strategic investments by automotive manufacturers. As the global focus on electrified transportation intensifies and industries transition towards cleaner energy solutions, the Traction Battery Market is poised for sustained growth and innovation, defining the future of energy storage technologies worldwide.

Key Market Drivers

Rapid Growth in Electric Vehicle (EV) Adoption

A primary driver propelling the global Traction Battery market is the unprecedented surge in electric vehicle (EV) adoption worldwide. As countries and consumers increasingly prioritize sustainability and the reduction of greenhouse gas emissions, the automotive industry is undergoing a significant transformation. Traction batteries, predominantly lithium-ion batteries, play a central role in powering EVs. Governments are incentivizing EV purchases through subsidies and tax benefits, and automakers are investing heavily in the development of electric models. This accelerating shift toward electric mobility is a major driver, stimulating the demand for traction batteries and reshaping the dynamics of the global automotive and energy storage sectors.

Advancements in Battery Technology

The relentless pursuit of advancements in battery technology is a key driver influencing the global Traction Battery market. The market is witnessing continuous research and development efforts to enhance the performance, energy density, and longevity of traction batteries. Innovations such as solid-state batteries, which promise higher energy density and improved safety, are gaining attention. Additionally, improvements in the chemistry and design of lithium-ion batteries contribute to increased efficiency and reduced costs. The quest for next-generation battery technologies is driven by the goal of addressing range limitations, minimizing charging times, and optimizing the overall performance of electric vehicles and other applications reliant on traction batteries.

Government Initiatives and Incentives

Government initiatives and incentives constitute a powerful driver influencing the global Traction Battery market. Countries around the world are implementing policies to accelerate the adoption of electric vehicles and promote sustainable transportation. Subsidies, tax credits, and regulatory frameworks aimed at reducing emissions and promoting clean energy contribute significantly to the growth of the traction battery market. Governments are also investing in charging infrastructure development to address range anxiety and facilitate the widespread adoption of electric vehicles. The alignment of public policy with the goals of environmental sustainability and energy efficiency serves as a catalyst, fostering a conducive environment for the expansion of the traction battery market.

Increasing Demand for Energy Storage Solutions

The increasing demand for energy storage solutions is a driving force in the global Traction Battery market. Beyond powering electric vehicles, traction batteries play a vital role in energy storage applications. Renewable energy sources, such as solar and wind, are inherently intermittent, requiring effective energy storage solutions to ensure a stable and reliable power supply. Traction batteries are well-suited for this purpose, offering grid stabilization, load balancing, and backup power capabilities. As the transition towards renewable energy gains momentum, the demand for energy storage solutions, supported by traction batteries, is expected to witness substantial growth, creating new avenues for market expansion.

Economic Viability and Cost Reduction Efforts

The economic viability of electric vehicles and energy storage solutions is a compelling driver influencing the global Traction Battery market. Over the years, there has been a concerted effort to reduce the cost of traction batteries, a significant component contributing to the overall cost of electric vehicles. Economies of scale, advancements in manufacturing processes, and improvements in battery chemistry contribute to ongoing cost reduction initiatives. As the cost of traction batteries decreases, electric vehicles become more competitively priced, further incentivizing consumers to adopt sustainable transportation options. This economic viability not only drives the growth of the electric vehicle market but also extends the applicability of traction batteries to various industries seeking cost-effective and sustainable energy storage solutions.

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Key Market Challenges

Limited Raw Material Availability and Geopolitical Risks

One of the primary challenges confronting the global Traction Battery market is the limited availability of key raw materials, such as lithium, cobalt, and nickel. These materials are crucial components in lithium-ion batteries, which dominate the traction battery market. Geopolitical tensions and supply chain vulnerabilities pose significant risks to the consistent and cost-effective procurement of these materials. As demand for traction batteries rises with the increasing adoption of electric vehicles (EVs), ensuring a stable and ethical supply chain for raw materials becomes a critical challenge. Industry stakeholders are actively seeking alternatives and investing in recycling technologies to mitigate these challenges and reduce dependence on geopolitically sensitive regions.

