A traction battery also known as an electric vehicle battery is used to power the electric motors of hybrid vehicles and electric vehicles. These batteries are rechargeable are mostly lithium ion or lithium polymer batteries. Traction batteries are designed to hold high ampere-hour capacity.
MARKET SCOPE
The "Global Traction Battery Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a particular focus on global market trend analysis. The report aims to provide an overview of the Traction Battery Market with detailed market segmentation into by type, by application, and by region. The Traction Battery Market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Traction Battery Market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The Traction Battery Market has been segmented into by type and by application. By type the market has been bifurcated into lithium-ion based, lead acid based, nickel based and others. By application the market has been bifurcated into electric vehicle (EV), hybrid electric vehicle (HEV), industrial and others.
MARKET DYNAMICS
Growth Factors
- Growing demand for electric vehicles
- Government incentives
- Rising demand in the industrial sector
Restraints
- High Costs
- Lack of charging infrastructure
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2018 to 2028 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The Traction Battery Market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the Traction Battery Market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the Traction Battery Market in these regions.
Impact of Covid-19 on Traction Battery Market
The emergence of Covid-19 had a significant impact on the Traction Battery Market. With the rise in the number of covid-19 cases, several governments and local authorities imposed mass lockdowns and strict restrictions which negatively impacted the Traction Battery Market due to its dependence on transportation, manufacturing and other sectors. The fixed income of people and travel restrictions imposed decreased the sales of electric vehicles leading to the fall of Traction Battery Market. Due to the trade restrictions imposed due to covid-19 the demand-supply chain was impacted which hampered the market. The Traction Battery Market is expected to see a surge in the coming years because of the increase in the use of electric vehicles as people are turning towards greener alternatives.
MARKET PLAYERS
The report covers vital developments in the Traction Battery Market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the Traction Battery Market are anticipated to have lucrative growth opportunities in the future with the rising demand for Traction Battery Market. Below mentioned is the list of a few companies engaged in the Traction Battery Market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Traction Battery Market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- Toshiba Corporation
- Johnson Controls
- Exide Industries Ltd.
- BAE Batteries Gmbh
- Hitachi
- Haze Batteries
- NorthStar Battery Company
- GS Yuasa International Ltd.
- Midac
- INTILION Gmbh