Home > Energy & Power > Battery Technology > Traction Battery > Traction Battery Market

Traction Battery Market Share

Report ID: GMI2888
Published Date: Mar 2023
Report Format: PDF

Download Free Sample

Traction Battery Market Share

Leading traction battery market players include

Toshiba Infrastructure Systems & Solutions Corporation
LG Energy Solution
MIDAC S.p.A.
Camel Group Co.
SAMSUNG SDI CO., LTD.
Mutlu Corporation
EXIDE INDUSTRIES LTD.

Many of these firms are prioritizing product innovations to capture high market share. Citing an instance, in May 2022, Hitachi Energy, a prominent traction battery manufacturer, launched RoadPak, the company’s pioneering power semiconductor module for EVs globally.

It features state-of-the-art silicon carbide technology to achieve exceptional levels of power density for rapid charging, minimum power losses, and reliability over the vehicle’s lifetime for longest driving range.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of traction battery crossed over USD 56 billion in 2023 and is poised to grow at more than 21.3% CAGR through 2032, driven by favorable government policies and tax incentives for promoting EV sales.

The electric vehicle application segment valued at USD 36.5 billion in 2022, owing to the consistent government support the EV sector is receiving to promote their sales.

The Asia Pacific industry size is poised to grow beyond USD 150 billion by 2032, fueled by the sifting emphasis of automobile manufacturers towards EVs leadership in the region.

The major traction battery manufacturers include names such as LG Energy Solution, EXIDE INDUSTRIES LTD., SAMSUNG SDI CO., LTD., and Toshiba Infrastructure Systems & Solutions Corporation, among others.