Traction Battery Market will surge at 11% CAGR from 2018 to 2024 | Samsung Electronics, EnerSys, Hitachi, LG Chem, Panasonic USA and 19 Other Companies Profiled

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According to Global Market Insights, Inc., Europe Traction Battery Market, in 2017 was valued at over USD 6 billion and will witness lucrative growth on account of increasing adoption of EV sales driven by stringent goals to decrease the carbon emission contributed by the automotive sector.

Traction Battery Market
Major players operating in the global Traction Battery Market are Johnson Controls, East Penn Manufacturing, Exide, Samsung, Hitachi, BYD Company, LG Chem, Panasonic, Mutlu, Enersys, Systems Sunlight, GS Yuasa, Amara Raja Batteries, Hoppecke Batteries, Haze Batteries, Banner Batterien, Midac etc.

Global Traction Battery Market growth will be driven by strengthening demand for electric vehicles due to favorable government policies and mandates will stimulate the global market outlook. Changing consumer preference toward electric forklifts to enhance industrial businesses along with decline in battery costs will fuel the industry growth. For instance, according to IEA, the global sales of new electric cars surpassed 1 million units in 2017, thus showcasing a growth of nearly 54% as compared to 2016.

U.S market was over USD 3 billion in 2017. Rising government mandates pertaining to limit carbon emissions and increasing energy efficiency will augment the industry growth. Furthermore, introduction of several policies, regulations & incentives in order to commercialize EVs will stimulate the product adoption. For instance, in 2017, the U.S. electric forklifts accounted for more than 60% of the total lift truck.

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High charging efficiency along with declining costs will drive the Li-Ion traction battery market. Long service life, lightweight packs along with lower self-discharging rate makes the battery suitable for EV applications. In addition, their essential role in the electrification of transport sector further increases their dominance across the electric vehicle segment.

China traction battery market is projected to expand over 11% by 2024. The industry growth is largely attributed to the policies along with the introduction of tax incentives to promote the sales of electric vehicles. For instance, the national government, published around 39 policies since 2009 out of which nearly 50% were pertaining to electric vehicles, thereby facilitating the product deployment. According to the China New Energy Vehicle Development Project, The Ministry of finance, granted RMB100 billion to support the development of new electric vehicles during 2011-2020.

Rapid industrialization driven by growing penetration of ecommerce along with the developments in the material handling technology will positively influence the forklift traction battery market. Lower operating cost and ability to contribute to limited emissions will complement the business outlook. In addition, rising GHG concerns will increase the adoption of electric forklifts and will further enhance the industry growth.

Browse key Traction Battery Market insights from the 2018 report spread across 370, pages offering 570 market data tables as well as 37 figures & charts along with the table of contents:

Favorable policy implementations and growing concerns to reduce the emission levels contributed by the transport sector will augment the market growth. Government led tax incentives, ambitious manufacturing targets, and growing investments of automotive manufacturers toward EV development will further facilitate the large-scale deployment of these batteries.

Prominent industry players across the global market includes Samsung, Johnson Controls, BYD, East Penn Manufacturing, Hitachi, LG Chem, Systems Sunlight, Panasonic, Enersys, Amara Raja, Exide, GS Yuasa, Mutlu, Hoppecke, Banner Batterien, NorthStar Battery, Midac, Haze Batteries, amongst others.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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