Visiongain has published a new report entitled the Traction Battery Market Report 2022-2032. It includes profiles of Traction Battery and Forecasts Market Segment by Capacity, (Less than 100 Ah, 100 – 200 Ah, 200 Ah – 300 Ah, 300 – 400 Ah, 400 Ah & above)Market Segment by Application, (Electrical Vehicle (EV), Plug-in Hybrid Electrical Vehicles (PHEV), Industrial Application, Mechanical Handling Equipment, Locomotives, Other Application) Market Segment by Product Type, (Lead Acid Based, Nickel Based, Lithium-ion Based, Other Product Type) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
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 Situation in Ukraine May Prove to Be a Stumbling Block for The Electric Vehicle Revolution
Electric vehicle (EV) manufacturers are in for a bumpier ride in the future, as the current geopolitical turmoil in Ukraine — a country with a large store of the critical battery material lithium – might cause lithium battery prices to skyrocket. Auto companies, including electric vehicle manufacturers, have already begun to experience supply chain disruptions as a result of the ripple effects of Russia's invasion of Ukraine, despite the fact that they are still dealing with the double whammy of the Covid pandemic and chip shortage. Because supplies of critical battery materials like lithium do not match actual demand, the Ukraine situation may prove to be a speed breaker for the electric car revolution, at least in the short to medium term.
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How has COVID-19 had a significant negative impact on the Traction Battery Market?
The global pandemic caused by the coronavirus has impacted countless lives and upended areas of health care, transportation, and the economy in practically every country. There is no exception in the market for energy materials and renewable generation and conversion, which includes battery-powered electric vehicles, grid storage, and personal electronic gadgets.
As businesses shut down around the world, traffic came to a halt, and demand for electric vehicles plummeted. Workers were prevented from working in battery and vehicle manufacturing plants, mines and refineries were closed, and shipments of manufactured goods were halted due to quarantines and stay-at-home orders. Consumer spending has been slashed as a result of economic instability and huge layoffs, resulting in lower demand for top-of-the-line mobile phones and tablets. These concerns jeopardise the long-term viability of energy-storage materials and the rise of renewable energy sources. Government regulations, developing energy storage and manufacturing technologies, and the research community's perseverance will all have a substantial impact on whether COVID-19's long-term consequences are alleviated or aggravated.
During the first few months of the COVID-19 epidemic, China's role as the lynchpin of battery manufacturing and distribution echoed over the world, as it experienced complete shutdowns. Because of quarantine measures, its lead times for practically all commodities more than doubled, and the shutdowns had an equal impact on LIB fabrication. CATL and BYD, two major Chinese LIB makers, have disclosed significant manufacturing delays. Large mining operations around the world have closed their doors and restricted personnel movement. Quarantine restrictions made it difficult to extract cobalt in particular. In order to avoid shutdowns, the Argentine government and others identified mining sectors as critical companies. Domestic and foreign travel limitations, on the other hand, hampered the labour supply needed to fully operate all industrial facilities.
How this Report Will Benefit you?
Visiongain’s 497-page report provides 350 tables and 329 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global traction battery market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Traction Battery. Get the financial analysis of the overall market and different segments including application, capacity, product type and capture higher market share. We believe that high opportunity remains in this fast-growing traction battery market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Uses of Traction Batteries is very vast
Electric forklift trucks, electric tractors, big industrial cleaning machines, aerial platforms, and other heavy industrial electrical applications employ traction batteries. A traction battery is made up of many 2V cells. Higher voltages are obtained when those cells are joined in series. A traction battery with a voltage of 24 volts has 12 cells, a battery with a voltage of 48 volts has 24 cells, and a battery with a voltage of 80 volts has 40 cells. An external voltage source must be used to raise the cell voltage above 2 volts in order to recharge a battery. Traction batteries are different from starting batteries in that they are designed to give a specific amount of energy for a longer period of time. As a result, traction batteries are often significantly larger than starter batteries.
Increase in demand for traction batteries
The need for traction batteries, such as lithium-ion batteries, has increased due to a shift in vehicle types (LIBs). The number of studies examining the consequences of mineral resources on traction LIB production in life cycle assessments is expanding, but they aren't taking into account the extent of natural resource extraction in the lithosphere. This study focuses on the land disturbances produced by primary resource mining activities, which corresponds to the idea of total material need, to assess the volume of natural resource consumption for traction LIB manufacturing (TMR). TMR, which is considered the most complete resource-related indicator, includes direct and indirect resource inputs, as well as underutilised resource extraction or hidden flows connected to mining waste.
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Where are the market opportunities?
Traction Batteries for EV and HEV Applications
Lead Acid batteries have traditionally been used in traction applications, but their limitations, along with the expensive cost of alternatives, have limited the range of viable battery-powered traction applications. A 40 KWh Lead Acid battery would be required for a typical family automobile to provide a one-way range of 200 miles, and a 40 KWh Lead Acid battery weights 1.5 tonnes. New battery chemistries and associated technologies, on the other hand, have brought with them new technical and economic benefits, making battery power possible for traction applications that were before uneconomical or unworkable.
Used in the primary balancing power market for maintaining the frequency stability of electricity grids
Tactical batteries can be used to keep electrical networks' frequency stable in the major balancing power market. Batteries not only contribute to grid stability, but they also boost the appeal of new market entrants. Thus, storage managers, or rather storage pool operators, might take electric energy in the short term, buffer it in pooled batteries (which are particularly ideal because to their short activation time), and then release it in the short term. A storage manager may be compensated appropriately for these services. The use of batteries as short-term storage systems for stabilising and controlling the energy grid is a related industry niche that is emerging. Production surpluses can be buffered in network-critical conditions, and energy feeding peaks can be avoided.
Competitive Landscape
The major players operating in the traction battery market are Hitachi Group, Johnson Controls Inc, Chaowei Power Holding Limited, GS Yuasa Corporation, Enersys Inc, Exide Industries, Camel Group, Leoch International Technology Limited, Sebang Global Battery, Amara Raja, Banner Batterien, Coslight Technology International Group Ltd, Midac S.P.A., GS Yuasa Corporation, Haze Batteries Europe Ltd., BAE Batterien GMBH, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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Information found nowhere else
With this new and exclusive report, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your investment, research, analyses, and decisions. Visiongain's study is for everybody needing commercial analyses for the traction battery market and leading companies. You will get the most recent data, opportunities, trends, and predictions.
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