DUBAI, United Arab Emirates, March 09, 2022 (GLOBE NEWSWIRE) -- The global two wheeler lead acid batteries market is forecast to reach a valuation of US$ 4.9 Bn in 2022. Expansion of the automotive sector across the globe is expected to boost sales at a 5.8% CAGR. Against this backdrop, the market valuation is projected to reach US$ 7.3 Bn by 2029.
| Attribute | Details |
| Two Wheeler Lead Acid Batteries Market Estimated Size 2022 | US$ 4.9 Bn |
| Two Wheeler Lead Acid Batteries Market Value-based CAGR (2022-2028) | ~ 5.8% |
| Two Wheeler Lead Acid Batteries Market Size in Projected 2029 | US$ 7.3 Bn |
Rapid expansion of the automotive sector, along with increasing sales of mobility vehicles across the globe are expected to have a direct impact on sales of two wheeler lead acid batteries. Increasing sales of electric vehicles are also anticipated to bode well for the market.
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Manufacturers of lead acid batteries are focusing on improving the performance and safety of these batteries to improve sales. They are also investing in collaborations and partnerships to expand their facilities in untapped markets, which will continue pushing sales over the forecast period.
As per FMI, sales in the two wheeler lead acid batteries market represented 9% of the total sales in the global lead acid batteries market in 2020.
According to a new research report published by Future Market Insights (FMI), the global two wheeler lead acid batteries market is estimated to exhibit a healthy 6% CAGR from 2019 to 2029, to reach a valuation of more than US$ 7 Bn by the end of 2029.
Two wheeler batteries are installed in both, IC engine-propelled as well as in electric two wheelers, to operate the electric parts of the vehicle. In electric two wheelers, batteries are used to power the engine and transmission of the vehicle. Rising demand for two wheelers, including electric two wheelers, sports bikes, and cruiser bikes, is anticipated to create significant growth opportunities for two wheeler lead acid batteries through 2029.
Key Takeaways of Two Wheeler Lead Acid Batteries Market Study
- South Asia and East Asia are anticipated to emerge as regions holding substantial market share in the coming years. Large existing fleet and high sales of two wheelers are anticipated to bolster growth in these regions.
- The aftermarket segment is expected to grow at a considerable pace, owing to scheduled replacement of the current fleet, increasing use of two wheelers, and growing consumer preference for electric vehicles.
- Key players are focusing on partnerships with local servicing stations, distributors, and automotive OEMs to promote their products.
- Improving product quality by implementing innovative technologies in the manufacturing process and producing a wide category of products according to the specific demand of customers is vital for market players.
- Entering into long-term contracts with end users can provide stability in revenue generation and growth opportunities for market participants.
“Maintenance cost for the battery and prolonged operational life are the key considerations while procuring two wheeler lead acid batteries. In a majority of cases, flooded batteries are replaced with VRLA batteries, owing to their maintenance-free operation and longer lifespan.”
2018-2021 Two Wheeler Lead Acid Batteries Market Outlook in Comparison to 2022-2029 Growth Forecast
Demand in the two wheeler lead acid batteries market is forecast to grow at a 5.8% CAGR, in comparison to the 4.7% CAGR registered between 2018-2021, as per Future Market Insights (FMI).
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The prevalence of inadequate public transport in various cities is driving sales of two wheelers, which is expected to drive the market in the forthcoming years. Increasing traffic congestion and surging petrol and diesel charges are compelling consumers to opt for more convenient mobility solutions such as two wheelers.
In addition to this, consumers are adopting electric vehicles in response to stringent regulations regarding carbon emissions generated by vehicles. Rising fuel prices in developing economies are also driving this shift, thereby boosting sales of two wheeler lead acid batteries.
However, concerns regarding the risk of battery explosion due to overcharging are expected to hamper sales in the forthcoming years. To counter this problem, manufacturers are investing in research and development to improve battery life and performance.
Two Wheeler Lead Acid Batteries Market: Competitive Landscape
The two wheeler lead acid batteries market is fragmented in nature, owing to the presence of several battery providers across the globe. Tianneng Battery Group Co., Ltd., GS Yuasa, and Chaowei Power Holdings Limited are considered to be the leading players in the two wheeler lead acid batteries market. A majority of market players are strengthening their sales network to improve in the aftermarket segment. They are also focusing on manufacturing durable products at competitive prices.
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Rising Traffic Congestion and High Cost of Gasoline Pushing Sales of Two Wheelers
Extensive use of two wheelers in developing countries such as India and China to tackle problems such as traffic congestion, poor condition of roads in rural areas, and high gasoline prices are all expected to fortify the growth of the two wheeler lead acid batteries market space.
More Valuable Insights on Two Wheeler Lead Acid Batteries Market
FMI’s research on the two wheeler lead acid batteries market is segmented into six major segments – capacity, technology, two wheelers, battery type, sales channel, and region. This extensive segmentation of the market helps readers evaluate the lucrative opportunities that are present and will appear over the coming years in the global two wheeler lead acid batteries market.
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