Lithium-Ion Industrial Traction Battery Market Analysis

Lithium-Ion Industrial Traction Battery Market Analysis

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Based on application, the forklift segment has surpassed USD 3.7 billion in 2023. Electric forklifts demonstrate enhanced energy efficiency and operate without the need for combustion fuel, serving as versatile energy carriers and aligning with the transport industry's policy objectives. Electric vehicles (EVs) offer significant advantages over traditional internal combustion engines, including enhanced air quality, reduced noise pollution, improved energy security, and decreased greenhouse gas emissions.
 

The North America lithium-ion industrial traction battery market is forecasted to exceed USD 5.8 billion by 2032. The widespread adoption of electric vehicles is significantly influencing industry growth. Over the past few years, the U.S. federal government has implemented various incentive policies to encourage electric vehicle adoption, including purchase incentives and tax credits for charging infrastructure.
 

Moreover, state-level policies such as access to HOV lanes, registration incentives, sales tax exemptions, insurance discounts, and parking incentives have further bolstered industry expansion. Manufacturers across the region are investing heavily on R&D for the enhancement of their traction battery product lines. For instance, in January 2024, Panasonic Holdings Corp. announced its intentions to launch an enhanced version of electric vehicle battery cells, featuring improved capacity.