High Initial Costs and Consumer Perception

The high initial costs associated with traction batteries, particularly in the context of electric vehicles, present a significant challenge to market expansion. Despite advancements in battery technology and a gradual reduction in costs, the upfront expense remains a barrier for widespread EV adoption. Consumer perception regarding the total cost of ownership, including battery replacement costs, continues to influence purchasing decisions. Industry players face the challenge of driving economies of scale, optimizing manufacturing processes, and developing affordable yet high-performance batteries to address cost concerns and reshape consumer perceptions.

Limited Energy Density and Range Anxiety

Energy density, a critical parameter for traction batteries, refers to the amount of energy stored per unit of volume or weight. Despite technological advancements, current battery technologies, especially lithium-ion, still face limitations in achieving higher energy density. This directly impacts the range of electric vehicles, contributing to a phenomenon known as "range anxiety" among consumers. The fear of running out of battery power before reaching a charging station remains a significant challenge for the EV market. Addressing this challenge requires sustained efforts in research and development to improve energy density, extend driving ranges, and enhance the overall efficiency of traction batteries.

Charging Infrastructure and Long Charging Times

The global Traction Battery market faces challenges associated with the development and accessibility of charging infrastructure. The growth of electric vehicles relies heavily on the availability of a comprehensive and fast-charging network. Inadequate infrastructure can hinder the widespread adoption of EVs, limiting their appeal to consumers who may be concerned about the convenience of charging. Moreover, the relatively longer charging times compared to refueling traditional vehicles pose a challenge in the market's quest for mainstream acceptance. Industry players and governments must collaborate to invest in and deploy efficient charging solutions to alleviate these challenges and promote the seamless integration of electric vehicles into daily life.

Environmental and Recycling Concerns

The environmental impact of traction batteries, especially at the end of their life cycle, is a growing concern. The disposal and recycling of used batteries pose challenges related to environmental sustainability. Traction batteries contain hazardous materials, and improper disposal can lead to soil and water contamination. The industry is confronted with the responsibility of developing efficient recycling processes to minimize the environmental footprint of battery disposal. Implementing effective recycling practices and establishing clear regulatory frameworks for battery waste management are essential steps to address these challenges and align the traction battery market with global sustainability goals.

Key Market Trends

Growing Electric Vehicle (EV) Adoption Driving Traction Battery Demand

A prominent trend shaping the global Traction Battery market is the accelerating adoption of electric vehicles (EVs) worldwide. As the automotive industry undergoes a significant transformation towards electrification, traction batteries play a pivotal role in powering electric cars, buses, and two-wheelers. With the increasing focus on reducing greenhouse gas emissions and dependence on fossil fuels, governments and consumers alike are incentivizing the transition to electric mobility. This trend has a cascading effect on the traction battery market, fostering innovation, driving economies of scale, and spurring investments in advanced battery technologies to enhance energy density and prolong battery life.

Advancements in Battery Technologies for Improved Performance

A key trend shaping the Traction Battery market is the continuous evolution of battery technologies to enhance performance parameters. Advancements in lithium-ion battery chemistries, the predominant technology in traction batteries, aim to improve energy density, charging speeds, and overall battery life. Manufacturers are investing in research and development to address the limitations of current battery technologies, such as range anxiety and charging infrastructure constraints. Emerging technologies like solid-state batteries and lithium-sulfur batteries are gaining attention for their potential to deliver higher energy density, improved safety, and reduced environmental impact, driving the trajectory of the global traction battery market.

Rise of Second-Life Batteries for Energy Storage Applications

A noteworthy trend in the Traction Battery market is the exploration of second-life batteries for energy storage applications. Traction batteries, after their service life in electric vehicles, often retain a significant portion of their capacity. Instead of disposal, these batteries find a second life as energy storage solutions, supporting renewable energy integration and grid stabilization. This trend aligns with sustainability goals, promoting circular economy practices and reducing the environmental impact of battery disposal. Collaborations between automakers and energy storage companies are becoming more prevalent, fostering the development of robust second-life battery ecosystems.

