Power-sports Batteries Market: Introduction
According to the report, the global power-sports batteries market is projected to surpass US$ 12.4 Bn by 2030, expanding at a CAGR of ~6% during the forecast period. Increase in integration of electronic systems in vehicles, including Bluetooth, GPS, and navigation systems that require continuous power supply, is expected to boost the demand for vehicle batteries and consequently, drive the global power-sports battery market. Moreover, technological advancements in battery charging technology have enabled batteries to charge at a rapid pace. Additionally, developments have enhanced the battery life, along with its performance. This, in turn, is anticipated to increase preference toward electric vehicles and subsequently, propel the power-sports batteries market during the forecast period.
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Expansion of Power-sports Batteries Market
The increase in 2-wheeler production coupled with rise in the demand for fleet of motorcycles and scooters is projected to boost the power-sports battery market during the forecast period. Rise in disposable income of the population is further boosting the trend toward powerful motorbikes. Increase in demand for two-wheelers is expected to propel the power-sports battery market. For instance, major demand for motorbikes is witnessed in Asia Pacific. About 60% to 65% power two wheelers are manufactured in Asia Pacific. India witnessed sales of 17.7 million units of two wheelers, as compared to 16.8 million units sold in China in 2016. In terms of volume, the market for two-wheelers in China stood at approximately 18.3 million units in 2018, while the market in India was around 20.2 million units. Sales of two-wheeler vehicles in India stood at 21.19 million units in 2019. The preference for off-highway sports is increasing among the younger population across the globe. Off-road racing, a highway sport, is a form of motorsports consisting of specially-modified vehicles, including cars, trucks, motorbikes, and buggies racing in off-road environments. The inclination toward off-highway sports, such as desert racing, short-course racing, and hill climbing is rising in North America. Vehicles used in power sports require powerful engines and powerful batteries to ride on rough terrains. Therefore, increasing trend of off-highway sports is expected to fuel the growth of the global power-sports battery market.
Regional Analysis of Power-sports Batteries Market
In terms of the type, 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 highly lucrative market, globally, during the forecast period. Asia Pacific has presence of major two wheeler manufacturers. Additionally demand for motorcycles is significantly high in China, India, and Indonesia, compared to that in any other region, globally. Therefore, increase in motorcycle production coupled with a 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.
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Key Power-sports Batteries Market Players
A few of prominent players operating in the global power-sports batteries market include Clarios, Crown Battery, Discover Battery, East Penn Manufacturing Company, EnerSys, Exide Technologies, Fullriver Battery, Go Power!, GS Yuasa Corporation, Harris Battery, Interstate Batteries, Johnson Controls, Lifeline, MIDAC Batteries, Navitas Systems, Power Sonic Corporation, ELiON Batteries, Scorpion Battery, Inc., Skyrich Powersport Batteries, Smart Battery, Trojan Battery, U.S. Battery, and Unibat.
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