New York , Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global SLI battery market size is projected to grow at a CAGR of over 3% from 2023 to 2035. The market is expected to garner a revenue of USD 46 billion by the end of 2035, up from a revenue of USD 34 billion in the year 2022. The growth of this market is poised to be influenced by the growing demand for electric vehicles. In 2022, there were over 9 million electric vehicle sales across the globe, and it is projected that this year's sales will increase by another close to 34% to a total of approximately 13 million. As a result, the market expansion for SLI batteries is set to rise. The SLI battery is among the most prevalent deep-cycle battery types utilized in these kinds of cars.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4903
Additionally, besides electric vehicles, this battery is also used in various other automobiles. SLI batteries, additionally referred to as starting, light, and ignition batteries, are produced to run a car's electrical systems. They often operate in tandem with a deep cycle battery, providing energy to a vehicle's accessories including the stereo and lighting. Hence, with the surge in the production of automobiles the market revenue is projected to rise. The worldwide output of motor vehicles jumped by about 4% in 2022 to approximately 84 million, up from 2021.
SLI Battery Market: Key Takeaways
- The market in North America region to propel the highest growth
- The Automotive segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Surge in Demand for Solar Energy to Boost the Growth of Global SLI Battery
Since more people and organizations turn to renewable energy sources to lessen their carbon footprint and minimize energy costs, the demand for solar energy is predicted to increase. There is currently about 849 GW (gigawatts) of solar energy capacity accessible globally. Solar energy additionally makes up for approximately 3% of our worldwide energy needs. Hence, more solar panels is set to be installed in the world further also influencing the market growth for SLI battery in order to store energy. Moreover, these batteries are considered to be one of the most affordable options which is why they are most preferred in solar panel.
SLI Battery Industry: Regional Overview
The global SLI battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growth in Production of Aircraft to Drive the Market Growth in North America
The SLI battery in North America is poised to capture the large share of about 35% over the coming years. The growth of the market in this region is set to be dominated by growing production of aircraft. According to estimates, the general aviation fleet in the United States had grown close to 204,404 aircraft in 2021. Consequently, the demand for SLI battery is also projected to rise in this region.
Rising Government Initiatives for the Adoption of Electric Vehicles to Influence the Market Expansion in Asia Pacific
The market in Asia Pacific for SLI battery is anticipated to generate the noteworthy share of about 28% over the forecast period. The main factor for the growth of the market in this region is growing government initiatives for the adoption of electric vehicles. For instance, china launched an about 71 billion package of tax reductions for electric vehicles (EVs) and other eco-friendly vehicles. This is further expected to expand market revenue in this region.
SLI Battery Segmentation by End-User
- Automotive
- Oil & Gas
- Utilities
- Construction
- Marine
The automotive segment is predicted to generate the largest market share of approximately 38% over the coming years. The growth of this segment is set to be encouraged by rising sale of automotive. Around 65 million cars were sold globally in 2021, however that number rose to about 66 million in 2022.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4903
SLI Battery Segmentation by Application
- Portable
- Stationary
The portable segment is set to capture the highest market share of about 46% over the coming years. The growth of the segment is predicted to be influenced by growing demand for portable electronic devices such as smartphones and laptops. About 5 billion people are anticipated to be using smartphones globally in 2023, which corresponds to approximately 84% of the world's population.
SLI Battery Segmentation by Type
- Flood Battery
- VRLA Battery
- EBF Battery
SLI Battery Segmentation by Sales Channel
- OEM
- Aftermath
A few of the well-known market leaders in the global SLI battery market that are profiled by Research Nester are Stryten Energy LLC, Leoch International Technology Ltd., Yokohama Group of Companies, Enersys, Camel Energy Inc., GS Yuasa Corporation, Hoppecke Batterien GmbH & Co., KG., Crown Battery, C&D Technologies, Gridtential Energy, Inc., and others.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-4903
Recent Development in the SLI Battery Market
- To compare the performance of the Stryten Energy Enhanced Flooded Battery (EFB) to that of the Stryten Energy SLI and a rival premium flooded battery, Stryten Energy LLC. conducted a thorough analysis.
- The leading producer of SLI batteries in the Asia Pacific, Camel Energy Inc., and Gridtential Energy Inc. announced their partnership. The intention of the agreement is to provide start/stop batteries for cars with internal combustion engines (ICEs).
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
