The global traction battery market was valued at US$33,924 million in 2021 and is projected to grow at a CAGR of 7.99% during the forecast period 2022-2032.
The sales of traction batteries by organizations, sole proprietors, and partnerships make up the traction battery market. Traction batteries are a type of rechargeable battery used to power the electric motor in a hybrid electric car or battery electric vehicle. The energy needed to operate the traction motor is stored in the traction battery, which is a collection of accumulators. For traction batteries to have a long and trouble-free service life, proper design is essential.
The electrification of the transportation sector and rising demand for electric vehicles will propel the worldwide traction battery market’s expansion. Favorable government regulations and financial incentives to promote EVs are the main drivers of the sector. The market trends will also be supported by the fast drop in battery costs as well as the increasing expenditures made in battery technology by major manufacturers. The largest automaker, Tesla, intends to boost its yearly battery production capacity to 35 GWh by 2020 at its Gigafactory in the United States.
Key players covered:
East Penn Manufacturing
Amara Raja Batteries
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Traction Battery Market in these regions:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Key Questions Answered in the Market Report
How did the COVID-19 pandemic impact the adoption of by various pharmaceutical and life sciences companies?
What is the outlook for the impact market during the forecast period 2021-2030?
What are the key trends influencing the impact market? How will they influence the market in short-, mid-, and long-term duration?
What is the end user perception toward?
How is the patent landscape for pharmaceutical quality? Which country/cluster witnessed the highest patent filing from January 2014-June 2021?
What are the key factors impacting the impact market? What will be their impact in short-, mid-, and long-term duration?
What are the key opportunities areas in the impact market? What is their potential in short-, mid-, and long-term duration?
What are the key strategies adopted by companies in the impact market?
What are the key application areas of the impact market? Which application is expected to hold the highest growth potential during the forecast period 2021-2030?
What is the preferred deployment model for the impact? What is the growth potential of various deployment models present in the market?
Who are the key end users of pharmaceutical quality? What is their respective share in the impact market?
Which regional market is expected to hold the highest growth potential in the impact market during the forecast period 2021-2030?
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