SLI Battery Market to Grow with a CAGR of 8.19% through 2028
Increasing use of SLI batteries in industrial and
commercial applications and rising demand
for vehicles are likely to drive the market in the forecast period.
According to TechSci Research report, “SLI Battery Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global SLI Battery Market stood at USD 27.08 billion in 2022 and
is anticipated to grow with a CAGR of 8.19% in the forecast period.
A primary driver
of the global SLI (Starting, Lighting, and Ignition) battery market is the
continued growth in automotive production and sales worldwide. As the global
population expands and urbanization accelerates, there is a rising demand for personal
and commercial vehicles, leading to increased vehicle production. These
vehicles, whether traditional internal combustion engine (ICE) or hybrid, rely
on SLI batteries for their crucial functions, including starting the engine,
powering lights, and running auxiliary systems. Moreover, the transition to
electric vehicles (EVs) is further bolstering the demand for SLI batteries.
Hybrids and plug-in hybrids still require SLI batteries for their ICE
components, while the growing number of conventional vehicles and EVs on the
road results in a parallel surge in demand for these essential batteries. The
automotive industry's expansion, coupled with the continuous innovation in SLI
battery technology, drives this market's growth.
Another
significant driver of the global SLI battery market is the ongoing advancements
in battery technology. Manufacturers continually invest in research and
development to enhance SLI battery performance, durability, and efficiency.
These innovations result in batteries with improved cold-cranking amps (CCA),
longer service life, and better resistance to factors like extreme temperatures
and vibration. In recent years, there
has been a notable shift towards more advanced SLI battery technologies, such
as absorbent glass mat (AGM) and enhanced flooded batteries. AGM batteries, for
instance, offer superior cycling capabilities, making them suitable for
start-stop systems and hybrid vehicles. Enhanced flooded batteries feature
upgraded designs to handle the increasing power demands of modern vehicles.
These
advancements not only meet evolving automotive requirements but also contribute
to a more environmentally friendly SLI battery market. More efficient batteries
reduce fuel consumption and emissions, aligning with global efforts to combat
climate change. Consequently, as battery technology continues to evolve, it
propels the global SLI battery market forward by meeting the ever-changing
demands of the automotive industry and addressing environmental concerns.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global SLI
Battery Market.”
The Global SLI Battery Market is segmented into type,
application, sales channel and region.
Based on type, The Enhanced Flooded Battery (EFB))
segment had the largest market share in 2022 & expected to maintain it in
the forecast period. Start-stop systems, which automatically shut off and
restart a vehicle's engine to save fuel and reduce emissions during idle
periods, were becoming increasingly common in many regions. EFB batteries are
well-suited to handle the frequent charge-discharge cycles associated with
start-stop systems. This technology's proliferation boosted the demand for EFB
batteries. The growth of hybrid vehicles, which combine internal combustion
engines with electric propulsion, also contributed to the prominence of EFB
batteries. Hybrid vehicles often require batteries that can support both
conventional engine starting and electrical energy storage for hybrid systems.
EFB batteries can meet these dual requirements effectively. EFB batteries offer
superior cycling performance compared to traditional flooded batteries. They
are better equipped to handle the demands of modern vehicles, where electrical
systems are becoming increasingly sophisticated. EFB batteries have a longer
service life and maintain performance under frequent starts and stops. Original
equipment manufacturers (OEMs) in the automotive industry began to adopt EFB
batteries in their vehicle designs. This endorsement from major automakers
helped drive the widespread adoption of EFB batteries in new vehicles. Stricter
environmental regulations and emissions standards pushed automakers to invest
in technologies like start-stop systems, which reduce fuel consumption and
emissions.
Based on application, The Automotive segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. The automotive industry is massive, with billions of vehicles
on the road worldwide. Almost every vehicle, whether it's a passenger car,
truck, bus, motorcycle, or agricultural vehicle, requires an SLI battery to
start the engine and power essential electrical systems. This sheer volume of
vehicles ensures a substantial and consistent demand for SLI batteries. SLI batteries are an integral part of the
automotive ecosystem. Without a reliable SLI battery, a vehicle cannot start,
and its critical functions like lighting, ignition, and accessory power would
be compromised. This essential functionality makes SLI batteries indispensable
in the automotive industry. SLI batteries have a finite lifespan, typically
ranging from three to five years. Consequently, there is a continuous
replacement cycle in the automotive sector. As vehicles age, their batteries
require replacement, contributing to ongoing demand. This cycle ensures a
stable market for SLI battery manufacturers. The automotive sector encompasses
a wide range of vehicle types, from compact cars to heavy-duty trucks and
everything in between. Each vehicle type requires a specific type and size of
SLI battery, leading to a diverse product range for battery manufacturers. This
diversity allows manufacturers to cater to various customer needs and
preferences. Technological advancements in the automotive industry, such as
start-stop systems, require more advanced SLI batteries. These systems
automatically shut off and restart the engine to save fuel and reduce emissions
when the vehicle is stationary. Start-stop systems have become increasingly
common, driving the demand for enhanced SLI batteries capable of handling the
additional power cycling. The automotive market is global, with demand coming
from regions worldwide.
Major companies operating in the Global SLI Battery
Market are:
- Johnson
Controls, Inc.
- Clarios
LLC
- GS Yuasa
Corporation
- East Penn
Manufacturing Co., Inc.
- Enersys
- Leoch
International Technology Limited
- Crown
Battery Manufacturing Company
- Trojan
Battery Company
- Acumuladores
Moura S.A.
- Power
Sonic Corporation
Download
Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Global SLI Battery market is expected to rise in
the upcoming years and register a significant CAGR during the forecast period owing
to the latest advancements in battery technology and the increasing demand for
passenger and commercial vehicles. The expansion of the automotive industry is
a significant driver of the global SLI (Starting, Lighting, and Ignition)
battery market. As vehicle production and sales continue to rise globally, so
does the demand for SLI batteries, which are essential for starting engines and
powering electrical systems in conventional and hybrid vehicles. Emerging
markets, urbanization, and the ongoing need for personal and commercial
vehicles contribute to this growth, making the automotive industry's expansion
a key factor in the continued demand for SLI batteries. Therefore, the market
of SLI Battery is expected to boost in the upcoming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“SLI Battery Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Flooded,
Enhanced Flooded Battery (EFB)), By Application (Automotive, UPS, Telecom,
Others), By Sales Channel (OEM, Aftermarket), By Region, By Competition”, has evaluated
the future growth potential of Global SLI Battery Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global SLI Battery Market.
Contact
Mr.
Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com