Traction Battery Market SWOT Analysis by 2031
The Traction Battery Market is expected to register a CAGR of 8.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Traction Battery Market report covers analysis By Type (Lithium-Ion Based, Lead Acid Based, Nickel Based, Others); Application (Electric Vehicle (EV), Hybrid Electric Vehicle (HEV), Industrial, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)
Purpose of the ReportThe report Traction Battery Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Traction Battery Market Segmentation
Type- Lithium-Ion Based
- Lead Acid Based
- Nickel Based
- Others
- Electric Vehicle
Strategic Insights
Traction Battery Market Growth Drivers- Government Policies Drive Traction Battery Growth: The growth is promoted on the back of sustainable transportation, as a result of government policies and encouragement for consumers to buy electric vehicles, along with giant investments by manufacturers in R&D on battery technology. Hence, the global market for traction batteries will grow highly with a marked increase in lithium-ion battery market share.
- Battery Technology Innovations Impact Market: Innovations in battery technologies have huge impacts on the traction battery market. Advances evolved to lead to efficiency improvements, capacity increase, and elongated lifespan. On its part, developed advanced lithium-ion batteries and solid-state batteries promise an increase in energy density of 20-30%, thereby leading to longer ranges for vehicles. They not only drive market trends but also create competitive advantages for manufacturers.
- Renewable Energy Fuels Battery Demand: Renewable energy sources have been the driving force for the traction battery market, particularly in terms of energy storage systems in solar and wind energy. With time comes increased global energy consumption, thus calling for more efficient and reliable energy storage solutions. To cut to the point, the energy storage market alone is forecasted to attain $26 billion by 2030, with most of it being mainly in traction batteries. This growth in markets is accompanied by the transformation toward more sustainable energy and an expansion of the total market overview, touting the important role of batteries in the energy transition.
- EV Adoption Boosts Battery Market: Electric vehicle adoption has driven traction battery demand. To date, 13 million electric vehicles have been sold worldwide. Going forward, projections show that by 2030, that number may touch 40 million. Demand forces more production and innovation in technologies with key players. Of note, SWOT analysis brought out strengths in technological strides; however, it indicated that some of the threats brought upon market dynamics and strategies were fluctuating raw material costs.
- Battery Chemistry Innovation Transforms Market: Innovation in battery chemistry is transforming the traction battery landscape. Companies are looking at alternatives such as solid-state and lithium-sulfur batteries, which promise greater energy density and safety. In 2022, solid-state batteries presented more than a 50% increase in energy density over traditional lithium-ion batteries. A PEST analysis suggests that technological changes are under pressure due to regulation for cleaner solutions, hence an ever-increasing competition among key players embracing the next generation of battery solutions.
- Recycling and Sustainability Gain Importance: Growth in the traction battery market brings recycling and sustainability into prominence. The recycling market for lithium-ion batteries is going to reach $22 billion by 2030. This trend improves resource efficiency as much as it offers answers to environmental issues. Players are changing their market dynamics as they adopt strategies that focus on sustainable practices. A SWOT analysis points out opportunities for recycling yet dawns on challenges such as technological gaps in processing complex battery chemistries.
- Advances in Battery Chemistry Open Opportunities: Fast-paced advances in battery chemistry, including the emergence of solid-state and lithium-sulfur batteries, throw open wide gates toward definite success for manufacturers of traction batteries. Industry reports suggest that energy density is expected to rise more than 50% in 2025 due to this improvement in solid-state battery technology. Such an innovation not only upgrades performance but also forms part of the competitive analysis of the whole industry landscape. The growth opportunity for firms can thus be tapped into by investing in R&D and strategic partnerships to build market positions across geographies.
- Energy Storage Systems Drive Traction Battery Demand: Energy Storage Systems is an area where the necessity of renewable sources of energy creates a very strong opportunity for traction battery systems. Investments in ESS worldwide have crossed $25 billion in 2021, which shows the potential of this industry. Where regions like North America are making efforts to make their grid stable and, at the same time, incorporating renewable resources, traction batteries will form a part of this revolution. Companies can take a ride on this growth wave by being future-proof on advanced battery technologies and geographic diversification.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Traction Battery Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Traction Battery Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The Traction Battery Market is expected to register a CAGR of 8.4% from 2023-2031.
