North America & Europe SLI Battery Market
North America & Europe SLI Battery Market (Technology: Flooded, EFB, and VRLA [AGM and GEL]; and Sales Channel: OEM and Aftermarket) – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
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Surge in Demand for Micro and Hybrid Vehicles to Drive Market
Battery technologies have evolved at a consistent pace over the past few decades and are being utilized across various industries in a range of applications. Due to fast-paced advancements in technology coupled with the presence of several leading market players, North America and Europe have remained at the forefront in terms of innovation, market share, and market value. The North America & Europe SLI battery market is expected to witness steady growth in the upcoming decade, due to the growing demand from OEMs involved in the development of electric vehicles, increasing demand from the electronics sector, etc.
Moreover, as environment safety regulations across North America and Europe continue to compel industries to lean toward sustainable alternatives, battery energy storage for renewable energy has gained considerable traction– a factor that is likely to drive the expansion of the North America & Europe SLI battery market during the forecast period. Groundbreaking advancements pertaining to lithium-ion batteries could potentially dent the demand for SLI batteries during the second half of the forecast period due to which, market players are likely to gradually focus on the production of lithium-ion batteries.
At the back of these factors, along with research and development, the North America & Europe SLI battery market is on the course to surpass the US$ 9.8 Bn mark by the end of 2030.
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Growing Demand for Electric Vehicles to Augment Market Growth
SLI batteries are primarily used in conventional vehicles with an internal combustion engine to ignite the engine and simultaneously provide electricity to the entire vehicle when the engine is switched off. As power density is a critical parameter to define the quality and performance of an SLI battery, SLI battery manufacturers are increasingly investing resources in research and development. In addition, owing to the recent strides taken by “start-and-stop” systems, SLI battery manufacturers are compelled to innovate and find new solutions to augment the overall battery cycle lifetime. While in the current scenario, lead acid SLI batteries are anticipated to remain popular, analysts at Transparency Market Research are of the opinion that market players operating in the North America & Europe SLI battery market landscape could potentially shift toward the production of lithium-phosphate SLI batteries in the upcoming years. This factor is tipped to increase the demand for SLI batteries in the upcoming decade.
SLI batteries continue to remain the most sought after type of battery across the automotive sector in North America and Europe, owing to the low capital cost and operational efficacy in hostile temperatures. The flooded SLI battery type continues to gain noteworthy adoption across North America and Europe due to the optimum capital cost, particularly for applications in large systems. However, due to the low cycle life, low charging rate, and high maintenance requirements, the demand for flooded batteries is gradually reducing. Market players operating in the current North America & Europe SLI battery market landscape are increasingly focusing on improving the reliability, charging time, and pricing strategies to gain a competitive edge. The adoption of 12V SLI and SS/micro-hybrid batteries for safety and support functions is on the rise– a factor that is anticipated to propel market growth during the assessment period.
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Market Players to Rely on Sales of 12V Batteries, Li-ion Batteries Growing in Popularity
Several players operating in the current North America & Europe SLI battery market are likely to primarily focus on the production of 12V lead starter of SLI batteries. Lead SLI batteries are projected to have a high market share due to favorable features in the first half of the forecast period. However, as the popularity of Li-ion batteries continues to grow, lithium-based SLI batteries are likely to gradually gain considerable adoption. Although flooded lead SLI batteries have a large market share, the market share of absorbent glass mat technology (AGM) and enhanced flooded batteries (EFB) is expected to grow steadily during the forecast period. The consistent surge in the number of hybrid and micro hybrid vehicles in Europe and North America is likely to play a key role in driving the demand for SLI batteries across these regions during the assessment period.
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Market Players Focus on Addressing Supply Chain Issues amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is likely to have a catastrophic impact on the overall growth of the automotive sector, particularly in 2020 due to which, the growth of the North America & Europe SLI battery market is likely to remain considerably lower than initial projections. Stringent government lockdowns, closure of automotive production lines in the second quarter of 2020, and restrictions on cross-border trade and transportation are some of the major factors that have contributed to the low demand for SLI batteries in 2020. However, the demand is expected to grow toward the last quarter of 2020, as OEMs and players in the aftermarket continue to fulfil the past as well as new orders.
The North America & Europe SLI battery market is expected to expand at a sluggish CAGR of 3% during the forecast period. The market growth is primarily driven by the increasing focus on launching innovation battery solutions in line with the evolving automotive landscape, rising demand for hybrid and electric vehicles, favorable features of lead-based SLI batteries, and research and development activities. Market players should closely monitor current trends and gradually shift toward the development of Li-ion batteries to gain a competitive edge in the current North America & Europe SLI battery market landscape.
North America & Europe SLI Battery Market: Overview
- According to Transparency Market Research’s latest research report on the SLI battery market in North America and Europe for the historical period 2019 and the forecast period 2020–2030, usage of battery in the automotive industry in order to reduce carbon emissions from vehicles is a factor expected to boost the SLI battery market in North America and Europe during the forecast period
- In terms of revenue, the SLI battery market in North America and Europe is estimated to surpass US$ 9.8 Bn by 2030, expanding at a CAGR of 3% throughout the forecast period
Increase in Focus on R&D of Energy-efficient SLI Battery: Key Driver
- SLI battery is an essential component of automobiles. SLI battery is primarily used to start engines. It also provides power to electrical parts such as control panels and lights.
