Lithium-Ion Industrial Traction Battery Market Trends

Lithium-Ion Industrial Traction Battery Market Trends

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Battery technologies across a range of applications, such as electric forklifts, excavators, and lift trucks, are continually advancing to offer higher capacities and faster charging times. Numerous battery manufacturers are making substantial investments in the research and development of new technologies to improve efficiency and promote long-term sustainability. These efforts are creating diverse opportunities for the traction battery market.
 

Additionally, increasing investments in expanding manufacturing capacities to meet the rising demand for electric vehicles (EVs) are expected to stimulate growth in the lithium-ion industrial traction battery market. For instance, in 2022, the industrial sector contributed to 22% of the global emissions owing to which there has been an increased awareness in changing customer requirements for the adoption of electric forklifts.
 

Electric forklifts have a longer lifespan due to fewer moving components when compared to ICE. The decreasing costs of Li-ion batteries, coupled with their significant advantages in terms of larger capacity and slower discharge times, are driving industry expansion. The increasing adoption of industrial electric vehicles is expected to propel growth in the industrial traction battery market. Forklifts, in particular, have seen remarkable popularity growth in recent years due to their array of sustainable features.