Industrial Traction Battery Market Trends

Industrial Traction Battery Market Trends

The battery technologies across various applications, including electric forklifts, excavators, and lift trucks, continue to improvise in terms of higher capacities and faster charging times. Several battery manufacturers are investing heavily in the development of new technologies to enhance the overall efficiency and contribute to the long-term sustainability, creating various opportunities for the traction battery market. Increasing investments in the expansion of manufacturing capacities pertaining to the growing demand for EVs are set to stimulate the industry landscape. The reducing costs of Li-ion batteries, their significant benefits in terms of larger capacity and slower discharge times are propelling industry traction battery market growth.