SLI Battery Market size is expected to surpass USD 46 Billion by 2035, witnessing around 3% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of SLI battery was crossed USD 34 Billion. The growth of the market is propelled by rising construction activities. The use of SLI batteries increases the demand for cranes and other industrial machinery. For the year 2021, demand was expected to be around 50-60 units for the 20-60 tonnes category and nearly 30-35 units for the 80-100 tons category.
Additionally, the factors that are believed to fuel the growth of the SLI battery market include the rise in demand for these batteries in the automotive sector and other industrial and commercial applications. Smart technologies, such as start-stop systems in the vehicle are increasing the demand for more advanced batteries.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~3% |
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Base Year Market Size (2022) |
~ USD 34 Billion |
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Forecast Year Market Size (2035) |
~ USD 46 Billion |
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Regional Scope |
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Growth Drivers
Challenges
End-User (Automotive, Oil & Gas, Utilities, Construction, Marine)
The automotive segment is slated to account for 38% share of the global SLI battery market by 2035, impelled by the rising demand for automobiles. In 2021, the world manufactured 79.1 million motor vehicles. In 2020, China, Japan, and Germany were the top three makers of automobiles and commercial vehicles. SLI battery is an important part of a vehicle’s electrical system, as it provides the necessary power to start the engines and operate the electrical systems. SLI batteries are not used in electric vehicles, as these batteries are relatively heavy and would add unwanted weight to an EV, thus impacting its performance and range.
Application (Portable, Stationary)
The portable segment in the SLI battery market is set to account for a significant share of around 46% by 2035, driven by the rising use of mobile phones and other small electrical devices. Portable SLI battery are used to kick-start the electrical devices. Moreover, they are also used as a source of power backup during emergencies. In India, there are nearly 25 million houses in the rural region that are living with the power.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Sales Channel |
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Application |
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End User |
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North American Market Forecast
The SLI battery market in North America is predicted to be the largest with a share of about 35% by 2035. The growth of the market is driven by the increasing use of solar panels at both residential and commercial levels. According to the National Renewable Energy Laboratory, the number of US households with installed solar panels has climbed by an average of 32% per year since then. There were around 2.7 million household solar systems in the United States by the end of 2020. Residential solar provided enough power to power an average of approximately 633,000 houses in 2014 and almost 1.9 million homes in 2019.
APAC Market Analysis
The Asia Pacific SLI battery market is slated to register a significant share of about 28% by 2035. The market growth is credited to the rising capacity of grid power systems. In 2021, China's off-grid renewable energy capacity increased by almost 5% to 906.23 gigawatts. The region's market growth is also being linked to an increase in the number of lead acid battery importers. Under Rule 5 of the Batteries (Management & Handling) Regulations, 2001, the Ministry of Environment, Forest & Climate Change (MoEFCC) / Central Pollution Control Board has registered 82 importers of lead-acid batteries in India.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: Increasing demand for automobiles, higher use of aircraft, and growing construction are the major factors driving the market growth.
Ans: The market size of SLI batteries is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2023 – 2035.
Ans: High cost of the raw material, and the rising popularity of electric vehicles are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Leoch International Technology Ltd., Yokohama Group of Companies, Enersys, Camel Energy Inc., GS Yuasa Corporation, Hoppecke Batterien GmbH & Co. KG., Crown Battery, C&D Technologies, Inc., Gridtential Energy, Inc., and Stryten Energy LLC
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, sales channel, application, and by region.
Ans: The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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