Industry Background:
Traction batteries are the batteries used in Traction applications such as for Lead Acid batteries for automobiles. These batteries are firstly used to provide power to the battery of the electric vehicles. Traction batteries are used in many applications such as electric golf carts, electric cars, and trucks. The rising advantages of using these traction batteries such as energy-saving, low battery temperature and consume less water had made the consumer purchase these batteries. These batteries can be made from 2, 4, 8 and 12-volt cells. Moreover, these batteries are designed in two types of designs in order to enhance the requirements from the demand side of consumers and supply side of manufactures in the market namely flooded and VRLA batteries. In addition to this, it is an important part of electric and hybrid vehicles in various countries across the world. Therefore, conducting the market into the foreseen period.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Panasonic (Japan), BYD Auto (China), LG Chem (South Korea), AESC (United States), SAMSUNG SDI (South Korea), Mitsubishi (Japan), GS Yuasa International Ltd. (Japan), Beijing Pride Power (China) and Wanxiang (China) |
This growth is primarily driven by Increasing Production of Electric Vehicles Coupled with the Rising Demand for the Energy Efficient Vehicles is one of the Prominent Factor and Rising Environmental Concern Coupled With the Increasing Demand for the Renewable Energy.
Globally, a noticeable market trend is evident Adoption of Electric and Hybrid Vehicles across the Globe
Major Vendors, such as Panasonic (Japan), BYD Auto (China), LG Chem (South Korea), AESC (United States), SAMSUNG SDI (South Korea), Mitsubishi (Japan), GS Yuasa International Ltd. (Japan), Beijing Pride Power (China) and Wanxiang (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The global market of Traction batteries appears to be fragmented and with the presence of several companies including Panasonic and SAMSUNG SDI, the competitive environment is quite intense. Due to factors such as the growing need for environment-friendly vehicles and the declining li-ion battery prices, it will provide considerable growth opportunities to traction batteries manufactures.
Key Developments in the Market:
On 27 June 2018, Exide Industries, India's largest manufacturer of batteries, and Leclanché announced the launch of a new joint venture to build lithium-ion batteries and energy storage solutions to power the growth of India's electric vehicle market.
Influencing Trend:
Adoption of Electric and Hybrid Vehicles across the Globe and Growing Need for Environment-Friendly Vehicles is a Major Trend in this Industry
Market Growth Drivers:
Increasing Production of Electric Vehicles Coupled with the Rising Demand for the Energy Efficient Vehicles is one of the Prominent Factor and Rising Environmental Concern Coupled With the Increasing Demand for the Renewable Energy
Challenges:
Issue Related With Limitations on Use of Lead-Acid Traction Battery
Restraints:
High Cost of Traction Batteries Can be a Hampering factor to this Industry
Opportunities:
Rising Industrialization in the Asia-Pacific Region is Anticipated to Support the Growth of Automobile Sector and Stringent Government on Reducing Emission of Harmful Gases by the Automobile Sector
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Traction Batteries Market
- Analysis about New Entrants in Traction Batteries Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Traction Batteries Study Sheds Light on
The Traction Batteries Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Traction Batteries industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Traction Batteries industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.