Increased Focus on Sustainable and Ethical Battery Production

The Traction Battery market is witnessing a trend towards increased scrutiny and emphasis on sustainable and ethical battery production. The mining and processing of raw materials, such as lithium, cobalt, and nickel, raise concerns regarding environmental impact and social responsibility. As the demand for traction batteries surges, stakeholders across the supply chain are prioritizing responsible sourcing practices, ethical labor standards, and reduced carbon footprints in battery production. This trend reflects a broader industry commitment to sustainability, responding to consumer demand for environmentally conscious products.

Integration of Smart and Connected Battery Management Systems

The integration of smart and connected battery management systems is a transformative trend in the Traction Battery market. Advanced battery management systems enable real-time monitoring, diagnostics, and optimization of battery performance. These systems enhance the efficiency, safety, and lifespan of traction batteries. Additionally, they play a crucial role in supporting vehicle-to-grid (V2G) applications, enabling bidirectional energy flow between EVs and the grid. The trend towards smart battery technologies reflects the industry's commitment to intelligent energy management, ensuring optimal utilization of traction batteries and contributing to the overall sustainability of electric mobility.

Segmental Insights

Product Type Insights

Lithium-Ion Based segment dominates in the global Traction Battery market in 2022. Lithium-Ion batteries lead the market due to their superior energy density, providing a high power-to-weight ratio compared to traditional lead-acid and nickel-based counterparts. This characteristic is especially critical in the context of electric vehicles, where lightweight, high-performance batteries are paramount for achieving extended driving ranges and improving overall vehicle efficiency. The Lithium-Ion segment excels in delivering the necessary energy density, making it the go-to choice for automakers and other industries seeking energy-efficient solutions.

Lithium-Ion batteries exhibit an impressive cycle life, characterized by a higher number of charge and discharge cycles compared to lead-acid and nickel-based alternatives. This longevity is a crucial factor in the total cost of ownership, especially in the context of electric vehicles where battery replacement constitutes a significant portion of overall expenses. The extended cycle life of Lithium-Ion batteries enhances their appeal, making them the preferred choice for applications demanding durability and reliability.

The Lithium-Ion segment's dominance is further fueled by its lightweight and compact design, a distinctive advantage in industries where space and weight considerations are critical. Electric vehicles, portable electronic devices, and renewable energy systems benefit significantly from the compact nature of Lithium-Ion batteries, allowing for flexible integration and facilitating innovative design approaches. The reduced weight contributes to the overall efficiency and performance of applications, providing a competitive edge over bulkier alternatives.

Capacity Insights

200-300 Ah segment dominates in the global traction battery market in 2022. The 200-300 Ah capacity range strikes an optimal balance between power output and weight, making it a versatile and widely sought-after option in the Traction Battery market. This capacity range is particularly well-suited for electric vehicles, offering sufficient power to propel vehicles while maintaining a manageable weight profile. The balance achieved in this segment is crucial for meeting the stringent requirements of electric mobility, where energy density and weight considerations play a pivotal role in determining the overall efficiency and performance of traction batteries.

The dominance of the 200-300 Ah segment is further underscored by its versatility across a spectrum of applications. This capacity range finds application not only in electric vehicles but also in various industrial and commercial settings where traction batteries are utilized. Forklifts, warehouse equipment, and other material handling machinery commonly leverage batteries falling within the 200-300 Ah capacity range due to their ability to deliver reliable power output across diverse operational requirements.

In the context of electric vehicles, the 200-300 Ah capacity segment aligns with the imperative of achieving extended driving ranges. As electric vehicle technology advances and consumer expectations evolve, the demand for batteries capable of supporting longer distances without frequent recharging becomes paramount. The 200-300 Ah capacity range caters to this demand, offering a balance between energy storage capacity and the need for compact, lightweight battery systems in electric vehicles.

