Traction batteries are primarily used to give power to battery of the electric vehicles. These batteries are used in the electric golf carts, riding floor scrubbers, electric cars, forklifts and trucks. The some of the advantages of using traction batteries are more energy saving, low battery temperature and very less water consumption. The traction batteries can be made from 2 volt cells, 4 volt cells, 8 volt cells and 12 volt cells. There are two types of designs used in the traction batteries known as flooded and VRLA batteries. These designs provide consistent operation. Traction batteries are important part of the electric and hybrid vehicle in the various countries across the globe.
Market Size and Forecast
The global traction batteries market is anticipated to expand at a significant CAGR during 2018-2027. It is projected to reach significant market size by 2027. The increasing production of electric vehicles coupled with the rising demand for the energy efficient vehicles is anticipated to increase the market growth of the global traction batteries.
The global traction batteries market can be segmented on the basis of product type and application type. On the basis of application type, it is segmented into pure electric car, light industrial and commercial, heavy industrial, two wheeler, hybrid car, golf car and mobility for the disabled. Pure electric car sub-segment is anticipated to be fastest growing sub-segment on the account of rising demand for the electric vehicles as they use renewable energy sources and has relatively less impact on the environment. On the basis of product type, it is sub segmented into nickel metal hybrid, lead-acid, nickel metal hydride, nicad, zebra and lithium ion and others. Lead acid battery is mainly used in the traction batteries. It is used to optimize the power consumption of the traction batteries.
By region, global traction batteries market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is the leading region in the global traction batteries market on the account of increasing demand for the electric vehicles in the region. The increasing demand for the energy efficient vehicles in the region is also the major reason for the expansion of the global traction batteries market. Europe is the second largest region for the global traction batteries market on the account of stringent regulation regarding carbon emission by the automobile sector. Rising industrialization in the Asia-Pacific region is anticipated to support the growth of automobile sector in the region. The expansion of automobile sector leads to the high usage of traction batteries in the region.
Our in-depth analysis segmented the global traction batteries market in the following segments:
By Product Type:
By Application Type:
Global traction batteries market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The rising environmental concern coupled with the increasing demand for the renewable energy such solar energy, wind energy and hydropower energy etc. is major growth factor for the global traction batteries market during the forecast period. The increasing demand for the electric and hybrid vehicles across the various developing region is anticipated to fuel the market growth for the traction batteries. The government is also making policies on reducing emission of harmful gases by the automobile sector which is anticipated to increase the demand for the electric vehicles .This factor indirectly drives the traction batteries market throughout the forecast period.
However, high cost associated with the traction batteries is a major restrain for the global traction batteries market over the forecast period.
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