Traction Battery Market Is Expected to Reach $69.2 Billion by 2030: Says AMR

Escalating demand for electric vehicles and attractive government policies & tax incentives drive the growth of the global traction battery market. Based on application, the electrical vehicle segment generated the highest share in 2020. By region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2030.

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Portland, OR, Nov. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global traction battery market was estimated at $31.6 billion in 2020 and is expected to hit $69.2 billion by 2030, registering a CAGR of 8.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers &      opportunities, market size & estimations, competitive scenario, and wavering market trends.

Escalating demand for electric vehicles and attractive government policies & tax incentives drive the growth of the global traction battery market. On the other hand, inadequate charging infrastructure impedes the growth to some extent. However, enhanced battery capacity is anticipated to create lucrative opportunities in the industry.

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COVID-19 scenario-

  • The traction battery market had been negatively impacted due to the wake of the COVID-19 pandemic, due to its dependence on transportation, industrial manufacturing, and other sectors.
  • Several companies had either shut down or minimized their operations owing to the risk of infections among the workforce, which, in turn, slowed the production rates of traction batteries, especially during the initial phase.
  • Nevertheless, the market is projected to get back on track soon.

The global traction battery market is analyzed across product type, capacity, application, and region. Based on product type, the lead acid based segment accounted for the major share in 2020, holding nearly two-fifths of the global market. The lithium-ion based segment, however, would exhibit the fastest CAGR of 9.5% throughout the forecast period.

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Based on application, the electrical vehicle segment generated the highest share in 2020, accounting for more than two-fifths the global market. The battery electrical vehicles segment, however, would exhibit the fastest CAGR of 8.8% from 2021 to 2030.

Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering more than half of the global market. The same region would also cite the fastest CAGR of 8.9% by the end of 2030. The other provinces studied in the report include Europe, North America, and LAMEA.

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The key market players analyzed in the global traction battery market report include ECOVOLTA, GS Yuasa International Ltd., Banner Batteries (GB) Ltd., BAE Batteries GmbH, Exide Industries Ltd.,  Toshiba Corporation, Inci GS Yuasa, INTILION GmbH, Leoch International Technology Limited Inc., HOPPECKE Carl Zoellner & Sohn GmbH. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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