Selbyville, Delaware, Oct. 12, 2022 (GLOBE NEWSWIRE) --
The SLI battery market is expected to record a valuation of USD 45 billion by 2030, according to a new research report by Global Market Insights Inc.
The addition of novel technologies and digital features to enhance entertainment, infotainment, and automation function in vehicles have increased the need for SLI batteries. The demand for batteries with greater performance and stable power supply, including newer battery technologies viz., AGM, EFB, and GEL has grown significantly in the last few years. Moreover, several benefits, such as improved cyclic durability, superior charge acceptance, and the robust & stable nature of the new batteries, will further spur the use of this technology.
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Favorable characteristics of VRLA batteries to push market demand
SLI battery market from the VRLA technology segment is poised to register more than 4% CAGR between 2022 and 2030. Compared to conventional flooded batteries, valve-regulated lead acid (VRLA) batteries have a higher power density, are easier to deploy, and are low maintenance. The performance and affordability of the AGM and GEL batteries are supporting the uptake of technology. Additionally, the high resilience to vibration & impact and the spill-proof design of VRLA batteries are foreseen to bolster segment progress.
Prevalent environmental concerns to boost aftermarket sales of SLI batteries
In terms of sales channel, the SLI battery market from aftermarket segment in estimated to observe substantial gains during the forecast period. Along with significant expenditure toward expanding the recycling infrastructure, manufacturers are taking steps to make the battery production process sustainable. Furthermore, the rate of battery recycling will rise owing to government measures that are aimed at minimizing the harmful environmental effects of wasted lead, which is likely to further drive the consumption of new batteries from the aftermarket channel.
Burgeoning automotive sector to impel industry growth across APAC
In 2021, the Asia Pacific held more than 33% share in the global SLI battery market, due to the growing population and the thriving automotive industry in the region. China is the world's largest producer of batteries and exports them worldwide. A shift in consumer preferences for vehicle repair and maintenance will favorably affect product uptake. The expansion of the Asia Pacific SLI battery business is also set to be fueled by the increasing integration of electronics, entertainment & infotainment systems, and communication equipment.
Strategic expansion and product development to shape the industry landscape
Major firms in the SLI battery market are making significant investments in R&D operations to enhance battery performance and provide durable and effective technologies. To cite an instance, in July 2022, Enersys, an energy storage specialist, declared the opening of a new distribution facility to serve as an addition to its Richmond, Kentucky Distribution Center. The 195,000 square foot facility was intended to provide quick and reliable services to consumers in Kentucky by leveraging improved delivery capabilities and order fulfillment.
Top companies operating in the SLI battery market are Clarios, East Penn Manufacturing Co., Enersys, Crown Battery, Acumuladores Moura SA, Hankook AtlasBx Co. Ltd., GS Yuasa Corporation, Leoch International Technology Limited, Interstate Batteries System International, Superior Battery Manufacturing Company, ACDelco, Discover Battery, First National Battery, MOLL Batterien GmbH, Banner Batteries, FIAMM Energy Technology S.p.A, MEBCO, Erdil Battery, Mutlu Battery, and others.
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Partial Table of Contents (ToC) of the report:
Chapter 3 SLI Battery Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability
3.3 Regulatory landscape
3.4 COVID-19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Burgeoning expansion in the automotive industry
3.5.1.2 Rising investment toward the research & development activities across automobile sector
3.5.1.3 Ongoing advancements across battery technologies
3.5.2 Industry pitfalls & challenges
3.5.2.1 Increasing penetration of alternative battery chemistries
3.5.2.2 Stringent government regulations
3.6 Price trend analysis
3.7 Growth potential analysis
3.8 Porter's Analysis
3.9 Competitive landscape, 2021
3.10 PESTEL Analysis
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About Global Market Insights Inc.
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.
