Industrial Traction Battery Market
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The industrial traction battery market size was valued at USD 3.6 billion in 2023 and is anticipated to grow at a CAGR of 15.6% by 2032. The market for industrial traction batteries is expanding as a result of the growing number of electric vehicles (EVs) and the rising need for energy storage in different industries. There have been advances in battery technology such as the rise of charge-discharge cycles, energy density, and lifespan, making traction batteries more effective and reliable.
There is a notable increase in investment in construction, such as smart grids and charging stations, which in turn increases the use of battery-run industrial equipment. Many companies are entering into significant agreements and associations to boost their market and business in this development. For instance, in June of 2022, BSLBATT Battery signed an important agreement with a top China-based company that distributes industrial batteries for forklifts. The firm plans to leverage its modern modular technology BSLBATT and, as a result, will offer power solutions for those 950000 square feet of industrial facilities.
Report Attribute | Details |
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Base Year: | 2023 |
Industrial Traction Battery Market Size in 2023: | USD 3.6 Billion |
Forecast Period: | 2024-2032 |
Forecast Period 2023 - 2032 CAGR: | 15.6 |
2023 Value Projection: | USD 13.9 Billion |
Historical Data for: | 2021-2023 |
No of Pages: | 80 |
Tables, Charts & Figures: | 15 |
Segments Covered: | Chemistry and Application |
Growth Drivers: |
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Pitfalls Challenges: |
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Focus is shifting towards making environmentally friendly and sustainable batteries and lithium-ion batteries have attracted attention due to their energy efficiency and reduced ecological damage when compared to traditional lead-acid batteries. More investment is also going into R&D in order to bring down the price and increase the abundance of battery production.
In addition, government incentives and support to the clean energy projects are contributing to the growth of industrial traction battery, while large players in the market are forming alliances and partnerships to foster creativity and increase their market coverage. The deployment of sophisticated battery management systems (BMS) is also starting to pick up, allowing better monitoring, control, and battery performance in industrial uses.
According to chemistry, the market is segmented into lead acid, nickel based, lithium ion and others. The lead acid segment is expected to cross 2.5 billion Dollars by the year 2032. There is a significant change in the demand in the marketplace for lead acid industrial traction batteries owing to changes in industrial needs and the development of new technologies. In spite of the increasing demand for lithium ion batteries, lead acid batteries still takes benefits of robust market position owing to low costs, dependability, and the existing supply chains.
The industrial traction battery market includes railroad and forklift batteries, among others, based on application. Forklift segment is expected to grow rapidly, with a projected CAGR of over 22.3% by the year 2032. There are many dynamic forces and changes in the marketplace for the public and industrial-powered traction forklift batteries due to advances in technology, regulatory requirements, and increasing operational needs. Regardless of rising popularity of lithium-ion batteries, lead acid batteries continue to maintain a significant foothold in the market because of their affordability and dependability.
The Asia Pacific industrial traction battery market is predicted to reach over 10.8 billion dollars by 2032. Increased development in the electrochemistry of batteries and more specifically lithium-ion batteries, is causing a rise in energy density, charge-discharge effectiveness, and the lifecycle of traction batteries, in turn improving the performance and reliability of battery-powered industrial machinery. Furthermore, the growing adoption of electric-powered industrial vehicles such as forklifts is significantly increasing the need for traction batteries. These policies encourage the switch from traditional sources of energy to electricity and other renewable energy sources.
In the U.S. market growth is driven by complex factors that consist of supporting technologies, enabling government policies, and collaborating with others in the industry. All these factors are contributing positively to the order of adoption for effective, environmentally friendly, and less expensive batteries in all industrial activities.
The market for industrial traction batteries is dominated by companies like LG Energy, Samsung, and Panasonic. These companies have a high level of manufacturing output, investment in research and development, and technological innovation. As a result, these companies are always on the cutting edge and provide high capacity, fast charging, and safe lithium-ion batteries.
Market, By Chemistry
Market, By Application
The above information has been provided for the following countries across the regions:
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., and LG Energy among others.
Asia Pacific industrial traction battery market is projected to cross USD 10.8 billion by 2032 attributed to the rapid uptake of electric vehicles, including forklifts and other industrial vehicles.
The lead acid segment in the industrial traction battery market is set to exceed USD 2.5 billion by 2032 due to their cost-effectiveness, reliability, and established supply chain infrastructure.
The market size of industrial traction battery was reached USD 3.6 billion in 2023 and is anticipated to grow at 15.6% CAGR through 2032, driven by the aacceleration in EV adoption.