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Industrial Traction Battery Market Size - By Chemistry (Lead Acid, Lithium-Ion, Nickel-Based), By Application (Forklift, Railroads), Regional Outlook & Forecast, 2024 – 2032

  • Report ID: GMI5786
  • Published Date: Jun 2024
  • Report Format: PDF

Industrial Traction Battery Market Size

Industrial Traction Battery Market was valued at USD 3.6 billion in 2023 and is anticipated to grow at a CAGR of 15.6% by 2032, driven by the rising adoption of electric vehicles (EVs) and the increasing demand for energy storage solutions across various industrial applications. Key trends include advancements in battery technology, such as improvements in energy density, charge-discharge cycles, and overall lifespan, which are enhancing the performance and reliability of traction batteries.

Industrial Traction Battery Market

Investments in infrastructure, including charging stations and smart grids, are bolstering the increased utilization of battery-powered industrial equipment. Numerous companies are forming significant partnerships and collaborations to expand their presence and business in this growing market. For instance, In June 2022, BSLBATT Battery announced a substantial agreement with a leading distributor of industrial forklift batteries in China. Leveraging its advanced BSLBATT modular technology, the company will supply power solutions for material handling equipment across extensive facilities covering 950,000 square feet.

Industrial Traction Battery Market Trends

There is a strong emphasis on developing sustainable and eco-friendly battery solutions, with a growing focus on lithium-ion batteries due to their superior efficiency and lower environmental impact compared to traditional lead-acid batteries. The market is also witnessing increased investment in research and development aimed at reducing costs and improving the scalability of battery production.

Furthermore, regulatory support and incentives for clean energy initiatives are encouraging the adoption of industrial traction batteries, while strategic collaborations and partnerships among key players are driving innovation and expanding market reach. The integration of advanced battery management systems (BMS) is also gaining traction, offering enhanced monitoring, control, and optimization of battery performance in industrial applications.

Industrial Traction Battery Market Analysis

Industrial Traction Battery Market Size, By Chemistry, 2022-2032 (USD Billion)

Based on chemistry, the lead acid segment is set to exceed USD 2.5 billion by 2032. The lead-acid industrial traction battery industry is undergoing notable shifts, influenced by evolving industry demands and technological advancements. Despite the growing popularity of lithium-ion batteries, lead-acid batteries maintain a strong presence due to their cost-effectiveness, reliability, and established supply chain infrastructure.

Industrial Traction Battery Market Share, By Application, 2023

Based on application. The forklift segment is expected to grow at a CAGR of over 22.3% through 2032, driven by technological advancements, regulatory influences, and evolving operational requirements. Despite the increasing adoption of lithium-ion batteries, lead-acid batteries continue to hold significant market share due to their cost-effectiveness and proven reliability.

Asia Pacific Industrial Traction Battery Market Size, 2022-2032 (USD Billion)

Asia Pacific industrial traction battery market is projected to cross USD 10.8 billion by 2032. Significant progress in battery technologies, particularly in lithium-ion batteries, is enhancing the energy density, charge-discharge efficiency, and lifecycle of traction batteries. These advancements are contributing to improved performance and reliability of battery-powered industrial equipment. The rapid uptake of electric vehicles, including forklifts and other industrial vehicles, is fueling the demand for traction batteries. This trend is supported by favorable government policies promoting the use of clean and renewable energy sources.

The U.S. industrial traction battery market is characterized by rapid technological advancements, supportive regulatory policies, and strategic industry collaborations. These factors are collectively driving the adoption of more efficient, sustainable, and cost-effective battery solutions in various industrial sectors.


Industrial Traction Battery Market Share

Industrial Traction Battery Company Market Share Analysis, 2023

Companies such as LG Energy, Samsung, and Panasonic dominate the industrial traction battery industry due to their extensive manufacturing capabilities, technological leadership, and substantial investments in research and development. They continuously innovate, providing high-performance lithium-ion batteries with superior energy density, faster charging capabilities, and enhanced safety features.

Industrial Traction Battery Market Companies

  • Amara Raja Batteries Ltd.
  • Aliant Battery
  • BYD Co., Ltd.
  • Camel Group Co., Ltd
  • ecovolta
  • Farasis Energy
  • Guoxuan High-tech Power Energy Co., Ltd.
  • HOPPECKE Batteries GmbH & Co. KG
  • Hitachi Energy Ltd.
  • LG Energy
  • Mutlu Corporation
  • MIDAC S.p.A.
  • Panasonic Corporation
  • Samsung
  • Sunwoda Electronic Co., Ltd.
  • Toshiba Corporation

Industrial Traction Battery Industry News

  • In February 2024, EnerSys has unveiled plans to establish a lithium-ion cell manufacturing facility in Greenville, South Carolina, with the aim of boosting battery production in the United States. The company intends to invest USD 500 million in this project, which is expected to create 500 jobs.
  • In February 2024, Sunlight Group has recently completed an agreement to acquire the remaining 50% stake in its German subsidiary, Ubatt GmbH. This strategic move highlights Sunlight's strong commitment to advancing the renewable energy sector by utilizing sustainably sourced materials.

This industrial traction battery market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Chemistry

  • Lead Acid
  • Lithium-Ion
  • Nickel-Based
  • Others

Market, By Application

  • Forklift
  • Railroads
  • Others

The above information has been provided for the following countries across the regions:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Australia
    • India
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
  • Latin America
    • Brazil
    • Argentina


Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of industrial traction battery was reached USD 3.6 billion in 2023 and is anticipated to grow at 15.6% CAGR through 2032, driven by the aacceleration in EV adoption.

The lead acid segment in the industrial traction battery market is set to exceed USD 2.5 billion by 2032 due to their cost-effectiveness, reliability, and established supply chain infrastructure.

Asia Pacific industrial traction battery market is projected to cross USD 10.8 billion by 2032 attributed to the rapid uptake of electric vehicles, including forklifts and other industrial vehicles.

Amara Raja Batteries Ltd., Aliant Battery, BYD Co., Ltd., Camel Group Co., Ltd, EXIDE INDUSTRIES., ecovolta, ENERSYS, Farasis Energy, Guoxuan High-tech Power Energy Co., Ltd., HOPPECKE Batteries GmbH & Co. KG, Hitachi Energy Ltd., and LG Energy among others.

Industrial Traction Battery Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 18
  • Tables & Figures: 15
  • Countries covered: 24
  • Pages: 80
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