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Industrial Traction Battery Market Size
- Report ID: GMI5786
- Published Date: Jun 2024
- Report Format: PDF
Industrial Traction Battery Market Size
Industrial Traction Battery Market was valued at USD 3.6 billion in 2023 and is anticipated to grow at a CAGR of 15.6% by 2032, driven by the rising adoption of electric vehicles (EVs) and the increasing demand for energy storage solutions across various industrial applications. Key trends include advancements in battery technology, such as improvements in energy density, charge-discharge cycles, and overall lifespan, which are enhancing the performance and reliability of traction batteries.
Investments in infrastructure, including charging stations and smart grids, are bolstering the increased utilization of battery-powered industrial equipment. Numerous companies are forming significant partnerships and collaborations to expand their presence and business in this growing market. For instance, In June 2022, BSLBATT Battery announced a substantial agreement with a leading distributor of industrial forklift batteries in China. Leveraging its advanced BSLBATT modular technology, the company will supply power solutions for material handling equipment across extensive facilities covering 950,000 square feet.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Industrial Traction Battery Market Size in 2023: | USD 3.6 Billion |
| Forecast Period: | 2024-2032 |
| Forecast Period 2024-2032 CAGR: | 15.6% |
| 2032 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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Frequently Asked Questions (FAQ) :
Industrial Traction Battery Market Scope
