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Traction Battery Market Outlook 2029
- The global Traction Battery market was valued at US$ 37539.4 Mn in 2021
- The global Traction Battery market was valued at US$ 42870 Mn in 2023
- The global market is projected to expand at a CAGR of +14.2% from 2023 to 2029
- The global Traction Battery market is anticipated to reach US$ 108596.6 Mn by 2029
The Global Traction Battery Market Size, Scope, and Forecast 2023-2029 report has been added to the Market research collection of Market insights reports. Industry experts and researchers have offered an authoritative and concise analysis of the Traction Battery Market with respect to various aspects such as growth factors, challenges, restraints, developments, and opportunities for growth. This report provides a pin-point analysis of changing dynamics and emerging trends in the Traction Battery Market. Additionally, it provides a futuristic perspective on various factors that are likely to fuel the growth of the Worldwide Traction Battery Market in the coming years.
The market’s expansion is also positively impacted by rising demand for hybrid vehicles. It’s important to note that traction batteries are necessary for the electrification of transportation systems, recyclable, and ecologically friendly, and are therefore in great demand from the manufacturing and automotive industries. They receive a lot of government aid, too. The main reason is that attempts are being made to lower petrol emissions. The market will only expand as more people become aware of the dangers that these pollutants pose.
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Some of the key players profiled in the study are Panasonic, Contemporary Amperex Technology Limited (CATL), LG Chem, BYD, GS Yuasa, Gotion, Inc., CSICP, Lishen, East Penn Manufacturing, Clarios, Enersys and other Prominent players.
Latest News on Panasonic:
Panasonic to begin mass producing new Tesla battery by end-March 2024
TOKYO: Panasonic Corp said on Monday it will begin mass production of a new lithium-ion battery for Tesla Inc before the end of March 2024 at a plant in Japan. Unveiled by the Japanese company in October, the 4680 format (46 millimetres wide and 80 millimetres tall) battery is around five times bigger than those currently supplied to Tesla, meaning the U.S. electric vehicle (EV) maker will be able to lower production costs.
Competition is an important issue in any market research analysis. With the help of the competitive analysis provided in the report, players can easily study the key strategies employed by leading players in the Traction Battery market. The major and emerging players of the Traction Battery Market are closely studied considering their market share, production, sales, revenue growth, gross margin, product portfolio, and other important factors. This will help players familiarize themselves with the movements of their toughest competitors in the Traction Battery market.
The segmental analysis section of the report includes a thorough research study on key type and application segments of the Traction Battery market.
Traction Battery Market (By Type)
Open Lead Acid Battery
Pure Lead Battery
Traction Battery Market (By Application)
Institution (Government, Hospital and School, etc.)
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Important years considered in the Traction Battery study:
Historical year – 2017-2023; Base year – 2023; Forecast period** – 2023 to 2029 [** unless otherwise stated]
If opting for the Global version of Traction Battery Market; then the below country analysis would be included:
– North America (the USA, Canada, and Mexico)
– Europe (Germany, France, the United Kingdom, Netherlands, Italy, Nordic Nations, Spain, Switzerland, and the Rest of Europe)
– Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India, Southeast Asia, and the Rest of APAC)
– South America (Brazil, Argentina, Chile, Colombia, the Rest of the countries, etc.)
– the Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Turkey, Nigeria, South Africa, Rest of MEA)
The traction battery market in Asia-Pacific had the largest market share in 2023 and is anticipated to expand at the fastest CAGR during the forecast period. The growing demand for consumer goods has spurred the growth of the industrial manufacturing sectors in countries like China, India, and others that use traction batteries to power industrial equipment systems. This could lead to the growth of the traction battery market in the Asia-Pacific region. Growing environmental concerns and government initiatives have also encouraged the development of electric vehicles, which commonly use traction batteries to power electric motors. For instance, Business Standard research predicted an increase in electric vehicle sales in India between 2020 and 2023. Sales of traction batteries for electric cars are anticipated to increase as a result, creating lucrative market potential.
Reasons to Procure this Report:
(A) The research would help top administration/policymakers/professionals/product advancements/sales managers and stakeholders in this market in the following ways.
(B) The report provides Traction Battery market revenues at the worldwide, regional, and country levels with a complete analysis to 2029 permitting companies to analyze their market share and analyze projections, and find new markets to aim for.
(C) The research includes the Traction Battery market split by different types, applications, technologies, and end-uses. This segmentation helps leaders plan their products and finances based on the upcoming development rates of each segment.
(D) Traction Battery market analysis benefits investors by knowing the scope and position of the market giving them information on key drivers, challenges, restraints, and expansion chances of the market and moderate threats.
(E) This report would help to understand competition better with a detailed analysis and key strategies of their competitors and plan their position in the business.
(F) The study helps evaluate Traction Battery business predictions by region, key countries, and top companies’ information to channel their investments.
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What is new in 2023?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the Traction Battery market.
– Updated financial information and product portfolios of players operating in the Traction Battery market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
The new edition of the report consists of trends/disruptions on customer’s business, tariff and regulatory landscape, pricing analysis, and a market ecosystem map to enable a better understanding of the market dynamics for Traction Battery.
Customization services available with the report:
-Five Countries can be added as per your choice.
-Five Companies can added as per your choice.
– customization upto 40 hours.
-Post-sales support for 1 year from the date of delivery.
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