Selbyville, Delaware,, Oct. 29, 2023 (GLOBE NEWSWIRE) -- The SLI battery aftermarket is expected to reach USD 37.5 billion by 2032, as reported in a research study by Global Market Insights Inc. Significant advancements in battery technologies for enhancing battery efficiency, capacity, and safety will influence the industry outlook. In recent years, the demand for rechargeable batteries has picked significant pace in consumer electronic applications as researchers are actively working on the development of new materials, such as lithium iron phosphate (LiFePO4) and lithium-sulfur (Li-S). The increasing need for improved energy storage solutions will also contribute to the deployment of new battery technologies, further driving the business trends.
Based on technology, the SLI battery aftermarket market will gain traction from the VRLA segment through 2032, propelled by the higher adoption of affordable and reliable solutions in applications that necessitate backup power and uninterrupted operations. VRLA batteries are widely preferred in backup power systems, emergency lighting, and telecommunications. They are increasingly favoured over other battery technologies for their sealed construction, maintenance-free operation, and relatively low costs. Rising adoption in vehicles for powering engines and providing electrical energy for electrical systems will also contribute to the market growth.
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Regionally, North America SLI battery aftermarket size will record a substantial CAGR from 2023-2032, due to the robust presence of online retailers, such as Amazon, eBay, and BatteryMart specializing in selling automotive batteries. The rising rate of vehicle ownership mainly in Canada and the U.S. have spurred the higher focus on vehicle maintenance and reliability. The increasing popularity of hybrid and electric vehicles along with the rising advances in battery technology will also play a key role in the regional market expansion.
Some of the major SLI battery aftermarket industry players include leoch International Technology Limited Inc., MOLL Batterien GmbH, Banner Batteries, East Penn Manufacturing Company, Hankook & Company Co., Ltd., Accumulators Moura SA, Continental Battery Systems, Clarios, ACDelco, Enersys, Amara Raja Group, FIAMM Energy Technology S.p.A, Exide Technologies, GS Yuasa International Ltd., Interstate Batteries, and Crown Battery. These firms are focusing on ramping up their manufacturing capacities to meet the rising end-user requirements. For instance, in December 2022, GS Yuasa Corporation disclosed that Indian Tata AutoComp GY Batteries Private Ltd. is working on doubling its yearly production capacity to 8.4 million units for motorcycle lead-acid batteries.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 SLI battery aftermarket industry 360° synopsis, 2019 - 2032
Chapter 3 SLI Battery Aftermarket Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's Analysis
3.7 PESTEL Analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
