The global traction battery market is segmented by application into heavy weight vehicles, light weight vehicles, commercial vehicles, hybrid cars, electric cars and others. Among these segments, the electric car segment is anticipated to hold the top rank in overall global traction battery market owing to rising demand for electric vehicles in different regions of the world. Further, the initiatives taken by the government officials to spread the awareness regarding adoption of electric vehicles is likely to propel the demand for traction batteries and is further anticipated to drive the growth of global traction battery market by noteworthy revenue by the end of 2021.
In the regionals segment, North America dominated the global traction battery market in 2015 where U.S. is the largest traction battery contributor followed by Canada in this region. Inclination of major auto-players towards manufacturing of hybrid and electric power vehicles is anticipated to drive the growth of Europe traction battery market. Additionally, upsurge of automobile sector in some of the major European countries such as the U.K., Germany, Italy, Spain and France are estimated to propel the growth of Traction Battery Market in this region. Further, rising foreign investments are likely to fuel Asia-Pacific traction battery market.
The global market of traction battery is anticipated to reach a market valuation of around USD 56 Billion by expanding at a robust compound annual growth rate over the forecast period. Factors such as rising demand for electric vehicles combined with growing applications of traction battery in industrial lift trucks are estimated to boom the growth of traction battery market around the globe.
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Automotive Sector Reflects Significant Opportunities
Factors such as growing demand for rechargeable hybrid & electric cars and extension of automotive sector in some of the major countries are believed to supplement the growth of traction battery market across the globe.
The report titled “Global Traction Battery Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global traction battery market in terms of market segmentation by application, by product and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
However, the limitations on use of lead-acid traction battery combined with high cost are estimated to dampen the growth of global traction battery market in the near future.
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This report also provides the existing competitive scenario of some of the key players of the global traction battery market which includes company profiling of Panasonic, GE USA, Mitsubishi, GS Yuasa, Deutsche ACCUmotive GmbH & Co. KG, Samsung, Bater, B.B. Battery, Fisker, LG Chem and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global traction battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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