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Europe Industrial Traction Battery Market Size

Report ID: GMI9093
Published Date: Apr 2024
Report Format: PDF

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Europe Industrial Traction Battery Market Size

Europe Industrial Traction Battery Market size was valued at USD 378.9 million in 2023 and an anticipated CAGR of 14.4% from 2024 to 2032. Growth is primarily driven by increasing demand for electric vehicles (EVs) and the need for more sustainable energy solutions.

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As EU sets ambitious targets for reducing greenhouse gas emissions, adoption of electric vehicles and development of advanced battery technologies are becoming crucial aspects of region's industrial landscape. Moreover, there is a rising demand for industrial traction batteries to power electric forklifts, material handling equipment, and other electric vehicles in industrial settings.

Major players in market are investing in research and development to drive innovation and address growing demand for cleaner, more efficient energy solutions. This has created opportunities for collaboration and strategic partnerships, further boosting growth potential. For instance, in March 2021, Northvolt receives a USD 14 billion order as primary supplier of premium battery cells for Volkswagen Group in Europe. Volkswagen will increase its stake in Northvolt and aims to optimize Northvolt's gigafactory in Sweden for greater efficiency and environmental sustainability.

Europe Industrial Traction Battery Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Industrial Traction Battery Market Size in 2023:	USD 378.9 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	14.4%
2032 Value Projection:	USD 1.33 Billion
Historical Data for:	2021 to 2023
No. of Pages:	150
Tables, Charts & Figures:	140
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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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

Europe industrial traction battery market size was USD 378.9 million in 2023 and is expected to register 14.4% CAGR from 2024-2032 owing to increasing demand for electric vehicles (EVs) and the need for more sustainable energy solutions in the region.

Europe industrial traction battery industry from the lithium-ion batteries segment is expected to exceed USD 850 million by 2032 due to their high energy density, extended cycle life, and enhanced safety features.

Germany industrial traction battery industry is expected to cross USD 270 million by 2032 due to a strong emphasis on innovation and sustainability, driving demand for advanced battery technologies in the country.

Exide Industries Ltd., LG Energy Solutions, MIDAC S.p.A., Mutlu Corporation, Northvolt, Panasonic Corporation, Robert Bosch GmbH, Samsung SDI Co., Ltd, Toshiba Corporation, Volkswagen AG, and XALT Energy, are some of the major industrial traction battery companies in Europe.