San Francisco, California, Oct 11 2018 – The global traction battery market is expected to grow at a phenomenal pace in the coming years, anticipates TMR Research. The report, titled “Traction Battery Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2028”, discusses the future of the market by taking into consideration many factors. Growing sales of vehicles is expected to drive the global traction batter market. Flourishing transportation industry is projected to a positive influence on the overall market in the coming years.
During the forecast period, the market for traction batteries is projected to witness a rapid gain as the demand for electric vehicles gains momentum. Supportive government initiatives to promote uptake of electric vehicles in order to reduce pollution is projected to bode well for the global traction battery market. Growing investments in research and development of batteries is also expected to drive the global market for traction batteries in the coming years.
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Flourishing automotive industry especially in the developing countries of the world is also projected to have a favorable impact on the demand of traction batteries during the forecast period. Analysts anticipate that Europe will lead the global traction battery market as the region is actively taking steps to use electric vehicles as compared to fuel-run vehicles. The tightening grip of norms to curb pollution and reduce carbon emissions across European nations is projected to spike the sales of electric vehicles (EV), thereby augment the demand for traction batteries.
The report predicts that increasing usage of electric forklift in industrial sector is expected to drive up the demand for traction batteries. The material handling sector is estimated to use electric forklifts in the coming years as they are energy efficient in comparison to ICE forklifts. All of these factors are expected to propel the global market for traction battery market in the near future.
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The key players operating in the global traction battery market are East Penn Manufacturing, Exide, Johnson Controls, Hitachi, BYD Company, Samsung, Panasonic, GS Yuasa,
Mutlu, LG Chem, Systems Sunlight, and Enersys.