Industry Background:
Traction Battery are the electric vehicle battery which are rechargeable. These are used in forklifts, golf carts, floor scrubbers and others. The batteries are characterised by power to weight ratio, specific energy and energy density as it makes up the cost of the vehicle. The advancements in batteries has helped to improve the efficiency and reduce costs which is boosting the market of electric vehicle. The weight of the battery pack is 1.3 to 1.5 times greater than that of cells and the power consumption depends on the weights of the vehicle. According to IEA the global sales of the electric vehicle passed 1.98 million units in 2018 and raising global stock to 5.12 million.
This growth is primarily driven by Increasing Demand for Hybrid and Electric Vehicles and Usage of Batteries in Different Types of Vehicles.
Globally, a noticeable market trend is evident Increasing Need of Environment Friendly Vehicles
. Major Manufacturers, such as Johnson Controls (United States), East Penn Manufacturing (United States), Samsung (South Korea), Mitsubishi (Japan), Hitachi (Japan), BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Enersys (United States) and Systems Sunlight (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2018, Johnson Controls announced that it has acquired the assets of Lux Products Corporation (LUX), a leader in residential thermostats and smart home products
In 2019, Saft has recently launched the Xcelion 56V lithium-ion (Li-ion) battery, offering customers a variant on the proven technology behind the Xcelion 6T® for applications requiring higher voltage
Market Drivers
- Increasing Demand for Hybrid and Electric Vehicles
- Usage of Batteries in Different Types of Vehicles
Market Trend
- Increasing Need of Environment Friendly Vehicles
- Ongoing Research and Development on Li-Ion Batteries to Improve the Performance
Restraints
- High Costs Associated with the Traction Batteries
- Limitations Related to Lead Acid Batteries
Opportunities
Government Initiatives towards the Electric Vehicles and Decrease in Battery Expenses is Creating an Opportunity for the Traction Batteries
Challenges
Non Availability of Cheaper Substitutes in the Market and High Competition Due to the Presence of Major Players
AMA Research follow 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 showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse 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 include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Traction Battery Study Sheds Light on
The Traction Battery Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Traction Battery industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Traction Battery industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.