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Traction Battery Market Size
- Report ID: GMI2888
- Published Date: Mar 2023
- Report Format: PDF
Traction Battery Market Size
Traction Battery Market size exceeded USD 56 billion in 2023 and is projected to expand at more than 21.3% CAGR from 2024 to 2032. Driven by supportive regulatory policies and tax incentives on electric vehicles.
Several global economies are introducing tax credits and incentives to strengthen their EV infrastructure, which is creating stronger revenue streams for the market. An instance of such a favorable scenario can be seen in the US, where the Inflation Reduction Act of 2022 has amended the qualified-plug-in electric drive motor vehicle credit on clean vehicles, promoting the adoption of electric vehicles.
As other governments turn their focus towards carbon emission reduction efforts, the demand for electric vehicles is likely to increase in those regional markets as well, positively impacting the industry outlook.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Traction Battery Market Size in 2023: | USD 56 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 21.3% |
| 2032 Value Projection: | USD 307.7 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 400 |
| Tables, Charts & Figures: | 746 |
| Segments covered: | Chemistry, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Traction Battery Market Scope
