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Traction Battery Market Trends

Report ID: GMI2888
Published Date: Dec 2024
Report Format: PDF

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Traction Battery Market Trends

The traction battery industry is expanding rapidly, fueled by the increasing adoption of electric vehicles (EVs) worldwide. Governments are implementing stricter emission regulations and offering incentives to promote EV usage, boosting demand for efficient traction batteries. These batteries are critical for powering electric cars, buses, and trucks, with manufacturers focusing on enhancing energy density and extending driving range. As consumer preferences shift toward eco-friendly transportation, the market is witnessing significant growth, supported by advancements in lithium-ion battery technologies and expanding EV charging infrastructure globally.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The global market for traction battery was reached USD 65.6 billion in 2024 and is expected to witness a CAGR of 22.6% from 2025 to 2034, driven by the acceleration in EV adoption

The lithium-ion segment is set to reach USD 356.2 billion through 2034, propelled by the increasing adoption of electric vehicles (EVs) and advancements in battery technologies.

The electric vehicles segment is expected to expand at a CAGR of more than 21.8% through 2034, fueled by rising consumer demand for sustainable transportation and government incentives.

The U.S. traction battery market is projected to exceed USD 65.7 billion by 2034, led by the increasing adoption of electric vehicles (EVs) and a strong push for sustainable transportation.

Key players in the traction battery market include Aliant Battery, Amara Raja Batteries, BYD, Camel Group, Ecovolta, EnerSys, Exide Industries, Farasis Energy, Guoxuan High-tech Power Energy, Hitachi Energy, Hoppecke Batteries, LG Energy, Midac, Mutlu, Panasonic, Samsung, Sunwoda Electronic, and Toshiba.