Traction Battery Market size worth $307.5 Bn by 2032

Traction Battery Market size is set to cross USD 307.5 billion by 2032, according to a new research report by Global Market Insights Inc.
 

Growing adoption of electric vehicles is a key driver behind industry growth. The rising adoption EVs can be attributed to measures taken by world governments to cut down on their carbon emissions. In fact, in November 2021, the U.S. Department of Energy announced an investment of over USD 200 million to phase out ICE-powered cars and trucks and improve the country’s EV charging infrastructure.
 

Many countries have set out policies that will ban the sale of vehicles that operate on combustion engines in coming years. For instance, back in 2022, the UK government announced that it will ban the sale of petrol and diesel powered vans and cars starting 2030.
 

Growing adoption of electric cars to fuel lithium-ion chemistry segment growth

In terms of chemistry, the traction battery market from lithium-ion segment is predicted to showcase a growth rate of more than 20% by 2032, fueled by the rising adoption of electric cars. Back in 2022, global electric car sales totalled at approximately 10 million, reporting a spike of more than 60% than the year prior. These batteries boast of high energy efficiency, superior high-temperature performance, low self-discharge, fast recharge, and a high power-to-weight ratio, which warrants their use in EVs.
 

Rising electrification of forklifts to impel industrial application segment share

Traction battery market from the industrial applications is poised to register nearly 22% CAGR through 2032, driven by the ongoing electrification of forklifts, tractors, and aerial platforms in the sector. Traction batteries are finding a strong demand from these fleet upgradation initiatives as more industries focus on reducing their carbon footprint. As compared to their ICE counterparts, electric industrial vehicles such as forklifts have fewer moving parts, which leads to a longer lifespan.
 

Back in October 2022, US-based producer of high-energy battery technology, BMW i Ventures, Inc., announced an investment in Fox Robotics, an autonomous forklift company, which may create more demand for traction batteries in the forklift segment.
 

Browse key industry insights spread across 400 pages with 724 market data tables & 22 figures & charts from the report, “Traction Battery Market - By Lithium-Ion Chemistry, By Application (Electric Vehicles, Industrial Forklifts, Railroad, Electric Scooters, Electric Motorcycles), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032”, in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/traction-battery-market
 

EV sale promotion effrots to strengthen business growth across Europe

Europe traction battery market is expected to attain at over 17.5% gains from 2023 to 2032. The various priorities set by the EU for promoting the deployment of EVs can be attributed for driving segment share. EVs also boast of a higher level of safety over traditional ICEs, which most European countries are highlighting to phase out diesel- and petrol-powered vehicles.
 

Back in December 2022, Ford, the American automobile giant received an investment of £600 million (USD 719 million) from the UK government to expand its EV production line and contribute to UK’s 2035 net zero plan.
 

Furthermore, the government also benefitted UK drivers by announcing an additional funding of over £56 million (USD 67 million) to expand the country’s EV charging network.
 

Partnerships to outline the competitive landscape for traction battery market

The list of prominent traction battery suppliers includes names such as Panasonic Corporation., ENERSYS, Hitachi, Ltd., Toshiba Infrastructure Systems & Solutions Corporation, EXIDE INDUSTRIES LTD., HOPPECKE Batteries GmbH & Co. KG, and ecovolta, among others. Many of these companies are emphasizing on collaborations and partnerships to bring in more revenues to their business ventures.