The major factors impacting the Traction Battery Market are: Rising Demand for Renewable Energy Storage, Technological Advancements in Battery Technology, and Increasing Electric Vehicle Adoption
Key future trends in this market are - Growth in electric vehicle adoption, Demand for high-energy storage, Advancements in battery technology
Key companies in this market are: Toshiba Corporation, Johnson Controls, Exide Industries Ltd, BAE Batteries Gmbh, Hitachi, Haze Batteries, NorthStar Battery Company, GS Yuasa International Ltd, Midac
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Traction Battery Market - By Type
1.3.2Traction Battery Market - By Application
1.3.3Traction Battery Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.TRACTION BATTERY MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.TRACTION BATTERY MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.TRACTION BATTERY MARKET - GLOBAL MARKET ANALYSIS
6.1.TRACTION BATTERY - GLOBAL MARKET OVERVIEW
6.2.TRACTION BATTERY - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING
7.TRACTION BATTERY MARKET - REVENUE AND FORECASTS TO 2028 " TYPE
7.1.OVERVIEW
7.2.TYPE MARKET FORECASTS AND ANALYSIS
7.3.LITHIUM-ION BASED
7.3.1.Overview
7.3.2.Lithium-Ion Based Market Forecast and Analysis
7.4.LEAD ACID BASED
7.4.1.Overview
7.4.2.Lead Acid Based Market Forecast and Analysis
7.5.NICKEL BASED
7.5.1.Overview
7.5.2.Nickel Based Market Forecast and Analysis
7.6.OTHERS
7.6.1.Overview
7.6.2.Others Market Forecast and Analysis
8.TRACTION BATTERY MARKET - REVENUE AND FORECASTS TO 2028 " APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.ELECTRIC VEHICLE (EV)
8.3.1.Overview
8.3.2.Electric Vehicle (EV) Market Forecast and Analysis
8.4.HYBRID ELECTRIC VEHICLE (HEV)
8.4.1.Overview
8.4.2.Hybrid Electric Vehicle (HEV) Market Forecast and Analysis
8.5.INDUSTRIAL
8.5.1.Overview
8.5.2.Industrial Market Forecast and Analysis
8.6.OTHERS
8.6.1.Overview
8.6.2.Others Market Forecast and Analysis
9.TRACTION BATTERY MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Traction Battery Market Overview
9.1.2North America Traction Battery Market Forecasts and Analysis
9.1.3North America Traction Battery Market Forecasts and Analysis - By Type
9.1.4North America Traction Battery Market Forecasts and Analysis - By Application
9.1.5North America Traction Battery Market Forecasts and Analysis - By Countries
9.1.5.1United States Traction Battery Market
9.1.5.1.1United States Traction Battery Market by Type
9.1.5.1.2United States Traction Battery Market by Application
9.1.5.2Canada Traction Battery Market
9.1.5.2.1Canada Traction Battery Market by Type
9.1.5.2.2Canada Traction Battery Market by Application
9.1.5.3Mexico Traction Battery Market
9.1.5.3.1Mexico Traction Battery Market by Type
9.1.5.3.2Mexico Traction Battery Market by Application
9.2.EUROPE
9.2.1Europe Traction Battery Market Overview
9.2.2Europe Traction Battery Market Forecasts and Analysis
9.2.3Europe Traction Battery Market Forecasts and Analysis - By Type
9.2.4Europe Traction Battery Market Forecasts and Analysis - By Application
9.2.5Europe Traction Battery Market Forecasts and Analysis - By Countries
9.2.5.1Germany Traction Battery Market
9.2.5.1.1Germany Traction Battery Market by Type
9.2.5.1.2Germany Traction Battery Market by Application
9.2.5.2France Traction Battery Market
9.2.5.2.1France Traction Battery Market by Type
9.2.5.2.2France Traction Battery Market by Application
9.2.5.3Italy Traction Battery Market
9.2.5.3.1Italy Traction Battery Market by Type
9.2.5.3.2Italy Traction Battery Market by Application
9.2.5.4Spain Traction Battery Market
9.2.5.4.1Spain Traction Battery Market by Type
9.2.5.4.2Spain Traction Battery Market by Application
9.2.5.5United Kingdom Traction Battery Market
9.2.5.5.1United Kingdom Traction Battery Market by Type
9.2.5.5.2United Kingdom Traction Battery Market by Application
9.2.5.6Russia Traction Battery Market
9.2.5.6.1Russia Traction Battery Market by Type
9.2.5.6.2Russia Traction Battery Market by Application
9.2.5.7Rest of Europe Traction Battery Market
9.2.5.7.1Rest of Europe Traction Battery Market by Type
9.2.5.7.2Rest of Europe Traction Battery Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Traction Battery Market Overview
