Commercial Vehicle SLI Battery Market to Grow with a CAGR of 5.19% through 2028
Increasing
demand for commercial vehicles, rising disposable income, and technological
advancements are likely to drive the market in the forecast period.
According to TechSci
Research report, “Commercial Vehicle SLI Battery Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Commercial Vehicle SLI Battery Market stood at USD 22.08 billion in
2022 and is anticipated to grow with a CAGR of 5.19% in the forecast period. One
of the significant drivers propelling the global SLI (Starting, Lighting, and
Ignition) battery market is the ongoing trend towards automotive
electrification and hybridization. As the automotive industry shifts towards
more sustainable and energy-efficient transportation solutions, the demand for
advanced SLI batteries has surged. Electric vehicles (EVs) and hybrid vehicles
(HEVs) have become increasingly popular due to their reduced environmental
impact and improved fuel efficiency. SLI batteries play a crucial role in these
vehicles by powering auxiliary systems and providing the initial burst of
energy needed for engine starting. In hybrid vehicles, SLI batteries support
regenerative braking, which captures and stores energy during deceleration,
further enhancing fuel efficiency. Governments and regulatory bodies worldwide
are also encouraging the adoption of electric and hybrid vehicles by
implementing stringent emissions standards and offering incentives such as tax
credits and rebates. These policies drive automakers to invest in advanced SLI
battery technologies to meet the performance and durability requirements of
eco-friendly vehicles. Consequently, the growth of the electric and hybrid
vehicle market is a significant driver of the global SLI battery market.
The
expanding automotive aftermarket is another key driver of the global SLI
battery market. The aftermarket encompasses the sale of replacement parts and
accessories for vehicles, including SLI batteries. As the global vehicle fleet
continues to age, there is a growing need for battery replacements due to
natural wear and tear. SLI batteries typically have a limited lifespan, and
after several years of use, they become less efficient at providing reliable
engine starts and powering essential vehicle systems. As vehicle owners and
commercial fleet operators seek to maintain the performance and reliability of
their vehicles, they often turn to the aftermarket for battery replacements. Additionally,
advancements in battery technology have led to the availability of
high-performance SLI batteries with features such as improved cold-cranking
amps (CCA) and longer service life. These advanced batteries are appealing to
consumers looking to upgrade their vehicles or enhance their existing ones.
This drives demand for premium SLI batteries in the aftermarket sector.
Moreover,
the rise of e-commerce has made it easier for consumers to access a wide range
of automotive products online, including SLI batteries, further boosting
aftermarket sales. As a result, the expanding automotive aftermarket, driven by
the need for replacement batteries and consumer preferences for advanced SLI
battery technologies, contributes significantly to the growth of the global SLI
battery market.
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market data Figures spread through XX Pages and an in-depth TOC on "Commercial Vehicle SLI Battery Market.”
The Global Commercial
Vehicle SLI Battery Market is segmented into type, application, vehicle type,
sales channel and region.
Based on type, The
Flooded Type Battery segment had the largest market share in 2022 &
expected to maintain it in the forecast period. Flooded batteries are often
more affordable to manufacture compared to some of the newer SLI battery
technologies like AGM (Absorbent Glass Mat) and gel batteries. This
affordability makes them an attractive option for both automotive manufacturers
and consumers, especially in price-sensitive markets. Flooded batteries have a
long history of use and a track record of reliability. They have been the
standard choice for SLI applications for many years, and their performance in
terms of cranking amps and overall reliability is well-established. Flooded
batteries are widely available and can be found in most auto parts stores and
service centers worldwide. This ease of availability simplifies replacement and
maintenance for vehicle owners. Simple Maintenance: While flooded batteries do
require regular maintenance, such as checking and topping off electrolyte
levels with distilled water, this maintenance is relatively straightforward and
can be performed with minimal tools and expertise. Some consumers prefer this
level of control over their battery maintenance. Flooded batteries are
compatible with a wide range of vehicles, including older models, which
contributes to their continued popularity. They are a versatile choice for many
automotive applications.
Based on vehicle
type, The Light Commercial segment had the largest market share in 2022 and is
projected to experience rapid growth during the forecast period. Light
commercial vehicle (LCVs) constitute a substantial portion of the global
vehicle fleet due to their versatility and widespread use. They serve various
purposes, including urban transportation, delivery services, and small-scale logistics.
The sheer volume of LCVs on the road contributes to a significant demand for
SLI batteries. LCVs are used across a wide range of industries and
applications. They are utilized by businesses, government agencies, and
individuals for purposes such as transporting goods, small-scale construction,
maintenance, and service operations. Each of these applications relies on LCVs,
increasing the overall demand for SLI batteries. With the global trend toward
urbanization and the rise of e-commerce, last-mile delivery services have
become increasingly important. LCVs are the preferred choice for these
operations, given their maneuverability and efficiency in navigating urban
environments. This trend has led to a surge in the number of LCVs, boosting the
demand for SLI batteries. Many businesses and logistics companies maintain
fleets of LCVs for transporting goods and providing services. These fleets are
often the backbone of their operations, requiring reliable SLI batteries to
ensure that vehicles start and operate smoothly. Fleet operators tend to
prioritize battery maintenance and replacement, contributing to the strong
demand for SLI batteries. LCVs include a range of consumer vehicles such as
vans, SUVs, and pickup trucks. These vehicles are widely used for personal
transportation and are often chosen for their versatility, making them a staple
in many households. Consumer vehicles, like commercial LCVs, rely on SLI
batteries for everyday operation.
Major companies
operating in the Global Commercial Vehicle SLI Battery Market are:
- Clarios LLC
- Johnson Controls International PLC
- East Penn Manufacturing
- EnerSys
- GS Yuasa Corporation
- Hitachi Chemical co., ltd.
- Hankook Tire & Technology Co., Ltd
- Amara Raja Batteries Limited
- Century Batteries
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“The Global Commercial
Vehicle SLI Battery market is expected to rise in the upcoming years and
register a significant CAGR during the forecast period. The global Commercial
Vehicles SLI Battery market is being propelled by the escalating demand for
electric commercial vehicles. As businesses seek eco-friendly transportation
solutions to reduce emissions and operational costs, electric commercial
vehicles have gained traction. These vehicles rely on high-performance SLI
batteries to ensure efficient startups and auxiliary system operations.
Government incentives and stringent emissions regulations further drive the
adoption of electric commercial vehicles, thereby increasing the demand for
advanced SLI batteries tailored to meet the specific requirements of these
vehicles. Additionally, Asia Pacific is expected to be the largest market for
commercial vehicle SLI batteries during the forecast period due to the increasing
production and sales of commercial vehicles in this region. Therefore, the
market of Commercial Vehicle 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.
“Commercial
Vehicle SLI Battery Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028 Segmented By Type (Flooded Type Battery,
Maintenance-free Type Battery, AGM, Gel), By Application (OEM, Aftermarket), By
Vehicle Type (Light Commercial, Medium Commercial, Heavy Commercial), By Sales
Channel (Direct Sales, Distributors), By Region, By Competition”,
has evaluated the future growth potential of Global Commercial Vehicle 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 Commercial Vehicle SLI
Battery Market.
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