Industrial Traction Battery Market Size

Industrial Traction Battery Market Size

Industrial Traction Battery Market was valued at USD 3.59 billion in 2023 and is projected to register 14.5% CAGR from 2024 to 2032. The electrification of the transportation sector is increasing the requirement for traction batteries. Government laws & regulations toward the production & sale of industrial electric vehicles to reduce the emissions from various manufacturing & processing sites will positively influence industry growth.

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The growing awareness and government-led efforts to reduce the carbon emissions will positively drive the business landscape. Furthermore, electric forklifts are gaining traction attributed to the increasing e-commerce business activities and their ability to meet the environmental, health, and safety standards. The evolving advanced technologies and growth in emerging business will complement the industrial traction battery market outlook.

Lead-acid batteries have an excess of lead and sulfuric acid that cause safety concerns. The acid is highly corrosive and is a carrier for soluble lead & lead particulate. Several countries consider lead acid as hazardous material as it can be a health hazard if not properly handled. Lithium-ion batteries have a tendency of overheating and can be damaged at high voltages. These batteries not only ignite very easily but also result in fire, which can be difficult to contain. Li-ion batteries require efficient safety mechanisms to limit internal pressures and voltage, which result in the increase in weight and limit performance. These harmful environmental impacts of the technologies are likely to restrict the demand for this technology in industrial traction battery.