Traction Battery Market Size By Application (Electric Vehicles { (BEV,PHEV), (Li-Ion, Ni-MH, Others), (0-20 kWh, 21-60 kWh, 61-90 kWh, Above 90 kWh)} Industrial{Forklifts, {Class1,Class2,Class3} Railroad, Others}, {Lead Acid, Li-Ion, Nickel Based, Others} E-bikes E-scooters ,E-motorcycles}, {Lead Acid, Li-ion, Nickel based}), By Chemistry (Lead Acid, Li-Ion, Nickel Based, Others), Industry Analysis Report, Regional Analysis (U.S., Canada, Mexico Germany, UK, France, Russia, Italy, Spain, Austria, Netherlands, Sweden, Portugal, Norway, Finland Belgium Denmark China, Japan, India, South Korea, Australia, Thailand, , Saudi Arabia, UAE, Turkey, South Africa, Israel, Algeria, Brazil, Argentina, Chile, Colombia, Peru), Price Trends, Competitive Market Share & Forecast, 2018– 2024

Published Date: September 2018 | 370 Pages | Report ID: GMI2888 Report Format: PDF

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Industry Trends

Traction Battery Market size was valued over USD 30 billion in 2017 and is set to expand over 11% by 2024.

North America Traction Battery Market Size, 2013 - 2024 (USD Billion)
North America Traction Battery Market Size, 2013 - 2024 (USD Billion)


Growing demand for electric vehicles driven by electrification of the transport sector will stimulate the global market size. The industry is primarily driven by favorable government policies and tax incentives to promote EV’s. In addition, sharp decline in battery costs and rising investments by major automakers in battery technology will further support the industry growth. The largest automotive manufacturer, Tesla, in its Gigafactory in the U.S., plans to increase its annual battery production capacity to 35 GWh by 2020.

Favorable economic growth across the emerging economies along with shifting focus toward electric forklift will stimulate the global market size. These are increasingly being deployed by the material handling industry, owing to their high efficiency and environment friendly than ICE forklifts.

Traction Battery Market, By Application

Electric vehicles traction battery market is anticipated to grow over 13% by 2024. Strengthening government policies along with growing concerns to reduce GHG emissions, will stimulate the business outlook.The growth across the business is primarily attributed to the government led tax incentives and ambitious targets announced by electric automakers to promote EV’s across the developed countries.

Rapid industrialization along with changing consumer preference toward electric forklifts will foster the industrial traction battery market. The burgeoning industry expansion is significantly attributed to escalating ecommerce business activities along with the indispensable use of electric forklifts to enhance efficiency and sustainability of businesses operations.

Traction Battery Market, By Chemistry

Lead acid traction battery market is predicted to expand by 9% by 2024. Higher cyclability, lower price and high resistance to vibration are some of the key features that will accelerate the penetration of these batteries across the industry landscape. Lead Acid offer reliable and robust power source for applications including electric vehicles, forklifts, golf carts, floor scrubbers, and ebikes.

Li-Ion traction battery market will witness a robust growth of over 13% by 2024. The industry growth is attributed to the sharp decline in costs and high charging efficiency. In addition, these batteries on account of their high energy density and design characteristics will continue to gain dominance over lead acid across electric vehicles applications. Furthermore, its rapid adoption in ebikes outside China and high power to weight ratio, makes it suitable for battery electric vehicles.

High gravimetric and volumetric energy density when compared with available counterparts makes Ni-MH, more suitable for HEV’s. Higher power density, design characteristics and capability to operate at normal ambient temperatures are some of the key underlined parameters which will encourage the product adoption. Around 70% of the hybrid electric vehicle globally are equipped with Ni-MH battery, thus creating a positive outlook for the global market.

Traction Battery Market, By Region

The U.S. market will witness a growth on account of the invariable need to electrify the transport sector along with federal mandates, purchase incentives, and objectives pertaining to energy efficiency & carbon emissions. For instance, the U.S. government introduced tax incentives of USD 7,500 for BEV and PHEV cars purchased in and after 2010. In addition, shifting consumer preference toward electric forklift across the material handling industry will further stimulate the product penetration.

Europe market, in 2017 was valued over USD 6 billion and will witness growth on account of increasing adoption of EV sales driven by stringent goals to decrease the carbon emission contributed by the automotive sector. The recent announcements to ban conventional petrol and diesel cars in France and the UK by 2040 will enhance regional growth rate, thereby creating significant growth prospects for the industry.

Asia Pacific market is set to witness a growth over 11 % by 2024. Favorable policy adoptions and growing concerns to curb the emission levels contributed by the automotive sector will stimulate the traction battery market. The growth in the region is attributed to the increasing investments across major battery manufacturing countries including China, Japan, and South Korea. In India, government led initiatives toward e-mobility and development of adequate charging infrastructure will create new opportunities for the industry players.

Competitive Market Share

Eminent industry players in the global market include Johnson Controls, East Penn Manufacturing, Exide, Samsung, Hitachi, BYD Company, LG Chem, Panasonic, Mutlu, Enersys, Systems Sunlight, GS Yuasa, Amara Raja Batteries, Hoppecke Batteries, Haze Batteries, Banner Batterien, Midac, NorthStar Battery Company, BAE Batterien, Coslight Technology International Group, Sebang Global, C&D Technologies, Shoto Group, amongst others.

Regulatory conformance, price reduction, increasing manufacturing plants capacities to achieve economies of scale, R&D investments in new battery technologies and product differentiation are the key strategic assets for an industry participant to attain a competitive position in the business.

Traction Battery Industry Background

Traction Battery Market Segmentation

Traction batteries are used to power electric vehicles including electric cars, buses, bikes, forklift trucks, electric golf carts, and riding floor scrubbers. It is generally designed to have a high capacity to weight and volume ratio to carry the vehicle’s power source. These are generally deep-cycled and requires a fast charging rate for its use, usually within 24 hours.


What Information does this report contain?

Historical data coverage: 2013 to 2017; Growth Projections: 2018 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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