Within the industrial landscape, the 200-300 Ah capacity range finds extensive use in electrically powered industrial machinery and material handling equipment. Forklifts, pallet jacks, and other electrically driven machinery in warehouses and manufacturing facilities benefit from traction batteries falling within this segment. The reliable power output and manageable weight characteristics make these batteries indispensable for sustaining the demanding operational cycles of industrial applications.

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Regional Insights

Asia Pacific dominates the Global Traction Battery Market in 2022. One of the key reasons for the Asia-Pacific dominance is the region's status as a manufacturing hub for electric vehicles. Countries like China, Japan, and South Korea have established themselves as leaders in the production of EVs, contributing significantly to the demand for traction batteries. These nations are home to major automotive manufacturers that have heavily invested in the development and production of electric vehicles, fostering a robust ecosystem for traction battery manufacturing.

Governments in the Asia-Pacific region have implemented robust policies and provided substantial support to promote the adoption of electric vehicles and, consequently, traction batteries. Initiatives such as financial incentives, subsidies, and favorable regulatory frameworks have accelerated the growth of the electric vehicle market, creating a substantial market for traction batteries.

Asia-Pacific countries have actively invested in research and development, driving innovation in battery technology. This commitment to advancing battery capabilities, improving energy density, and reducing costs has given manufacturers in the region a competitive edge. As a result, Asia-Pacific is at the forefront of developing cutting-edge traction batteries that meet the evolving needs of the electric mobility sector.

The region's immense population and the increasing middle-class demographic contribute to a burgeoning consumer base for electric vehicles. As consumer awareness of environmental issues grows and the need for sustainable transportation solutions intensifies, the demand for EVs and, consequently, traction batteries has soared. This large and expanding consumer base further solidifies the Asia-Pacific region's dominance in the global traction battery market.

Investments in charging infrastructure have been substantial in the Asia-Pacific region, addressing one of the key challenges in the widespread adoption of electric vehicles. The development of a comprehensive charging network enhances the appeal of EVs, fostering increased consumer confidence and further propelling the demand for traction batteries.

Recent Developments

In June 2021, Hitachi ABB Power Grids and Teollisuuden Voima Oyj (TVO) had secured a deal to deliver one of Europe's largest battery energy storage systems to Finland's Olkiluoto nuclear power plant. The 90MW system will support the whole energy network at the Olkiluoto NPP's unit 3, reducing the grid's impact from power fluctuations. The turnkey system serves as a backup power supply with a quick start time. In 2022, the battery energy storage system will be operational.
In October 2021, Stellantis (STLA.MI) and Samsung SDI Co Ltd of South Korea have agreed to form a joint venture in the United States to create electric vehicle (E.V.) battery cells and modules.

Key Market Players

Contemporary Amperex Technology Co., Ltd. (CATL)
LG Energy Solution
Panasonic Corporation
BYD Co., Ltd.
Samsung SDI Co., Ltd.
SK Innovation Co., Ltd.
Guoxuan High-Tech Power Energy Co., Ltd.
Sunwoda Electronic Co., Ltd.
AESC (Automotive Energy Supply Corporation)
PEVE (Primearth EV Energy)

By Product Type	By Capacity	By Application	By Region
Lead Acid Based Nickel Based Lithium-Ion Based Others	Less than 100 Ah 100-200 Ah 200-300 Ah 300-400 Ah 400 Ah & Above	Electric Vehicle (EV) Industrial Locomotives Others	North America Europe South America Middle East & Africa Asia Pacific

Report Scope:

In this report, the Global Traction Battery Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Traction Battery Market, By Product Type:

o Lead Acid Based

o Nickel Based

o Lithium-Ion Based

o Others

Traction Battery Market, By Capacity:

o Less than 100 Ah

o 100-200 Ah

o 200-300 Ah

o 300-400 Ah

o 400 Ah & Above

Traction Battery Market, By Application:

o Electric Vehicle (EV)

o Industrial

o Locomotives

o Others

Traction Battery Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ Germany

§ France

§ United Kingdom

§ Italy

§ Spain

o South America

§ Brazil

§ Argentina

§ Colombia

o Asia-Pacific

§ China

§ India

§ Japan

§ South Korea

§ Australia

o Middle East & Africa

§ Saudi Arabia

§ UAE

§ South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Traction Battery Market.

