Lead Acid Industrial Traction Battery Market Size

Lead Acid Industrial Traction Battery Market Size

Lead Acid Industrial Traction Battery Market size was assessed at USD 1.04 billion in 2023 and is envisioned to grow at a CAGR of 10.9% up to 2032. Battery technologies, spanning various applications like electric forklifts, excavators, and lift trucks, are continuously evolving to deliver greater capacities and accelerated charging capabilities.

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Several battery manufacturers are making significant investments in R&D aimed at enhancing efficiency and fostering long-term sustainability. These endeavors are generating a myriad of prospects for the traction battery market. Moreover, escalating investments in scaling up manufacturing capacities to satisfy the growing demand for electric vehicles (EVs) are poised to drive industry expansion.
 

Electric forklifts boast a prolonged lifespan owing to their reduced number of moving parts compared to internal combustion engine (ICE) counterparts. The declining costs of Li-ion batteries, alongside their notable benefits such as larger capacity and slower discharge rates, are fueling the expansion of the industry. The rising uptake of industrial EVs is anticipated to drive growth in the industrial traction battery market. Majorly forklifts have experienced notable surges in popularity recently, attributed to their suite of sustainable attributes. For instance, in 2022, the industrial sector, responsible for 22% of global emissions, has prompted heightened awareness regarding shifting customer needs towards embracing electric forklifts.