Introduction
The global traction battery market is witnessing significant growth, driven by the rapid adoption of electric vehicles (EVs) and the increasing focus on sustainable transportation. According to Stratview Research, the traction battery market was estimated at US$ 45.87 billion in 2022 and is projected to grow at an impressive CAGR of 21.1% during 2023–2028, reaching US$ 145.02 billion by 2028. Traction batteries are essential for providing reliable energy storage, high performance, and long cycle life in EVs, hybrid electric vehicles (HEVs), and other industrial and transportation applications.

Applications
Traction batteries are widely used across multiple sectors:

• Electric Vehicles (EVs): Powering passenger cars, buses, and two-wheelers with efficient energy storage and extended driving ranges.
• Hybrid Electric Vehicles (HEVs): Supporting fuel efficiency and reducing emissions in hybrid vehicle systems.
• Industrial Vehicles: Providing energy for forklifts, automated guided vehicles, and material handling equipment.
• Rail and Marine Transport: Supplying traction power for trains, trams, and electric marine vessels.

Key Drivers
Market growth is propelled by global electrification initiatives, stringent emission regulations, and government incentives promoting EV adoption. Stratview Research highlights that rising consumer awareness, advancements in lithium-ion battery technology, and declining battery costs are further accelerating market expansion.

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Future Opportunities
The market offers significant opportunities in next-generation battery technologies, such as solid-state and lithium-sulfur batteries, which provide higher energy density, faster charging, and improved safety. Growth in renewable energy integration with electric mobility and expansion of EV charging infrastructure in emerging economies is also expected to drive market potential.

Conclusion
The traction battery market is poised for robust growth, driven by technological innovation, regulatory support, and rising adoption of electric mobility solutions. By enhancing vehicle efficiency, reducing emissions, and supporting sustainable transportation, traction batteries are set to play a pivotal role in shaping the future of global mobility.