In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Traction batteries are electric devices which are used to power battery operated electric vehicles. These batteries are recyclable and thus, are in great demand from various sectors such as automobile, manufacturing, etc.
The global traction batteries market is projected to reach USD 56 Billion in coming 7-10 years. Geographically, the global traction batteries market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific and rest of world.
Regionally, North America dominated the global traction battery market in 2015 followed by Europe. The U.S. is the largest traction battery market in North America followed by Canada. Europe holds the second largest traction battery market behind North America but expected that the region may be surpassed by Asia-Pacific in next five years of time. The traction battery market in the region is propelled by inclination of major auto-players towards manufacturing hybrid and electric power vehicles. The market is also sparked by upsurge of automobile sector in some of the major European countries such as the U.K., Germany, Italy, Spain and France. Asia-Pacific traction battery market is likely to get fuelled from strengthening of economy and rising foreign investments in automobile sector of some of the major countries such as India, China and Japan.
Get more information on this report: Download Sample PDF
Based on application, the global traction battery market can be segmented into heavy, light and commercial vehicles, hybrid cars, electric cars, etc.
On the basis of products type, the global traction battery market is divided as lead-Acid, NiCad, Lithium ion and others.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Rising popularity of rechargeable hybrid & electric cars and expansion of automotive sector in some of the major countries are two factors which are expected to drive the global traction battery market in future.
However, high cost of traction batteries and limitations on use of lead-acid traction battery are projected to dampen the growth of global traction battery market over the forecast period.