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Asia Pacific Industrial Traction Battery Market Trends

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

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Asia Pacific Industrial Traction Battery Market Trends

The market is undergoing rapid transformation due to several key trends shaping its growth. High-energy-density batteries are in increasing demand, surged by need for improved efficiency and performance in various industrial applications. Lithium-ion batteries are gaining traction, due to their superior energy density, longer lifespan, and lower maintenance requirements. Safety remains a critical focus as battery manufacturers work to address potential hazards through innovative safety features. Collaborations between market players is also signifying the growth.

For instance, in January 2023, LG Energy Solution and Honda Motor Co. Ltd. to build a USD 4.4 billion lithium-ion battery plant in US. The collaboration aims to develop advanced battery technologies for electric vehicles, focusing on safety and performance.

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.