Bolt-on Industrial Traction Battery Market - By Chemistry (Lead Acid, Lithium-Ion, Nickel-Based), By Application (Forklift, Railroads) & Forecast, 2024 – 2032

Bolt-on Industrial Traction Battery Market Size

Bolt-on Industrial Traction Battery Market Size in 2023 was valued at USD 2.6 billion and is anticipated to grow at a CAGR of 15% between 2024 and 2032 due to advances in battery technology, particularly lithium-ion batteries, are improving energy density, charging speed, and efficiency, making them more suitable for industrial applications. The rise of electric vehicles (EVs) in industries, including forklifts and automated guided vehicles (AGVs), is driving demand for reliable and long-lasting batteries.
 

Investments in infrastructure, such as charging stations and smart grids, support the increased use of battery-powered industrial equipment. Multiple companies are establishing the significant partnerships and collaborations, expanding their business in this market. For instance, In June 2022, BSLBATT Battery announced a significant deal with a major distributor of industrial forklift batteries in China. Utilizing its cutting-edge BSLBATT modular technology, the company will provide power solutions for material handling equipment across large facilities spanning 950,000 square feet.
 

Bolt-on Industrial Traction Battery Market Trends

The development of solid-state batteries, which offer higher energy densities and greater safety, is gaining momentum due to growing focus on improving energy density and charging speed. These technological advancements are crucial for meeting the increasing performance demands of industrial applications. Companies are increasingly adopting environmentally friendly practices and products to reduce their carbon footprint. This shift is supported by regulatory frameworks and government incentives promoting the use of green technologies. The rise of electric vehicles, including forklifts, automated guided vehicles (AGVs), and other industrial machinery, is significantly boosting the demand for traction batteries.
 

Bolt-on Industrial Traction Battery Market Analysis

The lithium-ion battery segment is poised to cross USD 6.2 billion by 2032 owing to its higher energy density. They can store more energy in a smaller and lighter package, which is crucial for industrial applications that require compact and efficient power solutions. Lithium-ion batteries generally have a longer lifespan and more charge/discharge cycles than their lead-acid and nickel-based counterparts, making them a more cost-effective option in the long run despite the higher initial investment.
 

Based on application, the market is categorized into forklift, railroad, and others. Forklift segment is anticipated to grow with CAGR of more than 14.1% till 2032 due is a significant shift from internal combustion engine (ICE) forklifts to electric forklifts, driven by the need for cleaner, quieter, and more environmentally friendly operations. Electric forklifts require high-performance batteries, boosting the demand for industrial traction batteries. Forklifts powered by advanced traction batteries, such as lithium-ion, offer longer operational hours, shorter charging times, and lower maintenance compared to those using traditional lead-acid batteries. This enhances productivity and reduces downtime, making them attractive to businesses.
 

Asia Pacific region is anticipated to surpass USD 7.2 billion by 2032 due to significant industrial growth and urban development, particularly in countries like China, India, Japan and Southeast Asian nations. This growth leads to increased demand for material handling equipment such as forklifts, which in turn drives the demand for industrial traction batteries. The Chinese and Indian government strongly supports the adoption of electric vehicles and green technologies through subsidies, regulations, and incentives. Whereas Japan and South Korea South Korea are renowned for their innovation in battery technology, which in turn will boost the demand for advanced batteries significantly in Asia Pacific in coming years.
 

The U.S. is one of the largest and most advanced economies in the world, with a diverse industrial base that spans manufacturing, logistics, automotive, and technology sectors. This diverse industrial landscape necessitates the use of various material handling equipment, such as forklifts, automated guided vehicles (AGVs), and other machinery that rely on efficient and reliable traction batteries.
 

Bolt-on Industrial Traction Battery Market Share

Companies like LG Energy, Samsung, and Panasonic hold significant market share in the bolt-on industrial traction battery industry due to their technological leadership, extensive manufacturing capabilities, and strong R&D investments. They consistently innovate, offering high-performance lithium-ion batteries with superior energy density, faster charging, and enhanced safety features.
 

Bolt-on Industrial Traction Battery Market Companies

• Amara Raja Batteries Ltd.
• Aliant Battery
• BYD Co., Ltd.
• Camel Group Co., Ltd
• EXIDE INDUSTRIES.
• ecovolta
• ENERSYS
• Farasis Energy
• Guoxuan High-tech Power Energy Co., Ltd.
• HOPPECKE Batteries GmbH & Co. KG
• Hitachi Energy Ltd.
• LG Energy
• Mutlu Corporation
• MIDAC S.p.A.
• Panasonic Corporation
• Samsung
• Sunwoda Electronic Co., Ltd.
• Toshiba Corporation
   

Bolt-on Industrial Traction Battery Industry News

• In May 2022, Hitachi Energy introduced Road Pak, a power semiconductor module designed for all types of electric vehicles globally. Utilizing silicon carbide (SiC) technology, Road Pak ensures consistent vehicle longevity, offers exceptional power density for faster charging, and minimizes power losses for extended driving range.
   
• In September 2022, LG Energy Solution and Honda announced a joint venture to manufacture lithium-ion batteries in the U.S. for Acura and Honda EV models. They plan to invest approximately USD 4.4 billion to establish a new manufacturing plant with a production capacity of 40 GWh batteries.
   

Bolt-on industrial traction battery market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Chemistry

• Lead Acid
• Lithium-Ion
• Nickel-Based
• Others

Market, By Application

• Forklift
• Railroads
• Others

The above information has been provided for the following countries across the regions:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Australia
  • India
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
• Latin America
  • Brazil
  • Argentina