Power-sports Batteries Market
Power-sports Batteries Market (Vehicle Type: Motorcycles, Scooters & Mopeds, ATVs and Quads, Golf Carts, Watersports, Snowmobiles, UTVs, and Lawn Mowers; Battery Type: Conventional Batteries, AGM Batteries, Lithium Batteries, and Others; Voltage Range: 6 Volt, 12 Volt, 24 Volt, 36 Volt, 48 Volt, and Others; and Sales Channel: OEM and Aftermarket/Replacement) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
- Automotive & Transport
- 208 Pages
Increasing Demand for Electric Vehicles amid Mounting Environmental Concerns to Aid Market Growth
The automotive sector has witnessed waves of evolution over the past couple of decades due to advancements in technology and rapidly changing regulatory framework. Mounting environmental concerns coupled with the growing demand for environment-friendly vehicles have compelled OEMs and automobile manufacturers to develop electric vehicles. Moreover, increasing support offered by governments and authoritative bodies for the development of electric vehicles ecosystem is another major factor expected to boost the prospects of electric vehicles in the upcoming decade. The considerable boom in the demand for electric vehicles is projected to augment the overall growth of the global power-sports batteries market.
At present, players involved in the current global power-sports batteries market landscape are increasingly focusing on improving the design and efficiency of power-sports batteries to gain a competitive edge in the market. In addition, due to the increasing demand for lightweight vehicles and components, market players are likely to invest considerable resources in product design and innovations to minimize the size of the power-sports batteries. Power-sports batteries are increasingly being used in a range of electric vehicles, including golf carts, motorcycles, snow mobiles, water mobiles, and lawn mowers.
At the back of these factors coupled with increasing investments toward the overall development of the electric vehicle infrastructure, the global power-sports batteries market is on the course to surpass the US$ 12.4 Bn mark by the end of 2030.
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Focus on Development of Innovative Power-sports Batteries to Drive Market
The entry of a number of small startups and businesses into the electric vehicles segment has played an imperative role in boosting innovations. Technological advancements and noteworthy developments in the lithium ion battery technology space have played a key role in boosting the demand for lithium-ion power-sports batteries over the past decade. The dwindling prices of power-sports batteries around the world is a major factor that is anticipated to influence consumers from shifting from conventional batteries to power-sports batteries with improved performance. Several government initiatives across the world, particularly in the U.S. and China have played a pivotal role in boosting the adoption of power-sports batteries in recent years.
For instance, in January 2020, the U.S. Department of Energy announced the launch of the Energy Storage Grand Challenge– the initiative aims to utilize R&D investments and encourage partnerships between local players to develop a domestic battery industry and decrease the dependence on China that is the largest producer of lithium-ion batteries. The European Battery Alliance is another such initiative that is expected to promote the development of power-sports batteries across the European Union. The increasing partnerships between research institutions such as Washington State University, University of Washington, and PNLL, along with the development of a robust startup ecosystem is projected to increase the demand for power-sports batteries in the upcoming decade.
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Market Players Focus on Expanding Product Portfolio to Gain Advantage
Market players operating in the current power-sports batteries market are increasingly focusing on expanding their product portfolio to gain a competitive edge in the current market landscape. For instance, Power Sonic announced the launch of a new hyper sport lithium series–batteries that integrate lithium technology with intelligent monitoring solutions. The strategy to expand the product range is in line with the growing consumer demand for faster charging, lightweight, and energy efficient power-sports batteries. Similarly, Exide announced the launch of a new motorbike & sport battery range– a lightweight lithium-ion battery that offers high performance and energy efficiency. While expanding the product portfolio is anticipated to remain a key growth strategy, market players are also expected to increase focus on research and development to gain a competitive edge.
Demand Likely to Decline amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to have a negative impact on the overall growth of the global power-sports batteries market in 2020. The automotive sector has taken an immense beating during the COVID-19 pandemic, as governments across nations, including China and India announced stringent lockdowns in the first two quarters of 2020 to curb the transmission of the novel coronavirus. The lockdown in China played a vital role in disrupting the supply chain across the power-sports batteries market due to which, the transportation of raw materials and other components were major barriers. However, as the lockdown restrictions are gradually being lifted, the power-sports batteries market is showing signs of recovery and likely to gain momentum
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The global power-sports batteries market is anticipated to grow at a healthy CAGR of ~6% during the forecast period. The market growth is primarily driven by booming electric vehicle sector, augmenting demand for electric vehicles, increasing focus on innovations, and increasing support from the government. The rise in the number of initiatives that promote the development of power-sports batteries is expected to provide a significant boost to the production of power-sports batteries in various regions of the world. Market players should focus on launching innovative, high quality products to gain a competitive edge.
Power-sports Batteries Market: Overview
- The global power-sports batteries market is anticipated to expand at a CAGR of ~6% during the forecast period, owing to adoption of technologies to increase vehicle efficiency and vehicle performance by automakers in their vehicles. Increase in demand for electric vehicles, including e-bikes, coupled with the demand for vehicle technology to reduce vehicle emissions is likely to propel the global power-sports batteries market during the forecast period.