Available Customizations:

Global Traction Battery Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

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Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

3. Executive Summary

4. Impact of COVID-19 on Global Traction Battery Market

5. Voice of Customer

6. Global Traction Battery Market Overview

7. Global Traction Battery Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Product Type (Lead Acid Based, Nickel Based, Lithium-Ion Based, Others)

7.2.2. By Capacity (Less than 100 Ah, 100-200 Ah, 200-300 Ah, 300-400 Ah, 400 Ah & Above)

7.2.3. By Application (Electric Vehicle (EV), Industrial, Locomotives, Others)

7.2.4. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3. By Company (2022)

7.4. Market Map

8. North America Traction Battery Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Product Type

8.2.2. By Capacity

8.2.3. By Application

8.2.4. By Country

8.2.4.1. United States Traction Battery Market Outlook

8.2.4.1.1. Market Size & Forecast

8.2.4.1.1.1. By Value

8.2.4.1.2. Market Share & Forecast

8.2.4.1.2.1. By Product Type

8.2.4.1.2.2. By Capacity

8.2.4.1.2.3. By Application

8.2.4.2. Canada Traction Battery Market Outlook

8.2.4.2.1. Market Size & Forecast

8.2.4.2.1.1. By Value

8.2.4.2.2. Market Share & Forecast

8.2.4.2.2.1. By Product Type

8.2.4.2.2.2. By Capacity

8.2.4.2.2.3. By Application

8.2.4.3. Mexico Traction Battery Market Outlook

8.2.4.3.1. Market Size & Forecast

8.2.4.3.1.1. By Value

8.2.4.3.2. Market Share & Forecast

8.2.4.3.2.1. By Product Type

8.2.4.3.2.2. By Capacity

8.2.4.3.2.3. By Application

9. Europe Traction Battery Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Product Type

9.2.2. By Capacity

9.2.3. By Application

9.2.4. By Country

9.2.4.1. Germany Traction Battery Market Outlook

9.2.4.1.1. Market Size & Forecast

9.2.4.1.1.1. By Value

9.2.4.1.2. Market Share & Forecast

9.2.4.1.2.1. By Product Type

9.2.4.1.2.2. By Capacity

9.2.4.1.2.3. By Application

9.2.4.2. France Traction Battery Market Outlook

9.2.4.2.1. Market Size & Forecast

9.2.4.2.1.1. By Value

9.2.4.2.2. Market Share & Forecast

9.2.4.2.2.1. By Product Type

9.2.4.2.2.2. By Capacity

9.2.4.2.2.3. By Application

9.2.4.3. United Kingdom Traction Battery Market Outlook

9.2.4.3.1. Market Size & Forecast

9.2.4.3.1.1. By Value

9.2.4.3.2. Market Share & Forecast

9.2.4.3.2.1. By Product Type

9.2.4.3.2.2. By Capacity

9.2.4.3.2.3. By Application

9.2.4.4. Italy Traction Battery Market Outlook

9.2.4.4.1. Market Size & Forecast

9.2.4.4.1.1. By Value

9.2.4.4.2. Market Share & Forecast

9.2.4.4.2.1. By Product Type

9.2.4.4.2.2. By Capacity

9.2.4.4.2.3. By Application

9.2.4.5. Spain Traction Battery Market Outlook

9.2.4.5.1. Market Size & Forecast

9.2.4.5.1.1. By Value

9.2.4.5.2. Market Share & Forecast

9.2.4.5.2.1. By Product Type

9.2.4.5.2.2. By Capacity

9.2.4.5.2.3. By Application

10. South America Traction Battery Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Product Type

10.2.2. By Capacity

10.2.3. By Application

10.2.4. By Country

10.2.4.1. Brazil Traction Battery Market Outlook

10.2.4.1.1. Market Size & Forecast

10.2.4.1.1.1. By Value

10.2.4.1.2. Market Share & Forecast

10.2.4.1.2.1. By Product Type

10.2.4.1.2.2. By Capacity

10.2.4.1.2.3. By Application

10.2.4.2. Colombia Traction Battery Market Outlook

10.2.4.2.1. Market Size & Forecast

10.2.4.2.1.1. By Value

10.2.4.2.2. Market Share & Forecast

10.2.4.2.2.1. By Product Type

10.2.4.2.2.2. By Capacity

10.2.4.2.2.3. By Application

10.2.4.3. Argentina Traction Battery Market Outlook

10.2.4.3.1. Market Size & Forecast

10.2.4.3.1.1. By Value

10.2.4.3.2. Market Share & Forecast

10.2.4.3.2.1. By Product Type

10.2.4.3.2.2. By Capacity

10.2.4.3.2.3. By Application

11. Middle East & Africa Traction Battery Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Product Type

11.2.2. By Capacity

11.2.3. By Application

11.2.4. By Country

11.2.4.1. Saudi Arabia Traction Battery Market Outlook

11.2.4.1.1. Market Size & Forecast

11.2.4.1.1.1. By Value

11.2.4.1.2. Market Share & Forecast

11.2.4.1.2.1. By Product Type

11.2.4.1.2.2. By Capacity

11.2.4.1.2.3. By Application

11.2.4.1.2.4.

