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Traction Battery Pack Market Status (2016-2020) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2021-2027

Format: PDF | Pages: 355 | Report ID: MRS1036


Report Description

The global Traction Battery Pack market size is estimated at USD 32.8 billion in 2020, expanding at a CAGR of 10.7% from 2021-2027 to reach 68.1 billion USD in 2027.

Market Dynamics

Traction batteries are used to give power to the battery of the electric vehicle. The increasing demand for electric vehicles driven by electrification of the transport sector will fuel the growth of traction battery packs over the forecast period. This is attributable to the government initiatives as well as tax incentives to promote electric vehicles across the globe. For instance, According to IEA (International Energy Agency), it is estimated that the sales of electric cars topped 2.1 million globally in 2019. Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase. Therefore, these statements proved the increasing demand for electric vehicles over the forecast period.

In addition, a sharp decline in battery costs and growing investments by major automakers in battery technology will further boost the market growth. For instance, the largest automotive manufacturer, Tesla, in its Gigafactory in the U.S., plans to increase its annual battery production capacity to 35 GWh by 2020.

Based on application, Lithium-ion batteries anticipated registering a significant growth rate over the forecast period. This is attributed to the sharp decline in costs and high charging efficiency. Moreover, these batteries on account of their high energy density and design characteristics will continue to gain market momentum over lead-acid across electric vehicle applications. Furthermore, its rapid adoption in e-bikes outside China and high power to weight ratio, make it suitable for battery electric vehicles.

Regionally, North America witness to gain the highest market share during the forecast period owing to the government initiatives to promote the adoption of electric vehicles for less carbon emission. For instance, the U.S. government introduced tax incentives of USD 7,500 for BEV and PHEV cars purchased in and after 2010. In addition, shifting consumer preference toward electric forklifts across the material handling industry will further stimulate product penetration.

On the other hand, the Asia Pacific region is expected to grow at a significant rate over the forecast period. This is attributable to Favorable policy adoptions and growing concerns to curb the emission levels contributed by the automotive sector will stimulate the APAC market. The growth in the region is attributed to the increasing investments across major battery manufacturing countries including China, Japan, and South Korea. In India, government-led initiatives toward e-mobility and the development of adequate charging infrastructure will create new opportunities for industry players.

The merger & acquisitions as well as product launches are considered as the key strategies adopted by the prominent players in order to penetrate the market. Some of the prominent players are Duracell, Atlasbx, NEC Corporation, and Sony. Recently, In May 2019, Panasonic launched the first of its kind smart EV charging service in India - Nymbus. A futuristic charging service combines physical components such as charging stations, swap stations, onboard charges, telematics systems, and virtual components like cloud service, analytics, intuitive dashboard, and artificial intelligence to deliver a one-stop solution.

The report begins with an overview of the Industry Chain structure and describes the industry environment, and then analysis market size and forecast of the Traction Battery Pack market by type, application, and region. In addition, this report introduces the market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):

  • Duracell
  • Atlasbx
  • NEC Corporation
  • Sony
  • Huanyu New Energy Technology
  • Crown Battery Manufacturing
  • Hitachi
  • TCL Corporation
  • Panasonic Corporation
  • NorthStar
  • GS Yuasa
  • East Penn Manufacturing

Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Lead-acid
  • Lithium-ion
  • Nickel-metal Hydride

Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Battery Electric Vehicle (BEV)

Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):

  • North America (U.S., and Canada)
  • Europe (Germany, U.K., France, Italy, Spain, etc.)
  • Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
  • South America (Brazil, Mexico, Argentina, etc.)
  • Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)

Frequently Asked Questions

The global Traction Battery Pack market size is estimated at USD 32.8 million in 2020, expanding at a CAGR 8.7% from 2021-2027 to reach 68.1 million USD in 2027.
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The global industry is growing at a promising growth rate over the study period.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
The worldwide market is characterized by the presence of large number of small scale and medium scale players.

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