The Traction Batteries Market will register a CAGR of almost 14% by 2022
19:18 ET
NEW YORK, Dec. 20, 2018 /PRNewswire/ -- About this market
The growing need for environment friendly vehicles to gain traction in the market. EVs, golf carts, and lift trucks that run on Li-ion batteries have been gaining high traction in recent years because of the growing need for environmental-friendly vehicles. These vehicles require a sizeable battery pack to store energy. Technavio's analysts have predicted that the traction batteries market will register a CAGR of almost 14% by 2022.
Read the full report: https://www.reportlinker.com/p05658114
Market Overview
Declining li-ion battery prices
In the case of EVs, the manufacturing cost of EVs is almost double compared with conventional vehicles, of which a major portion of the costs incurred is associated with batteries and electronics. The cost of battery packs has declined in the past few years as the scale of production has increased significantly.
Competition from fuel cells in material handling equipment
The forklift and other equipment batteries face several challenges such as special electrical maintenance and infrastructure requirements and frequent charging and cooling intervals. Fuel cells are a comparatively new technology that is gaining traction which is indirectly affecting the market for traction batteries market.
For the detailed list of factors that will drive and challenge the growth of the traction batteries market during the 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Panasonic and SAMSUNG SDI the competitive environment is quite intense. Factors such as the growing need for environment friendly vehicles and the declining li-ion battery prices, will provide considerable growth opportunities to traction batteries manufactures. Contemporary Amperex Technology, ENERSYS, Exide Technologies, GS Yuasa International, Panasonic, and SAMSUNG SDI are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05658114
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