Global Automotive Traction Battery Market Overview:
A form of electric vehicle battery with a large ampere-hour capacity is a traction battery. Forklift trucks, locomotives, and mechanical handling equipment are the most common applications for lead acid traction batteries. The demand for electric vehicles has risen as a result of rising fuel price volatility and greater environmental awareness. The development of electric vehicles will also be fueled by factors like increased investment and the electrification of transportation. As the market for electric vehicles has grown, traction batteries used to power the electric motors in electric or hybrid vehicles—have shown tremendous growth. This can be one of the main factors propelling the traction battery market's expansion. Furthermore, characteristics like recyclability, affordability, and eco-friendliness are giving the industry's growth in the electric vehicle category an extra boost, consequently boosting market growth.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Automotive Traction Battery Market Dynamics:
Attributes | Details |
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Growth Drivers | - Growing demand for electric vehicles
- Eye-catching government policies and tax incentives
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Restraints | - Inadequate charging infrastructure
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Road Blocks / Challenges | - Expensive battery cost
- Lack of well-defined EV infrastructure
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Gaps & Opportunities | - Enhanced battery capacity and reducing costs
- Technological advancement in traction battery
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Competitive Landscape:
Global automotive traction battery is a fragmented market due to the presence of various players. The players are focusing on investing more in R&D. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Zytek Group Limited (United Kingdom), ZF TRW Automotive Holdings Corporation (India), YASA Motors Ltd. (United Kingdom), Tesla (United States), Inovance Automotive (China), Zapi (Italy), Parker-Hannifin Corp (United States), Curtis (United States), Nidec (Japan), MAHLE (Germany), Broad-Ocean (China), EnviroServ Waste (South Africa) and Danfoss (Denmark). Additionally, following companies can also be profiled that are part of our coverage like Tianjin Santroll (China), Hitachi Astemo (United States), Schaeffler (Germany), Shenzhen V&T Technologies (China) and DANA TM4 (Canada). Considering Market by Shape, the sub-segment i.e. Cylindrical will boost the Automotive Traction Battery market. Considering Market by Capacity, the sub-segment i.e. <100 Ah will boost the Automotive Traction Battery market. Considering Market by Motor Type, the sub-segment i.e. DC Series Motor will boost the Automotive Traction Battery market. Considering Market by Voltage, the sub-segment i.e. Low Voltage (24 to 144V) will boost the Automotive Traction Battery market. Considering Market by Distribution Channels, the sub-segment i.e. Direct will boost the Automotive Traction Battery market. Considering Market by Position Sensor Type, the sub-segment i.e. Hall Sensor will boost the Automotive Traction Battery market.
Latest Market Insights:
In July 2021, Mercedes-Benz acquired YASA, a pioneer in next-generation electric drive technology. Under the terms of the acquisition, YASA will operate as a wholly owned subsidiary of Mercedes-Benz, developing ultra-high-performance e-motors, while retaining its own brand, team, facilities and continuing to supply existing automotive supercar customers.
In order to harmonise with international standards, the Korean Ministry of land, infrastructure, and transport has updated a series of automotive standards KMVSS testing rules. The traction battery test regulations TP 48 have been updated to harmonise with GTR 20 and to provide requirements for traction batteries in vehicles up to 4.5 tons & vehicles over 4.5 tons. ATIC has confirmed the Korean Ministry of land, infrastructure, and transport that the new TP 48 has taken effect in July 2021, for new vehicles types and June 2023 for existed vehicles types.
What Can be Explored with the Automotive Traction Battery Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Automotive Traction Battery Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Automotive Traction Battery
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Automotive Traction Battery market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Automotive Traction Battery market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Traction Battery Manufacturers, Traction Battery Suppliers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.