- Technological advancements in battery charging technology have enabled batteries to charge at a rapid rate. Additionally, developments have enhanced battery life, along with its performance. This is anticipated to increase the trend toward electric vehicles, which, in turn, is projected to fuel the power-sports batteries market during the forecast period.
Challenges for Power-sports Batteries Market
- Disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities and raw material shortage caused by coronavirus pandemic across the world is estimated to contract the market in 2020. However, the market is anticipated to recover through economic losses by increasing production volume of vehicle components as well as vehicle production from 2021.
- Governments across the globe have enacted stringent regulations on manufacturing, storage, and transportation of batteries, owing to chemically sensitive nature of batteries. For instance, battery manufacturers must have two types of recycling facilities as required by regulations. Smaller facilities for temporary storage and larger facilities are designed for long-term operation. Additionally, battery recycling facilities are supposed to collect, sort, store, package, and ship used electric vehicle batteries; however, they are not allowed to disassemble these, except for inspection purposes. These regulations are expected to hinder the market.
Segmentation of Power-sports Batteries Market
- The global power-sports batteries market has been segmented based on vehicle type, voltage range, battery type, sales channel, and region
- Based on vehicle type, the global power-sports batteries market has been divided into motorcycles, mopeds & scooters, ATVs and UTVs, golf carts, watersports, snowmobiles, and lawn mowers. Increase in demand for motorcycles can be attributed to its benefits, including easy ride mode, powerful engines, faster commute, and cost-effectiveness. Increasing adoption of electric fuel injection technology, adoption of Bluetooth technology, and rising use of the GPS technology are being witnessed among motorcycle riders. All technologies mentioned above require continuous supply of electric power, which is supplied through batteries. This, in turn, is anticipated to drive the global power-sports batteries market.
- Based on sales channel, the aftermarket segment dominated the power-sports batteries market, in terms of revenue, in 2019. A major factor leading the aftermarket segment is limited lifespan of a battery, which requires periodic replacement. However, technological advancements in batteries are expected to prolong their shelf-life. Additionally, batteries offered by an OEM ensure warranty for consumers. This, in turn, is expected to increase preference for OEM battery suppliers and consequently, boost the segment at a rapid pace by the end of forecast period.
Power-sports Batteries Market: Regional Analysis
- The global power-sports batteries market has been split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
- Asia Pacific is projected to be a highly lucrative market, globally, during the forecast period. Asia Pacific has presence of major two-wheeler manufacturers. Additionally, demand for motorcycles in China, India, and Indonesia is comparatively higher than that witnessed in any other region, globally. Therefore, an increase in motorcycle production coupled with rise in the demand for fleet of motorcycles and scooters in Asia Pacific is projected to boost the power-sports batteries market during the forecast period.
Power-sports Batteries Market: Competition Landscape
- Key players operating in the global power-sports batteries market include
- Crown Battery
- Discover Battery
- East Penn Manufacturing Company
- Exide Technologies
- Fullriver Battery
- Go Power!
- GS Yuasa Corporation
- Harris Battery
- Interstate Batteries
- Johnson Controls
- MIDAC Batteries
- Navitas Systems
- Power Sonic Corporation
- ELiON Batteries
- Scorpion Battery, Inc.
- Skyrich Powersport Batteries
- Smart Battery
- Trojan Battery
- U.S. Battery
- Key players at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in the industry. In 2019, Go Power! partnered with Indiana-based RV supplier Collins & Company to offer a new same-day shipping option for OEM distributors in Elkhart, Indiana, U.S. This partnership enabled the company to expand its product portfolio across North America. Additionally, the company (Go Power!) introduced the 100ah Lithium Iron Phosphate solar battery, built specifically for mobile applications. This deep cycle battery is ideal for use in an RV. The 100-amp hour battery is a drop-in replacement for Class 31 Lead-Acid.
Power-sports Batteries Market – Scope of the Report
Transparency Market Research’s recent report on the power-sports batteries market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the power-sports batteries market analyzes the scenario for the period of 2020 to 2030, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the power-sports batteries market also provides data on developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the power-sports batteries market gives readers an individual understanding of the market.
Key Questions Answered in This Report on Power-sports Batteries Market
- How much value will the power-sports batteries market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2030?
- What are the impact factors and their effects on the market for power-sports batteries market?
- What regions currently contribute the maximum share to the overall power-sports batteries market?
- What are the indicators expected to drive the power-sports batteries market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the power-sports batteries market to expand their geographic presence?
- What are the major advancements witnessed in the power-sports batteries market?
- How regulatory norms affected the market for power-sports batteries market?
This report answers these questions and more about the power-sports batteries market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Power-sports Batteries Market: Research Methodology
This TMR report on the power-sports batteries market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the power-sports batteries market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by key players, researchers of the power-sports batteries market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the power-sports batteries market with both bottom-up and top-down approach.
This detailed assessment of the power-sports batteries market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the power-sports batteries market is estimated to expand are based on carefully vetted primary and secondary sources.
Power-sports Batteries Market – Segmentation
This report on the power-sports batteries market provides information on the basis of vehicle type, battery type, voltage range, sales channel, and region.This study also discusses the underlying trends and impact of various factors that are driving the power-sports batteries market, along with their influence on the evolution of the market.This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the power-sports batteries market in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.