Demand for Hybrid Cars to Push Growth in Global Traction Battery
A significant CAGR (Compound Annual Growth Rate) will be charted by the global traction battery market owing to increased use in electric and hybrid vehicles. This will not only create valuable growth opportunities for players but also contribute to increase in market worth over the coming few years.
It is worth mentioning here that traction batteries are recyclable and eco-friendly and also critical in terms of electrification of transport system and thus witnessing great demand from automobile and manufacturing industries. Besides, they enjoy high levels of government support. It is primarily because efforts are being directed at reducing fuel emissions and as awareness regarding the harmful effects of these fumes catch up with more and more people, market would only grow on to a higher trajectory.
And, this will lead to an already highly fragmented market landscape to see more fragmentation as new players will enter the playfield, to take a piece of the growth pie. Some of the most prominent names in the global traction battery include Johnson Controls, Exide, Hitachi, Samsung, BYD Company, LG Chem, Mutlu, Enersys, Panasonic Systems Sunlight, Amara Raja Batteries, Hoppecke Batteries, GS Yuasa, Haze Batteries and Midac, among others.
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Most of these have a keen focus on research and development as it is quite natural that the one to be ahead of the innovation game will also be ahead of the competition. It is particularly the case because low cost substitutes are stifling the market and to control that, it is important to come up with new developments to keep consumers hooked.
Favorable government regulation and rise in electrification of transportation will lead to North America hold a major chunk of the market share. Europe would follow North America for similar reasons. However, untapped opportunities would arise from Asia Pacific region (APAC), owing to increase a number of prominent players based in this region.
Global Traction Battery Market: Overview
The global traction battery market is anticipated to rise at a significant pace during the forecast period. This is because of the increasing use of traction batteries in electric and hybrid vehicles. Traction batteries are recyclable batteries and owing to this they find extensive demand from various sectors such as automobile and manufacturing industries.
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An upcoming report by Transparency Market Research on the global traction battery market would help readers with a detailed analysis of the market. The report consists of both primary and secondary analysis of the market to offer insight on several vital parameters. Some of key aspects mentioned in the report are drivers, restraints, challenges and opportunities. In addition to this, the competitive landscape of the global traction battery will help readers with the latest strategies used by the key players to counter their rivals. All these factors are important for stakeholders directly or indirectly associated with the market. The vital data mentioned in the report is important to understand continuously changing dynamics of the global traction market.
Global Traction Battery Market: Trends and Opportunities
Traction battery plays an essential role in the electrification of transport sector, this is expected to rise the demand for traction battery during the forecast period. Favorable government policies and mandates over manufacturing and sales of electric vehicles are some vital factor likely to drive the global traction battery market. Rising demand for electric vehicles and increasing application in fork lifts are some another factors expected to garner the growth of the traction battery market.
Along with this, long service life, lightweight packs and increasing power storage capabilities make traction batteries suitable for industry application. Rapid industrialization, increasing penetration of ecommerce and developments in the material handling technology will positively influence the growth of the traction battery market.
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Despite several drivers, growth in the global traction battery market is likely to hamper owing to the high costs of electric vehicles and non-availability of cheaper substitutes. However, to overcome this, key players are focusing on the research and development of the development of low cost traction batteries to boost growth.
Global Traction Battery Market: Geographical Analysis
On the basis of geography, the global traction battery market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among all these regions, North America is expected to lead the overall traction battery market during the forecast period. This is because of the adoption of electric vehicle in the region and favorable government regulation for the manufacture of traction batteries.
Global Traction Battery Market: Competitive Landscape
The competitive landscape of the global traction battery market is highly fragmented in nature. This is because of the presence of several prominent players in the market. Top players in the market are investing in research and development activities to strengthen their market presence. Some of the predominant players operating in the global traction battery market are Johnson Controls, Exide, Hitachi, Samsung, BYD Company, LG Chem, Mutlu, Enersys, Panasonic Systems Sunlight, Amara Raja Batteries, Hoppecke Batteries, GS Yuasa, Haze Batteries, Midac and Banner Batterien.
Companies in the Traction Battery market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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