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Industrial Traction Battery Market Trends

Report ID: GMI5786
Published Date: Jun 2024
Report Format: PDF

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Industrial Traction Battery Market Trends

There is a strong emphasis on developing sustainable and eco-friendly battery solutions, with a growing focus on lithium-ion batteries due to their superior efficiency and lower environmental impact compared to traditional lead-acid batteries. The market is also witnessing increased investment in research and development aimed at reducing costs and improving the scalability of battery production.

Furthermore, regulatory support and incentives for clean energy initiatives are encouraging the adoption of industrial traction batteries, while strategic collaborations and partnerships among key players are driving innovation and expanding market reach. The integration of advanced battery management systems (BMS) is also gaining traction, offering enhanced monitoring, control, and optimization of battery performance in industrial applications.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.