Los Angeles, December 16, 2019 – QY Research has recently announced a report titled “Global Traction Battery Market Report History and Forecast 2014-2025,” that offers market study including growth drivers, trends, opportunities and unique strategies adopted by the key players. The worldwide Traction Battery Market is anticipated to reach over US$70 Bn in 2025 from more than US$25 Bn in 2018. The worldwide Traction Battery Market is expected to exhibit a robust CAGR of 14.2% from 2019 to 2025.
Consumer Goods and Automobiles to Boost Global Traction Battery Market
Increasing demand for consumer goods such as electrical gadgets and devices has resulted in a high demand for Traction Battery. The Traction battery is also majorly used in locomotives, road vehicles, mechanical handling equipment, and industrial trucks. Increasing manufacturing of automobiles and transportation systems is leading to the growth of the traction battery market. As these batteries have a higher life cycle and are corrosion resistant they are extensively used in automobiles. This is likely to foster the growth of the Traction Battery Market in the years to come.
Durability and Reliability – Fostering Components for the Growth of the Product Segment
The product type segment is segregated as Pure Lead Battery, Open Lead Acid Battery, Lithium-Ion Battery, and Gel Battery. The pure lead batteries have extensive applications in companies, banks, and government institutions as these batteries are compared to diesel batteries in terms of battery reliability in power systems. An added advantage of these batteries is, they can be recharged quickly. They are extensively used for a longer duration, which is expected to boost the growth of the product segment. The application segment is divided into Recreational vehicles and industrial vehicles.
Ever Developing Automobile Sector to Contribute in the Growth of Asia-Pacific Market
The increasing automobile sector in the Asia-Pacific region, particularly in developing countries such as China and India, is leading to high demand for the Traction Battery. These batteries are widely used in hybrid vehicles due to batteries designed with high ampere-hour capacity. These batteries are light in weight and help in reducing the weight of the vehicle. Increasing the need to curb usage of fuel-based vehicles is likely to propel the usage of electric vehicles, thereby driving the growth of the Traction Battery market.
Strengthening Distribution Network: Key Focus of the Market Players
Some of the key players operating in the Traction Battery Market are Contemporary Amperex Technology Limited, Panasonic, BYD, LG Chem, GS Yuasa, CSICP, Gotion, Inc., East Penn Manufacturing, Lishen, Enersys, and Clarios. Major Companies of the market are increasingly inclined to cater to application-specific demands of the customers. The companies are also inclined to strengthen the distribution network to gain a competitive advantage.
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