Surge in Demand for Micro and Hybrid Vehicles to Drive Market
Battery technologies have evolved at a consistent pace over the past few decades and are being utilized across various industries in a range of applications. Due to fast-paced advancements in technology coupled with the presence of several leading market players, North America and Europe have remained at the forefront in terms of innovation, market share, and market value. The North America & Europe SLI battery market is expected to witness steady growth in the upcoming decade, due to the growing demand from OEMs involved in the development of electric vehicles, increasing demand from the electronics sector, etc.
Moreover, as environment safety regulations across North America and Europe continue to compel industries to lean toward sustainable alternatives, battery energy storage for renewable energy has gained considerable traction– a factor that is likely to drive the expansion of the North America & Europe SLI battery market during the forecast period. Groundbreaking advancements pertaining to lithium-ion batteries could potentially dent the demand for SLI batteries during the second half of the forecast period due to which, market players are likely to gradually focus on the production of lithium-ion batteries.
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Growing Demand for Electric Vehicles to Augment Market Growth
SLI batteries are primarily used in conventional vehicles with an internal combustion engine to ignite the engine and simultaneously provide electricity to the entire vehicle when the engine is switched off. As power density is a critical parameter to define the quality and performance of an SLI battery, SLI battery manufacturers are increasingly investing resources in research and development. In addition, owing to the recent strides taken by “start-and-stop” systems, SLI battery manufacturers are compelled to innovate and find new solutions to augment the overall battery cycle lifetime. While in the current scenario, lead acid SLI batteries are anticipated to remain popular, analysts at Transparency Market Research are of the opinion that market players operating in the North America & Europe SLI battery market landscape could potentially shift toward the production of lithium-phosphate SLI batteries in the upcoming years. This factor is tipped to increase the demand for SLI batteries in the upcoming decade.
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SLI batteries continue to remain the most sought after type of battery across the automotive sector in North America and Europe, owing to the low capital cost and operational efficacy in hostile temperatures. The flooded SLI battery type continues to gain noteworthy adoption across North America and Europe due to the optimum capital cost, particularly for applications in large systems. However, due to the low cycle life, low charging rate, and high maintenance requirements, the demand for flooded batteries is gradually reducing. Market players operating in the current North America & Europe SLI battery market landscape are increasingly focusing on improving the reliability, charging time, and pricing strategies to gain a competitive edge. The adoption of 12V SLI and SS/micro-hybrid batteries for safety and support functions is on the rise– a factor that is anticipated to propel market growth during the assessment period.
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Market Players to Rely on Sales of 12V Batteries, Li-ion Batteries Growing in Popularity
Several players operating in the current North America & Europe SLI battery market are likely to primarily focus on the production of 12V lead starter of SLI batteries. Lead SLI batteries are projected to have a high market share due to favorable features in the first half of the forecast period. However, as the popularity of Li-ion batteries continues to grow, lithium-based SLI batteries are likely to gradually gain considerable adoption. Although flooded lead SLI batteries have a large market share, the market share of absorbent glass mat technology (AGM) and enhanced flooded batteries (EFB) is expected to grow steadily during the forecast period. The consistent surge in the number of hybrid and micro hybrid vehicles in Europe and North America is likely to play a key role in driving the demand for SLI batteries across these regions during the assessment period.
Market Players Focus on Addressing Supply Chain Issues amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is likely to have a catastrophic impact on the overall growth of the automotive sector, particularly in 2024 due to which, the growth of the North America & Europe SLI battery market is likely to remain considerably lower than initial projections. Stringent government lockdowns, closure of automotive production lines in the second quarter of 2024, and restrictions on cross-border trade and transportation are some of the major factors that have contributed to the low demand for SLI batteries in 2024. However, the demand is expected to grow toward the last quarter of 2024, as OEMs and players in the aftermarket continue to fulfil the past as well as new orders.
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