Demand for Hybrid Cars to Push Growth in Global Traction Battery

A significant CAGR (Compound Annual Growth Rate) will be charted by the global traction battery market owing to increased use in electric and hybrid vehicles. This will not only create valuable growth opportunities for players but also contribute to increase in market worth over the coming few years.

It is worth mentioning here that traction batteries are recyclable and eco-friendly and also critical in terms of electrification of transport system and thus witnessing great demand from automobile and manufacturing industries. Besides, they enjoy high levels of government support. It is primarily because efforts are being directed at reducing fuel emissions and as awareness regarding the harmful effects of these fumes catch up with more and more people, market would only grow on to a higher trajectory.

And, this will lead to an already highly fragmented market landscape to see more fragmentation as new players will enter the playfield, to take a piece of the growth pie. Some of the most prominent names in the global traction battery include Johnson Controls, Exide, Hitachi, Samsung, BYD Company, LG Chem, Mutlu, Enersys, Panasonic Systems Sunlight, Amara Raja Batteries, Hoppecke Batteries, GS Yuasa, Haze Batteries and Midac, among others.

Most of these have a keen focus on research and development as it is quite natural that the one to be ahead of the innovation game will also be ahead of the competition. It is particularly the case because low cost substitutes are stifling the market and to control that, it is important to come up with new developments to keep consumers hooked.

Favorable government regulation and rise in electrification of transportation will lead to North America hold a major chunk of the market share. Europe would follow North America for similar reasons. However, untapped opportunities would arise from Asia Pacific region (APAC), owing to increase a number of prominent players based in this region.

Global Traction Battery Market: Overview

The global traction battery market is anticipated to rise at a significant pace during the forecast period. This is because of the increasing use of traction batteries in electric and hybrid vehicles. Traction batteries are recyclable batteries and owing to this they find extensive demand from various sectors such as automobile and manufacturing industries.

An upcoming report by Transparency Market Research on the global traction battery market would help readers with a detailed analysis of the market. The report consists of both primary and secondary analysis of the market to offer insight on several vital parameters. Some of key aspects mentioned in the report are drivers, restraints, challenges and opportunities. In addition to this, the competitive landscape of the global traction battery will help readers with the latest strategies used by the key players to counter their rivals. All these factors are important for stakeholders directly or indirectly associated with the market.  The vital data mentioned in the report is important to understand continuously changing dynamics of the global traction market.

Global Traction Battery Market: Trends and Opportunities

Traction battery plays an essential role in the electrification of transport sector, this is expected to rise the demand for traction battery during the forecast period. Favorable government policies and mandates over manufacturing and sales of electric vehicles are some vital factor likely to drive the global traction battery market. Rising demand for electric vehicles and increasing application in fork lifts are some another factors expected to garner the growth of the traction battery market.

Along with this, long service life, lightweight packs and increasing power storage capabilities make traction batteries suitable for industry application. Rapid industrialization, increasing penetration of ecommerce and developments in the material handling technology will positively influence the growth of the traction battery market.

Despite several drivers, growth in the global traction battery market is likely to hamper owing to the high costs of electric vehicles and non-availability of cheaper substitutes. However, to overcome this, key players are focusing on the research and development of the development of low cost traction batteries to boost growth.

Global Traction Battery Market: Geographical Analysis

On the basis of geography, the global traction battery market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.  Among all these regions, North America is expected to lead the overall traction battery market during the forecast period.  This is because of the adoption of electric vehicle in the region and favorable government regulation for the manufacture of traction batteries.

Global Traction Battery Market: Competitive Landscape

The competitive landscape of the global traction battery market is highly fragmented in nature. This is because of the presence of several prominent players in the market. Top players in the market are investing in research and development activities to strengthen their market presence.  Some of the predominant players operating in the global traction battery market are   Johnson Controls, Exide, Hitachi, Samsung, BYD Company, LG Chem, Mutlu, Enersys, Panasonic Systems Sunlight, Amara Raja Batteries, Hoppecke Batteries, GS Yuasa,  Haze Batteries, Midac and Banner Batterien.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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