Asia Pacific Industrial Traction Battery Market Analysis

Asia Pacific Industrial Traction Battery Market Analysis

To get key market trends

  Download Free Sample

Based on chemistry, market is divided between lead acid, lithium-ion and nickel-based, which is dominated by lithium-ion batteries, forecasted to grow over USD 7.65 billion by 2032, due to their numerous advantages over alternative battery chemistries. Key factors contributing to this market dominance include high energy density, ensuring greater power output and longer run times for industrial applications. These batteries also offer a longer lifespan than their counterparts, reducing maintenance and replacement costs for users. Moreover, government support for electric vehicles and renewable energy in region drives demand for these advanced batteries.
 

Based on its application, forklift sector influences the Asia Pacific industrial traction battery market, which is estimated to thrust over a CAGR of 15.4% through 2032. Rapid growth of e-commerce in the region has driven demand for efficient material handling equipment, with forklifts being a primary beneficiary. Also, rising demand for electric forklifts, spurred by environmental concerns and government regulations, further contributes to the need for industrial traction batteries. Moreover, expanding manufacturing industry in countries including China, India, and Japan has also increased use of forklifts and the corresponding demand for these batteries.
 

China industrial traction battery market size is projected to surpass USD 9.12 billion by 2032. Country's aggressive push towards electric vehicle adoption has created a vast demand for industrial traction batteries, while government support in form of policies and incentives further bolsters this demand. Chinese companies have also made considerable advancements in battery technology, enhancing their competitiveness in global market. For instance, in September 2021, CATL announced to build a new electric vehicle battery plant in Shanghai which will cost USD 3 billion. The plant aims to produce advanced lithium-ion batteries for electric vehicles, contributing to China's growing market share in the industrial traction battery sector.