Covina, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Traction batteries, also known as electric vehicle (EV) batteries or traction power batteries, are rechargeable energy storage devices designed for use in electric vehicles and other electric-powered transportation systems. These batteries store electrical energy in chemical form and release it as needed to power electric motors, providing the necessary traction for propulsion.
Growing consumer awareness of environmental concerns, fuel savings, and the convenience of electric vehicles is boosting demand for electric cars and, consequently, Traction Batteries Market. Investment in charging infrastructure and grid improvements is supporting the growth of electric mobility.
Key Highlights
- In December 2021, ecovolta has launched a new generation of its evoTractionBattery traction battery, which it says offers specific energy of up to 172 Wh/kg. The battery packs are intended for commercial EVs, construction equipment, and boats and are certified to automotive standards. The latest generation has four distinct memory capacities and interlinking choices, and it is available in 48- and 96-volt variants. It is suitable for use in systems with up to 400 volts of power.
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Key Trends
The following are some of the key trends in the traction batteries market:
- Increasing adoption of electric vehicles: The adoption of electric vehicles is increasing rapidly due to the rising concerns about air pollution and climate change. This is driving the demand for traction batteries.
- Growing demand for energy storage systems: Energy storage systems are becoming increasingly popular due to the increasing penetration of renewable energy sources. Traction batteries can be used in energy storage systems to store energy from renewable energy sources, such as solar and wind power.
- Technological advancements: There have been significant technological advancements in the traction batteries market in recent years. This has led to the development of traction batteries with higher energy density, longer lifespan, and lower cost.
Market Segmentation
- By Type: Lithium-Ion Batteries, Nickel-Metal Hydride Batteries, and Lead-Acid Batteries
- By Application: BEVs, HEVs, and PHEVs
- By Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Players
- Panasonic
- BYD
- LG Chem
- AESC
- SAMSUNG SDI
- Mitsubishi/GS Yuasa
- Epower
- Beijing Pride Power
- Air Litium (Lyoyang)
- Wanxiang
Market Dynamics
The traction batteries market is driven by the following factors:
- Increasing adoption of electric vehicles
- Growing demand for energy storage systems
The market is also challenged by the following factors:
- High cost of traction batteries
- Limited availability of raw materials
- Safety concerns
Market Outlook
The traction batteries market is expected to grow at a significant CAGR over the next few years. The growth of the market is attributed to the increasing adoption of electric vehicles and the growing demand for energy storage systems.
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Conclusion
The traction batteries market is a growing market with significant potential. The increasing adoption of electric vehicles and the growing demand for energy storage systems are driving the growth of the market. Technological advancements are also expected to contribute to the growth of the market in the coming years.
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