North America Bolt on Industrial Traction Battery Market, 2032 Report (2024)

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Report ID: GMI11192
Published Date: Sep 2024
Report Format: PDF

North America Bolt on Industrial Traction Battery Market Size

North America Bolt on Industrial Traction Battery Market was valued at USD 402.9 million in 2023 and is projected to grow at a CAGR of 11.2% from 204 to 2032, driven by the rising demand for efficient and dependable power solutions in industrial settings. The need for electric and hybrid industrial vehicles, such as forklifts and material handling equipment, is a major factor, as these vehicles require high-performance power sources. Advances in battery technology, including improvements in energy density, fast charging capabilities, and extended lifespan, are further fuelling market expansion. Lithium-ion batteries are particularly popular due to their superior energy storage, longer operational life, and lower maintenance requirements compared to traditional lead-acid batteries.

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North America Bolt on Industrial Traction Battery Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Bolt on Industrial Traction Battery Market Size in 2023:	USD 402.9 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	11.2%
2032 Value Projection:	USD 1.08 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	9
Segments covered:	USD 1.08 Billion Chemistry, Application
Growth Drivers:	Acceleration in EV Adoption Growing Demand for Electric Forklifts
Pitfalls & Challenges:	Safety Concerns

North America Bolt on Industrial Traction Battery Market Trends

The market is witnessing significant advancements in battery technology. Lithium-ion batteries continue to dominate due to their high energy density, longer lifespan, and reduced maintenance compared to traditional lead-acid batteries. Innovations in lithium-ion chemistry, such as solid-state batteries and enhanced battery management systems, are enhancing performance and safety, making these batteries increasingly attractive for industrial applications. Additionally, There is a growing emphasis on sustainability and compliance with environmental regulations. Companies are focusing on developing eco-friendly battery solutions and adopting recycling programs to manage battery disposal. The shift towards more sustainable practices is driven by stricter environmental regulations and increasing pressure from stakeholders to minimize environmental impact.

The surge in e-commerce and the need for efficient warehouse operations are driving the demand for industrial traction batteries. Bolt-on batteries are being increasingly used in automated guided vehicles (AGVs) and robotic systems due to their reliability and quick replacement capabilities. The expansion of automated warehouses and logistics centers is a key factor fueling market growth.

North America Bolt on Industrial Traction Battery Market Analysis

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The lithium-ion segment is projected to surpass USD 632 million by 2032, due to its superior energy density compared to traditional lead-acid batteries. Lithium-ion batteries can store more energy in a smaller, lighter package, offering longer operation times and less frequent recharging, which enhances efficiency for industrial applications. They typically last two to three times longer than lead-acid batteries, minimizing the need for frequent replacements and lowering maintenance costs. This extended lifespan is especially beneficial in industrial environments where reliability and uptime are critical.

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North America Bolt on Industrial Traction Battery Market Share

Companies such as Panasonic, Hitachi, and LG hold a substantial share of the North American Bolt-On Industrial Traction Battery Market, driven by their cutting-edge battery technologies, robust manufacturing capabilities, and significant investments in research and development. Their lithium-ion batteries are renowned for their superior performance, extended lifespan, and rapid charging capabilities, which are essential for industrial applications. Moreover, these companies leverage well-established supply chains, strategic partnerships, and a strong local market presence to effectively address the increasing demand for high-quality traction batteries across various industrial sectors.

North America Bolt on Industrial Traction Battery Market Companies

Eminent players operating in the North America bolt on industrial traction battery industry include:

Amara Raja Batteries Ltd.
Aliant Battery
BYD Co., Ltd.
Camel Group Co., Ltd
EXIDE INDUSTRIES.
ecovolta
ENERSYS
Farasis Energy
Guoxuan High-tech Power Energy Co., Ltd.
HOPPECKE Batteries GmbH & Co. KG
Hitachi Energy Ltd.
LG Energy
Mutlu Corporation
MIDAC S.p.A.
Panasonic Corporation
Samsung
Sunwoda Electronic Co., Ltd.
Toshiba Corporation

North America Bolt on Industrial Traction Battery Industry News

In May 2024, Panasonic Energy disclosed that its lithium-ion batteries will be featured in the new electric truck launched under the 'Tern' brand, a collaboration between Hino Trucks and Hexagon Purus in North America. The first model, the 'RC8,' was introduced at the recent ACT Expo in Las Vegas. The company is committed to advancing its automotive lithium-ion battery offerings and scaling up its production capabilities.

This North America bolt on industrial traction battery market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Chemistry

Lead Acid
Lithium-Ion
Nickel-Based
Others

Market, By Application

Forklift
Railroads
Others

The above information has been provided for the following countries:

U.S.
Canada
Mexico

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

North American market for bolt on industrial traction battery was worth over USD 402.9 million in 2023 and is projected to grow at a 11.2% CAGR through 2032, driven by the rising demand for efficient and dependable power solutions in industrial settings.

The lithium-ion segment in the North America bolt on industrial traction battery market is projected to surpass USD 632 million by 2032, owing to its superior energy density compared to traditional lead-acid batteries.

U.S. bolt on industrial traction battery market size is anticipated to cross USD 806.5 million by 2032, led by the increased adoption of electric industrial vehicles, including forklifts, automated guided vehicles (AGVs), and pallet jacks

Amara Raja Batteries Ltd., Aliant Battery, BYD Co., Ltd., Camel Group Co., Ltd, EXIDE INDUSTRIES., ecovolta, ENERSYS, Farasis Energy, and Guoxuan High-tech Power Energy Co., Ltd.

North America Bolt on Industrial Traction Battery Market Scope

North America Bolt on Industrial Traction Battery Market Size

North America Bolt on Industrial Traction Battery Market Trends

North America Bolt on Industrial Traction Battery Market Analysis

North America Bolt on Industrial Traction Battery Market Share

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Premium Report Details

Base Year: 2023
Companies covered: 18
Tables & Figures: 9
Countries covered: 3
Pages: 100

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