11.2.4.2. UAE Traction Battery Market Outlook

11.2.4.2.1. Market Size & Forecast

11.2.4.2.1.1. By Value

11.2.4.2.2. Market Share & Forecast

11.2.4.2.2.1. By Product Type

11.2.4.2.2.2. By Capacity

11.2.4.2.2.3. By Application

11.2.4.3. South Africa Traction Battery Market Outlook

11.2.4.3.1. Market Size & Forecast

11.2.4.3.1.1. By Value

11.2.4.3.2. Market Share & Forecast

11.2.4.3.2.1. By Product Type

11.2.4.3.2.2. By Capacity

11.2.4.3.2.3. By Application

12. Asia Pacific Traction Battery Market Outlook

12.1. Market Size & Forecast

12.1.1. By Value

12.2. Market Size & Forecast

12.2.1. By Product Type

12.2.2. By Capacity

12.2.3. By Application

12.2.4. By Country

12.2.4.1. China Traction Battery Market Outlook

12.2.4.1.1. Market Size & Forecast

12.2.4.1.1.1. By Value

12.2.4.1.2. Market Share & Forecast

12.2.4.1.2.1. By Product Type

12.2.4.1.2.2. By Capacity

12.2.4.1.2.3. By Application

12.2.4.2. India Traction Battery Market Outlook

12.2.4.2.1. Market Size & Forecast

12.2.4.2.1.1. By Value

12.2.4.2.2. Market Share & Forecast

12.2.4.2.2.1. By Product Type

12.2.4.2.2.2. By Capacity

12.2.4.2.2.3. By Application

12.2.4.3. Japan Traction Battery Market Outlook

12.2.4.3.1. Market Size & Forecast

12.2.4.3.1.1. By Value

12.2.4.3.2. Market Share & Forecast

12.2.4.3.2.1. By Product Type

12.2.4.3.2.2. By Capacity

12.2.4.3.2.3. By Application

12.2.4.4. South Korea Traction Battery Market Outlook

12.2.4.4.1. Market Size & Forecast

12.2.4.4.1.1. By Value

12.2.4.4.2. Market Share & Forecast

12.2.4.4.2.1. By Product Type

12.2.4.4.2.2. By Capacity

12.2.4.4.2.3. By Application

12.2.4.5. Australia Traction Battery Market Outlook

12.2.4.5.1. Market Size & Forecast

12.2.4.5.1.1. By Value

12.2.4.5.2. Market Share & Forecast

12.2.4.5.2.1. By Product Type

12.2.4.5.2.2. By Capacity

12.2.4.5.2.3. By Application

13. Market Dynamics

13.1. Drivers

13.2. Challenges

14. Market Trends and Developments

15. Company Profiles

15.1. Contemporary Amperex Technology Co., Ltd. (CATL)

15.1.1. Business Overview

15.1.2. Key Revenue and Financials

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. Key Product/Services Offered

15.2. LG Energy Solution

15.2.1. Business Overview

15.2.2. Key Revenue and Financials

15.2.3. Recent Developments

15.2.4. Key Personnel

15.2.5. Key Product/Services Offered

15.3. Panasonic Corporation

15.3.1. Business Overview

15.3.2. Key Revenue and Financials

15.3.3. Recent Developments

15.3.4. Key Personnel

15.3.5. Key Product/Services Offered

15.4. BYD Co., Ltd.

15.4.1. Business Overview

15.4.2. Key Revenue and Financials

15.4.3. Recent Developments