- Currently, SLI battery possesses shorter lifespan and longer charging time. The cost of SLI battery is also high. As a result, companies are focusing on improving battery capacities and lifespan, reducing the battery size and making them cost effective. Companies are also focusing on increasing the number of charging cycles of batteries. This would be beneficial for the automobile industry, as the cost of replacement of batteries is high, and frequent replacement increases operational costs. Companies also aim to carry out advancements in charging systems in order to provide rapid charging.
- Companies are increasingly investing in SLI battery to reduce the charging time and self-discharge rates, which would be suitable for the fast life of the metro cities
- Thus, increase in focus on R&D for the development of energy-efficient SLI battery is expected to offer lucrative opportunities to the SLI battery market in North America and Europe during the forecast period
Rise in Applications of SLI Battery in Automotive Sector
- The global automobile industry has been expanding significantly, due to the rise in demand for two-wheeler and four-wheeler vehicles. Growth in total household income and changing buying patterns of consumers are also boosting the demand for automobiles across the globe.
- According to the International Organization of Motor Vehicle Manufacturers, global sales of all types of vehicles stood at around 91 million units in 2019
- Passenger car sales in the U.S. stood at more than 17 million units in 2019, while that in countries in Europe totaled more than 17 million units in the same year
- SLI battery is used in automobiles to provide power to the vehicle’s SLI system. This application of SLI battery in automobiles plays a significant role in the growth of the SLI battery market.
- Thus, rise in demand for vehicles is projected to propel the demand for SLI battery in the near future
North America & Europe SLI Battery Market: Competition Landscape
- Detailed profiles of providers of SLI battery have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the SLI battery market in North America and Europe are Prime Batteries Technology, A123 Systems LLC, PowerTech Systems, Clarios, Exide Technologies, East Penn Manufacturing Company, AceOn Group, iQ International AG, C&D Technologies, and Hitachi Chemical Co., Ltd.
North America & Europe SLI Battery Market: Strategic Partnerships
- Prominent providers of SLI battery in North America and Europe, such as Hitachi Chemical Co., Ltd., AceOn Group, East Penn Manufacturing Company, and Exide Technologies are focusing on strategic partnerships and acquisitions to expand their global footprint. Some other key strategies in the SLI battery market in North America and Europe are highlighted below:
- In 2018, Exide Technologies acquired Aker Wade Technologies, which designs and manufactures advanced charging systems for industrial forklifts. The addition of Aker Wade chargers to Exide’s GNB Industrial Power battery portfolio is expected to provide best-in-class total power solutions to the motive power industry.
- In June 2018, Hitachi Chemical Co., Ltd. and Silatronix, Inc. entered into a licensing agreement to engage in the manufacture, sale, and usage of the latter’s patented organosilicon compounds that are used as electrolyte materials. These compounds enhance the life of batteries and improve the storage stability of batteries at higher temperatures.
- In January 2018, GS Yuasa Corporation announced plans to build a production plant for SLI lithium-ion batteries in Hungary. SLI lithium-ion batteries would be assembled in a new plant with lithium-ion cells made in Japan.
- In the SLI battery market in North America and Europe report, we have discussed individual strategies, followed by company profiles of providers of SLI battery. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the SLI battery market in North America and Europe.
North America & Europe SLI Battery Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the SLI battery market in North America and Europe to accurately gauge its potential development. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for the growth of the SLI battery market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the SLI battery market in North America and Europe will progress during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the SLI battery market that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure the growth of the SLI battery market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the SLI battery market in North America and Europe, and estimate statistics related to the market progress in terms of value (US$ Mn) and volume (units).
This study covers a detailed segmentation of the SLI battery market in North America and Europe, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the SLI battery market in North America and Europe, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on North America & Europe SLI Battery Market
The report provides detailed information about the SLI battery market in North America and Europe on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in SLI battery, so as to help them make successful strategies and take target-driven decisions.
- Which technology of the SLI battery will emerge as a major revenue generator for the market during the forecast period?
- Which sales channel of the SLI battery will emerge as a major revenue generator for the market during the forecast period?
- How are key market players successfully earning revenues in the competitive SLI battery market in North America and Europe?
- What will be the Y-o-Y growth of the SLI battery market in North America and Europe between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the SLI battery market in North America and Europe?
Research Methodology – North America & Europe SLI Battery Market
The research methodology adopted by analysts for combining the SLI battery market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the SLI battery market in North America and Europe.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the SLI battery market in North America and Europe.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the SLI battery market in North America and Europe.
North America & Europe SLI Battery Market – Segmentation
TMR’s research study assesses the SLI battery market in North America and Europe is based on technology, sales channel, and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the SLI battery market in North America and Europe.