Increasing Demand for Electric Vehicles amid Mounting Environmental Concerns to Aid Market Growth
The automotive sector has witnessed waves of evolution over the past couple of decades due to advancements in technology and rapidly changing regulatory framework. Mounting environmental concerns coupled with the growing demand for environment-friendly vehicles have compelled OEMs and automobile manufacturers to develop electric vehicles. Moreover, increasing support offered by governments and authoritative bodies for the development of electric vehicles ecosystem is another major factor expected to boost the prospects of electric vehicles in the upcoming decade. The considerable boom in the demand for electric vehicles is projected to augment the overall growth of the global power-sports batteries market.
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At present, players involved in the current global power-sports batteries market landscape are increasingly focusing on improving the design and efficiency of power-sports batteries to gain a competitive edge in the market. In addition, due to the increasing demand for lightweight vehicles and components, market players are likely to invest considerable resources in product design and innovations to minimize the size of the power-sports batteries. Power-sports batteries are increasingly being used in a range of electric vehicles, including golf carts, motorcycles, snow mobiles, water mobiles, and lawn mowers.
At the back of these factors coupled with increasing investments toward the overall development of the electric vehicle infrastructure, the global power-sports batteries market is on the course to surpass the US$ 12.4 Bn mark by the end of 2030.
Focus on Development of Innovative Power-sports Batteries to Drive Market
The entry of a number of small startups and businesses into the electric vehicles segment has played an imperative role in boosting innovations. Technological advancements and noteworthy developments in the lithium ion battery technology space have played a key role in boosting the demand for lithium-ion power-sports batteries over the past decade. The dwindling prices of power-sports batteries around the world is a major factor that is anticipated to influence consumers from shifting from conventional batteries to power-sports batteries with improved performance. Several government initiatives across the world, particularly in the U.S. and China have played a pivotal role in boosting the adoption of power-sports batteries in recent years.
For instance, in January 2022, the U.S. Department of Energy announced the launch of the Energy Storage Grand Challenge– the initiative aims to utilize R&D investments and encourage partnerships between local players to develop a domestic battery industry and decrease the dependence on China that is the largest producer of lithium-ion batteries. The European Battery Alliance is another such initiative that is expected to promote the development of power-sports batteries across the European Union. The increasing partnerships between research institutions such as Washington State University, University of Washington, and PNLL, along with the development of a robust startup ecosystem is projected to increase the demand for power-sports batteries in the upcoming decade.
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Market Players Focus on Expanding Product Portfolio to Gain Advantage
Market players operating in the current power-sports batteries market are increasingly focusing on expanding their product portfolio to gain a competitive edge in the current market landscape. For instance, Power Sonic announced the launch of a new hyper sport lithium series–batteries that integrate lithium technology with intelligent monitoring solutions. The strategy to expand the product range is in line with the growing consumer demand for faster charging, lightweight, and energy efficient power-sports batteries. Similarly, Exide announced the launch of a new motorbike & sport battery range– a lightweight lithium-ion battery that offers high performance and energy efficiency. While expanding the product portfolio is anticipated to remain a key growth strategy, market players are also expected to increase focus on research and development to gain a competitive edge.
Demand Likely to Decline amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to have a negative impact on the overall growth of the global power-sports batteries market in 2022. The automotive sector has taken an immense beating during the COVID-19 pandemic, as governments across nations, including China and India announced stringent lockdowns in the first two quarters of 2022 to curb the transmission of the novel coronavirus. The lockdown in China played a vital role in disrupting the supply chain across the power-sports batteries market due to which, the transportation of raw materials and other components were major barriers. However, as the lockdown restrictions are gradually being lifted, the power-sports batteries market is showing signs of recovery and likely to gain momentum
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