15.4.4. Key Personnel

15.4.5. Key Product/Services Offered

15.5. Samsung SDI Co., Ltd.

15.5.1. Business Overview

15.5.2. Key Revenue and Financials

15.5.3. Recent Developments

15.5.4. Key Personnel

15.5.5. Key Product/Services Offered

15.6. SK Innovation Co., Ltd.

15.6.1. Business Overview

15.6.2. Key Revenue and Financials

15.6.3. Recent Developments

15.6.4. Key Personnel

15.6.5. Key Product/Services Offered

15.7. Guoxuan High-Tech Power Energy Co., Ltd.

15.7.1. Business Overview

15.7.2. Key Revenue and Financials

15.7.3. Recent Developments

15.7.4. Key Personnel

15.7.5. Key Product/Services Offered

15.8. Sunwoda Electronic Co., Ltd.

15.8.1. Business Overview

15.8.2. Key Revenue and Financials

15.8.3. Recent Developments

15.8.4. Key Personnel

15.8.5. Key Product/Services Offered

15.9. AESC (Automotive Energy Supply Corporation)

15.9.1. Business Overview

15.9.2. Key Revenue and Financials

15.9.3. Recent Developments

15.9.4. Key Personnel

15.9.5. Key Product/Services Offered

15.10.PEVE (Primearth EV Energy)

15.10.1. Business Overview

15.10.2. Key Revenue and Financials

15.10.3. Recent Developments

15.10.4. Key Personnel

15.10.5. Key Product/Services Offered

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the global traction battery market in 2022?

The market size of the global traction battery market was USD 34.67 Billion in 2022.

Which was the dominant segment in the global traction battery market in 2022, by product type?

Lithium-Ion Based was the dominant segment in the global traction battery market in 2022 by product type.

What are the challenges in the global traction battery market?

The challenges in the global traction battery market include limited raw material availability and geopolitical risks, high initial costs and consumer perception, limited energy density and range anxiety, charging infrastructure and long charging times, etc.

What are the major drivers for the global traction battery market?

The major drivers for the global traction battery market include rapid growth in electric vehicle (EV) adoption, advancements in battery technology, government initiatives and incentives, increasing demand for energy storage solutions, etc.

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Parvati Sharma

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Press Release

Traction Battery Market Expands with Lithium-Ion Based Segment at a robust CAGR of 16.52%

Nov, 2023

The increasing global traction battery market is driven by rapid growth in electric vehicle (EV) adoption, advancements in battery technology demand during the forecast period 2024-2028