Industrial Traction Battery Market Analysis

Industrial Traction Battery Market Analysis

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Based on chemistry, the nickel-based segment valuation will cross USD 750 million by 2032, on account of their higher energy and power density than the other counterparts. Lightweight and high-power NiMH batteries are gaining applicability in Hybrid Electric Vehicles (HEVs) owing to their higher energy and power density than the traditional lead-acid battery. Sodium Nickel Chloride batteries, popularly known as Zebra, offer high energy densities with temperature limitations and lower traction applicability, leading to increased product adoption. Increasing deployment of electric industrial trucks owing to favorable policy mandates is encouraging manufacturers to establish new battery technologies, particularly for automotive applications, which is set to develop a favorable industrial traction battery market landscape.
 

The forklift application is anticipated to grow at a CAGR of more than 15.2% through 2032. Electric forklifts exhibit improved energy efficiency and require no fuel for combustion, making it a diversified carrier of energy and contributing to the policy goals of the transport industry. EVs showcase exceptional benefits when compared to the traditional internal combustion engines including improved air quality, less noise, energy security, and reduced greenhouse gas. The continuous support and obligations for the deployment of EVs from various policy institutions have led to increased sales volume. This has led to an increased competition with market players continuously involved in developing new technologies and enhanced product offerings, creating a positive business landscape.
 

North America industrial traction battery market is set to reach over 1.45 billion by 2032. The adoption of electric vehicles has a significant impact on the industry growth. In the last few years, the federal government of the U.S. has introduced certain incentive policies toward electric vehicles including purchase incentives and tax credit for charging infrastructure. In addition, state policies including the HOV lane, registration incentives, sales tax exemptions, insurance discounts, and parking incentives have further accompanied the industrial traction battery market statistics.
 

The growing industrial preference for electric forklifts and the increasing sales of e-bikes will substantially support the regional business outlook. Furthermore, the invariable need to electrify the transport sector along with federal mandates, purchase incentives, and objectives pertaining to energy efficiency & carbon emissions will stimulate the North America traction battery sector.