The global traction batteries market is anticipated to grow at a CAGR of 10.5% during the forecast period. The demand for electric vehicles (EVs) is increasing due to environmental concerns and government incentives, which is driving the growth of the traction battery market. Traction batteries are essential for powering electric drivetrains and providing the necessary energy for propulsion. Technological advancements in battery technology have improved energy density, reduced costs, and increased charging speeds, making EVs more practical and appealing to a wider consumer base. The market players such as nanoFlowcell, Nilar International, and Offgrid Energy Labs, among others are significantly contributing to market growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. These players focuses on developing advanced and energy-efficient traction battery solutions to meet the evolving demands of the electric vehicle industry and enhance their market position. For instance,
- In October 2022, Swedish startup Nilar International offers a sustainable solution for renewable energy storage with its ReOx® batteries. The company's batteries are produced with 100% renewable energy and can be revived to full capacity at least three times through the Nilar patented ReOx® process. The ReOx® technology allows used batteries to be refilled with gas to restore the original capacity, making it the world's first battery that can be refilled with new life.
- In October 2022, Swedish co. nanoFlowcell established a US division to introduce its flow battery technology to America, starting with flow cell cars. The nanoFlowcell battery uses electrolyte fluids to generate electricity from chemical compounds, and the electrolyte used in the battery has an energy density of 600 Wh per litre. The company's batteries are environmentally friendly and much cleaner and safer than lithium-ion batteries and can withstand up to ten times more.
- In April 2022, Offgrid Energy Labs launched ZincGel products in India. ZincGel is a highly efficient alternative to costly imported batteries in India, offering energy efficiency at par with lithium-ion products. The innovative ZincGel Battery Technology is suitable for stationary and low-powered mobility applications and can be modified based on application requirements.
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Market Coverage
- The market number available for – 2023-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Type
- By Application
- By Capacity
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- Includes Panasonic, Contemporary Amperex Technology Co. Ltd. (CATL), LG Chem., BYD Company Ltd., and Samsung SDI Co. Ltd., among others.
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Traction Batteries Market Report Segment
By Type
- Lithium-Ion Batteries
- Nickel-Metal Hydride Batteries
- Lead-Acid Batteries
- Solid-State Batteries
- Flow Batteries
By Application
- Electric Vehicles (EVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Vehicles (PHEVs)
- Commercial Vehicles
- Rail
- Forklifts
By Capacity
- Less than 100 Ah
- 100-200 Ah
- 200-300 Ah
- 300-400 Ah
- 400 Ah & Above
Traction Batteries Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- ABB Ltd.
- CHINA BAK BATTERY INC.
- Duracell Co.
- East Penn Manufacturing Co.
- ENERSYS
- EnerSys Reserve Power Pte. Ltd.
- Exide
- GS Yuasa Group
- Hitachi India Pvt. Ltd.
- HOPPECKE Carl Zoellner & Sohn GmbH
- Johnson Controls
- Saft Groupe SAS
- Tesla
- Toshiba Corp.
- Valence
Reasons to buy from us –
- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
- Our expert research analysts answer all your questions before and after purchasing your report.
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