Pune, India., Dec. 20, 2023 (GLOBE NEWSWIRE) -- The portable jump starter market size will witness an appreciable gain in the wake of the rising installation of electrical systems. Moreover, developments in the battery system in vehicles will encourage leading companies to expand their penetration. The automotive jump starter has become sought-after due to the rising number of aging vehicles.
Drivers & Restraints-
Rising Prominence of Lithium-Ion Batteries to Boost Growth Potentials
Portable jump starter market share will grow notably during the assessment period, largely due to demand for lightweight components. A portable jump starter using lithium-ion batteries will gain considerable traction with faster recharge, lighter weight and smaller size. Lithium-ion jump starter compactness has encouraged leading companies to expand their penetration across untapped areas. It is worth noting that lead acid batteries will also gain ground due to reliability and cheap manufacturing. Moreover, burgeoning urbanization and rising discretionary income across emerging and advanced economies will bode well for the industry outlook. However, the increasing cost of batteries and the potential risk of accidents triggered by batteries could dent the industry growth.
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Competitive Landscape-
Leading Players Emphasize Auto Production to Tap into Markets
Well-established players and new entrants are slated to invest in organic and inorganic strategies to boost their footprint. Product launches, collaboration, innovations and R&D activities will rapidly gain prominence in the ensuing period. Besides, the infusion of funds into technological advancements will expedite investments globally.
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Segments-
In terms of type, the market is segmented into lead acid batteries and lithium-ion batteries. Based on application type, the industry is segregated into motorcycles, automobiles and others. With respect to geography, the market is classified into Europe, North America, Asia Pacific and the Rest of the World.
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Regional Insights-
Surging Vehicle Production to Underpin Asia Pacific Market
Stakeholders expect China, India, Japan and Australia to emerge as happy hunting grounds against the backdrop of the rising production of cars and commercial vehicles. The OICA states that China witnessed 26,082,220 auto production in 2021. Moreover, expansion of production capacities will propel Asia Pacific portable jump starter market growth.
North America market forecast will be strong against the backdrop of surging industrialization and soaring demand for commercial vehicles. According to the OICA, 7,604,154 commercial vehicles were produced in the U.S. in 2021. Besides, the adoption of electrification in vehicles will bode well for the regional outlook.
Report Coverage:
The research report offers insights into industry dynamics redefining the global landscape. The report delves into drivers, opportunities, restraints and trends to provide a holistic market view. The report is prepared through primary sources, including interviews with directors and executives and qualitative and quantitative analyses. The report also provides secondary resources, such as press releases, annual reports, white papers and journals.
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A list of prominent Portable Jump Starter manufacturers operating in the global market:
- Shenzhen Kayo Maxtar Battery Limited (China)
- Shenzhen CARKU Technology Co., Ltd (China)
- Schumacher Electric Corporation (U.S.)
- Stanley Black & Decker, Inc. (U.S.)
- Guangdong Bestek E-Commerce Co., Ltd (China)
- PARIS CORPORATION (U.S.)
- Billet Proof Designs (U.S.)
COVID-19 Impact:
Gradual Rise in Automotive Sales Spurred Investments
The onslaught of the COVID-19 pandemic was palpable in 2020, with automotive production witnessing a massive dip. According to the OICA, the COVID-19 crisis led to a 16% drop in world auto production in 2020. The plunge in auto production was majorly attributed to the shutdown of a large part of the auto industry. Meanwhile, a gradual uptick in the global sales of passenger and commercial vehicles augured well for the industry outlook. The OICA asserted that 82,684,788 vehicles were sold in 2021, compared to 78,774,320 in the preceding year.
Notable Industry Development:
• January 2021: Maruti announced the launch of a compact jump starter for cars that can jump start a car without requiring an additional vehicle.
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