The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Traction Battery Market.
It was estimated prior to this unanticipated outbreak Traction Battery Market will reach CAGR of 9.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Traction Battery Market Insights
Traction battery market is likely to witness an impressive CAGR of 9.7% during the forecast period. The prime factor contributing to the demand for traction batteries is the increasing adoption of electric vehicles, especially in the industrial and transportation sectors.
Market Share Analysis
Traction Battery Market Share: By Chemistry Type
Based on the chemistry type, the market is segmented as lead acid, Li-ion, nickel-based, and others. The lead acid segment is estimated to maintain its dominance over the forecast period, owing to its robustness and economic pricing.
Traction Battery Market Share: By Application Type
Based on the application type, the market is segmented as electric vehicle, industrial, and e-bike. The electric vehicle segment is expected to govern the market during the forecast period, driven by favorable government initiatives and growing concern for unpolluted and clean environment.
Traction Battery Market Share: By Region
In terms of regions, North America is estimated to be the largest market for traction batteries. The North American market is expected to grow with a lucrative CAGR during the forecast period. The growth of the market can be attributed to favorable government policies with regard to purchase incentives coupled with mandating energy efficiency and carbon emission protocols.