9.3.2Asia-Pacific Traction Battery Market Forecasts and Analysis
9.3.3Asia-Pacific Traction Battery Market Forecasts and Analysis - By Type
9.3.4Asia-Pacific Traction Battery Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Traction Battery Market Forecasts and Analysis - By Countries
9.3.5.1Australia Traction Battery Market
9.3.5.1.1Australia Traction Battery Market by Type
9.3.5.1.2Australia Traction Battery Market by Application
9.3.5.2China Traction Battery Market
9.3.5.2.1China Traction Battery Market by Type
9.3.5.2.2China Traction Battery Market by Application
9.3.5.3India Traction Battery Market
9.3.5.3.1India Traction Battery Market by Type
9.3.5.3.2India Traction Battery Market by Application
9.3.5.4Japan Traction Battery Market
9.3.5.4.1Japan Traction Battery Market by Type
9.3.5.4.2Japan Traction Battery Market by Application
9.3.5.5South Korea Traction Battery Market
9.3.5.5.1South Korea Traction Battery Market by Type
9.3.5.5.2South Korea Traction Battery Market by Application
9.3.5.6Rest of Asia-Pacific Traction Battery Market
9.3.5.6.1Rest of Asia-Pacific Traction Battery Market by Type
9.3.5.6.2Rest of Asia-Pacific Traction Battery Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Traction Battery Market Overview
9.4.2Middle East and Africa Traction Battery Market Forecasts and Analysis
9.4.3Middle East and Africa Traction Battery Market Forecasts and Analysis - By Type
9.4.4Middle East and Africa Traction Battery Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Traction Battery Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Traction Battery Market
9.4.5.1.1South Africa Traction Battery Market by Type
9.4.5.1.2South Africa Traction Battery Market by Application
9.4.5.2Saudi Arabia Traction Battery Market
9.4.5.2.1Saudi Arabia Traction Battery Market by Type
9.4.5.2.2Saudi Arabia Traction Battery Market by Application
9.4.5.3U.A.E Traction Battery Market
9.4.5.3.1U.A.E Traction Battery Market by Type
9.4.5.3.2U.A.E Traction Battery Market by Application
9.4.5.4Rest of Middle East and Africa Traction Battery Market
9.4.5.4.1Rest of Middle East and Africa Traction Battery Market by Type
9.4.5.4.2Rest of Middle East and Africa Traction Battery Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Traction Battery Market Overview
9.5.2South and Central America Traction Battery Market Forecasts and Analysis
9.5.3South and Central America Traction Battery Market Forecasts and Analysis - By Type
9.5.4South and Central America Traction Battery Market Forecasts and Analysis - By Application
9.5.5South and Central America Traction Battery Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Traction Battery Market
9.5.5.1.1Brazil Traction Battery Market by Type
9.5.5.1.2Brazil Traction Battery Market by Application
9.5.5.2Argentina Traction Battery Market
9.5.5.2.1Argentina Traction Battery Market by Type
9.5.5.2.2Argentina Traction Battery Market by Application
9.5.5.3Rest of South and Central America Traction Battery Market
9.5.5.3.1Rest of South and Central America Traction Battery Market by Type
9.5.5.3.2Rest of South and Central America Traction Battery Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.TRACTION BATTERY MARKET, KEY COMPANY PROFILES
11.1.TOSHIBA CORPORATION
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.JOHNSON CONTROLS
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.EXIDE INDUSTRIES LTD.
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.BAE BATTERIES GMBH
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.HITACHI
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.HAZE BATTERIES
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.NORTHSTAR BATTERY COMPANY
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.GS YUASA INTERNATIONAL LTD.
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.MIDAC
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.INTILION GMBH
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1.Toshiba Corporation
2.Johnson Controls
3.Exide Industries Ltd.
4.BAE Batteries Gmbh
5.Hitachi
6.Haze Batteries
7.NorthStar Battery Company
8.GS Yuasa International Ltd.
9.Midac
10.INTILION Gmbh
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For