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Asia Pacific Industrial Traction Battery Market Size

Report ID: GMI9362
Published Date: May 2024
Report Format: PDF

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Asia Pacific Industrial Traction Battery Market Size

Asia Pacific Industrial Traction Battery Market size was valued at USD 2.65 billion in 2023 and is projected to grow at a CAGR of 16.4% between 2024 and 2032. Factors including increasing demand for electric vehicles, government regulations supporting the adoption of eco-friendly technologies, and advancements in material handling technology are driving market's growth.

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The region's rapid industrialization and e-commerce penetration have also created a significant demand for efficient and environmentally friendly power solutions, further boosting the adoption of traction batteries. For instance, in February 2022, Panasonic Corporation's Energy Company announced to build manufacturing facility at its Wakayama Factory in western Japan to produce innovative "4680" lithium-ion batteries for electric vehicles (EVs).

Asia Pacific Industrial Traction Battery Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific Industrial Traction Battery Market Size in 2023:	USD 2.65 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	16.4%
2032 Value Projection:	USD 11.04 Billion
Historical Data for:	2021 - 2023
No. of Pages:	50
Tables, Charts & Figures:	100
Segments covered:	Chemistry and Application
Growth Drivers:	Acceleration in EV adoption Growing demand for electric forklifts Enhanced battery capacity and reducing costs
Pitfalls & Challenges:	Safety concerns

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Additionally, market benefits from the long service life, lightweight design, and growing power storage capacity of traction batteries, making them ideal for various industrial applications. As the need for sustainable energy solutions continues to grow, market is expected to expand further, supported by government initiatives promoting electrification of transportation systems and the reduction of harmful emissions.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size for industrial traction battery in Asia Pacific reached USD 2.65 billion in 2023 and is set to grow at 16.4% CAGR from 2024 to 2032, owing to increasing demand for electric vehicles and government regulations supporting the adoption of eco-friendly technologies.

The lithium-ion batteries segment will generate USD 7.65 billion by 2032, driven by the longer lifespan than their counterparts, reducing maintenance and replacement costs for users.

China industrial traction battery industry is poised to cross USD 9.12 billion by 2032, due to the push towards electric vehicle adoption and the vast demand for industrial traction batteries, with government support in form of policies and incentives.

Amara Raja Batteries Ltd., Banner Batterien, BYD Company, CATL, East Penn Manufacturing Company Inc., Enersys, Exide Industries Ltd., GS Yuasa Corporation, Hitachi Energy, HOPPECKE Batteries GmbH & Co. KG, Honda Motors Company Ltd., and LG Energy Solutions among others.