PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575022
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575022
Bolt-on Industrial Traction Battery Market size was valued at USD 2,890.32 Million in 2023, expanding at a CAGR of 13.40% from 2024 to 2032.
The Bolt-on Industrial Traction Battery market focuses on battery design for heavy-duty vehicles and equipment, like forklifts and industrial trucks. These batteries are crucial for providing the power needed to run these machines efficiently. "Bolt-on" means they can be easily attached or replaced, making maintenance simple for businesses. As more companies move toward electric options to reduce pollution, the demand for these specialized batteries is growing. They help improve productivity while also supporting green energy goals.
Bolt-on Industrial Traction Battery Market- Market Dynamics
Growing demand for electric vehicles and green energy solutions.
The increasing demand for electric vehicles (EVs) and green energy solutions is significantly driving the growth of the Bolt-on Industrial Traction Battery market. As more businesses and consumers adopt EVs to cut down on emissions, the need for efficient and reliable batteries rises. These batteries are crucial for powering electric forklifts and other industrial equipment, helping companies transition to greener operations. According to the U.S. Department of Energy, as of 2022, the sales of electric vehicles in the U.S. reached over 600,000 units, marking a 70% increase from the previous year. This surge in EV adoption highlights the necessity for advanced battery technologies, thereby boosting the market for Bolt-on Industrial Traction Batteries.
Bolt-on Industrial Traction Battery Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.40% over the forecast period (2024-2032)
Based on Type segmentation, Lithium-ion was predicted to show maximum market share in the year 2023
Based on Application segmentation, Forklift was the leading type in 2023
based on Region, Asia Pacific was the leading revenue generator in 2023
The Global Bolt-on Industrial Traction Battery Market is segmented based on Type, Application, and Region.
The market is divided into three categories based on Type: Lead Acid, Lithium-Ion, Nickel-Based, and Others. lithium-ion segment is the most prominent. Lithium-ion batteries are popular due to their high energy density, longer life, and lighter weight compared to lead-acid and nickel-based options. They also charge faster and have better performance in various temperatures. As industries seek more efficient and reliable energy solutions, lithium-ion batteries are becoming the preferred choice for many applications, especially in electric vehicles and renewable energy systems. This growing demand is driving innovation and investment in lithium-ion technology.
The market is divided into two categories based on application: Forklifts and railroads. The forklift segment is the most prominent. Forklifts are widely used in warehouses and logistics for moving heavy goods, creating a strong demand for reliable power sources. Batteries that provide long runtime and quick charging are essential for maximizing productivity in these operations. As e-commerce and supply chain activities grow, the need for efficient forklift batteries continues to rise. This makes the forklift application a key driver in the market for industrial traction batteries.
Bolt-on Industrial Traction Battery Market- Geographical Insights
The Asia-Pacific region is an important market for bolt-on industrial traction batteries. This growth comes from rapid industrial development and a rising need for efficient energy storage. Countries like China and India are seeing more demand for these batteries because of an increase in logistics and warehousing.
Government programs that support renewable energy also help the market grow. Japan and South Korea are investing in new battery technologies, making the region even more significant. Overall, Asia-Pacific focuses on innovation and meeting the needs of various industries.
The bolt-on industrial traction battery market features several key players competing for leadership. Companies like Exide Technologies and EnerSys are known for their reliable and advanced battery solutions. Crown Battery Manufacturing and Trojan Battery Company focus on durability and performance, especially in renewable energy applications. East Penn Manufacturing and Amara Raja Batteries also play significant roles, offering a wide range of quality products. GS Yuasa Corporation and Saft Groupe S.A. are recognized for their innovative technologies. Rolls Battery Engineering and Sonnenschein (Exide) emphasize longevity and efficiency. The market is growing due to rising demand for effective battery solutions across various industries, driven by competition and technological advancements.
In April 2023, EnerSys(R) announced the acquisition of Industrial Battery and Charger Services Limited (IBCS). This move will enhance EnerSys(R)'s motive power service offerings and strengthen its presence in the UK market.