The traction battery market is experiencing a massive push with its pivotal role in powering electric vehicles, forklifts, and other industrial machinery. As consumers adopt sustainable transportation options and energy-efficient solutions, the demand for robust and long-lasting traction batteries continues to increase. This industry encompasses various battery technologies, such as lithium-ion, lead-acid, and nickel-metal hydride batteries, catering to various needs of industries. So, let's dive in and take a look at the top 10 companies in this rapidly growing sector.
Significance of the Traction Battery Market
The traction battery market is flourishing rapidly, showing potential in various applications, including forklift trucks, locomotives, EVs, and mechanical handling equipment. These batteries are also known as electric vehicle batteries (EVB) and are available in a variety of types, such as lead acid batteries, pure lead-carbon batteries, gel batteries, and lithium-ion phosphate batteries, catering to various industrial needs.
According to Extrapolate, the traction battery market valuation was recorded at $1.5 billion in 2021 and is expected to reach $2.6 billion by 2028, growing at a CAGR (compound annual growth rate) of 13.6% over 2022-28. This market growth is attributed to several factors, and one of them is the increasing use of EVs, propelled by the rising environmental impact. Government bodies and leading companies are promoting EVs, which is indirectly bolstering the traction battery industry.
Major Trends in the Traction Battery Industry
The traction battery industry has been developing at a notable pace in recent years due to several emerging trends in this market. The support from favorable government policies, tax incentives to promote EVs, and the decrease in battery costs is fueling the demand for EVs and ultimately the electric vehicle battery industry.
The high demand for robust batteries for electric material handling equipment in various sectors, such as manufacturing, logistics, and transportation, is also fueling market growth. Additionally, the emergence of technological advancements and the increasing use of lithium-ion traction battery solutions are prevailing in the market.
Top 10 Traction Battery Manufacturers in 2024
Here are the top 10 traction battery companies to look out for:
1. BAE Batteries GmbH
BAE Batteries GmbH is a leading supplier of EVB across the globe. The company offers a range of products and solutions tailored to the needs of the electric vehicle, industrial, locomotive, and other applications within the battery market. Its flagship products include stationary and solar batteries that are known for their robust photovoltaic systems and reliable power supply for hours.
2. Banner Batteries (GB) Ltd.
Banner Batteries (GB) Ltd. is a prominent player in the traction battery market. Its portfolio includes a wide array of batteries, including Traction Bull, Traction Bull Gel, Traction Bull Ex-Protection, Traction Bull Bloc, Traction Bull Bloc AGM, and Traction Bull Bloc Gel, which are suitable for forklifts, small stackers, driverless transport systems, cleaning machines, wheelchairs, lifting platforms, golf caddies, and mining machines.
3. Exide Industries Ltd.
Exide Industries Ltd. is one of the major semi-traction battery companies that offers the opportunity for rapid charge batteries (ORC). This traction battery pack allows users to charge the battery between breaks at a higher current, resulting in higher energy throughput.
4. ECOVOLTA
ECOVOLTA is a key player that supplies advanced traction batteries for electric vehicles, industrial applications, locomotives, and other sectors. The company is known for its high-energy-density batteries, which have increased competition in the battery market. On June 26 and 27, 2024, the company is set to showcase its evoTractionBattery, customized battery solutions, and the ecoPowerTrolley, an innovative power generator, at the International Trade Fair.
5. GS Yuasa International Ltd.
GS Yuasa International Ltd. is a notable player with a strong presence and influence in the battery industry. These traction batteries are equipped with original galvanized fiber tubes and diodes for long service life and easy maintenance. Its batteries are widely used in battery-powered electric vehicles such as e-golf carts, forklifts, mining locomotives, and floor scrubbers.
6. HOPPECKE Carl Zoellner & Sohn GmbH
HOPPECKE Carl Zoellner & Sohn GmbH, with over 2,000 employees worldwide, is recognized as one of the global leaders that offers sustainable and technology-independent energy supply solutions. Its industrial battery technology product line includes lead-acid, nickel fiber structure, and lithium-ion.
7. Inci Aku
Inci Aku is a notable player that offers a variety of traction batteries as a reliable solution for vehicles operating with electricity, offering long-lasting life, safe use, quick charging, and lower energy costs. The batteries come in various types and comply with DIN and BS standards while maintaining the highest plate capacities, ranging from 60 Ah to 155 Ah.
8. INTILION GmbH
INTILION GmbH is among the multinational traction battery companies, offering advanced energy storage systems. These battery systems help avoid high peak loads, optimize renewable energy consumption, and provide emergency power supply.
9. Toshiba Corporation
Toshiba Corporation is a major player in the traction battery market, recognized for its significant presence and influence. Toshiba's SCiB is a lithium-ion battery designed for railway racing and is popular for its benefits, such as energy savings, higher fuel economy, reduced NOx emissions, and reduced noise.
10. Leoch International Technology Limited, Inc.
Leoch International Technology Limited, Inc. is a significant manufacturer of traction batteries with a strong presence and influence across the globe. Its series of traction batteries includes the PZB and PZS series, which are suitable for application in forklifts, carriers, tractors, and mining locomotives, and are also used in public transport and sports venues.
Looking Ahead
The traction battery market will show great growth in the coming years due to the increased demand for EVs in consumer and commercial applications. With the new advancements in battery technology and government efforts to reduce carbon emissions, the market is expected to grow rapidly.
Additionally, the rising adoption of electric forklifts and other industrial vehicles will contribute to the market's proliferation. As the industry experiences novel innovations and addresses challenges like higher battery costs, the traction battery market shows benefiting opportunities for manufacturers to gain a competitive edge.
