Selbyville, Delaware, May 29, 2023 (GLOBE NEWSWIRE) --
Industrial Traction Battery Market is expected to cross a valuation of USD 53 billion by 2032, according to the latest research report by Global Market Insights Inc.
The need for industrial traction batteries is being driven by the requirement for a stable and uninterrupted power supply in industrial applications, as well as the increasing automation and digitalization of production processes. Electric material handling equipment, including forklifts, pallet jacks, and AGVs, are in high demand across sectors owing to the growing emphasis on environmental sustainability. These vehicles are powered by industrial traction batteries, which provide long-lasting and efficient energy storage options. Traction batteries play a critical role in electrifying these activities, lowering carbon emissions, and creating a greener and cleaner working environment.
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Lithium-ion batteries to gain traction
The lithium-ion industrial traction battery market is expected to grow exponentially through 2032, owing to various benefits over traditional lead-acid batteries viz., longer cycle life, energy density, and quick charging capabilities. These characteristics make lithium-ion batteries ideal for industrial applications that require dependable, high-performance power sources. Furthermore, advances in lithium-ion technology, such as safety improvements, cost-effectiveness, and increased energy storage capacity, are propelling product adoption.
Railroads application segment to witness high growth
The industrial traction battery industry is set to record robust growth from the railroads' applications segment from 2023 to 2032. Traction batteries are important in powering electric locomotives and trains, allowing for efficient and environmentally friendly transportation in the railway sector. Furthermore, the advantages of electric rail systems, such as lower operating costs, higher energy efficiency, and fewer maintenance requirements have resulted in the widespread adoption of industrial traction batteries in the railroad industry. As the railway sector continues to electrify, the sector is likely to grow substantially till 2032.
Asia Pacific to emerge as a lucrative market
The Asia Pacific industrial traction battery market is poised to witness substantial growth due to the robust industrial sector, which includes manufacturing, logistics, and transportation, fueling the demand for electric material handling equipment and vehicles driven by traction batteries. Furthermore, rising industrialization and urbanization in countries such as China and India, along with the presence of significant battery manufacturers, will foster the regional industry outlook during 2023-2032.
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Industrial traction battery industry leaders
Panasonic Corporation, Hitachi Energy Ltd., ecovolta, HOPPECKE Batteries GmbH & Co. KG, Toshiba Corporation, Ltd., LG Energy Solution, Camel Group Co., Ltd., Mutlu Corporation, MIDAC S.p.A., Amara Raja Batteries Ltd., ENERSYS, EXIDE INDUSTRIES LTD, and Samsung SDI Co., are among the major companies operating in the global industrial traction business landscape.
Industrial traction battery industry news
- In April 2023, Concentric, LLC, a leading DC power management company, acquired Industrial Battery Solutions, a prominent motive batteries provider. Concentric's presence now extends outside the contiguous United States and into locations that have previously lacked access to top power management technologies.
- In October 2022, EnerSys®, a global leader in stored energy solutions for industrial applications, strengthened its Manufacturer Representative Agreement with Industrial Battery & Charger, Inc. by offering exclusive service and sales rights for all EnerSys® motive power equipment in the Middle Tennessee Territory, with offices in Nashville.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Industrial traction battery industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Chemistry trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Industrial Traction Battery Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Growing demand for electric forklifts
3.3.1.2 Enhanced battery capacity and reduced costs
3.3.1.3 Favorable government policies & tax incentives
3.3.2 Industry pitfalls & challenges
3.3.2.1 Safety concerns
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
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About Global Market Insights Inc.
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.
