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Motorcycle Battery Size Demand
Rising demand for zero-emission vehicles and decreasing electric motorcycle battery costs are fueling growth in the global motorcycle battery market.
WILMINGTON, DE, UNITED STATES, October 14, 2024 /EINPresswire / -- Growth in demand for zero-emission vehicles and reduction in the cost of electric vehicle batteries drives the growth of the global motorcycle battery
market size . However, factors such as stringent lead pollution norms and instability in the prices of raw materials create a barrier affecting the growth of the market across the globe. Moreover, factors such as the evolution of lithium-ion technology and proactive government initiatives are the factors that create lucrative opportunities for the growth of the market across the globe.
According to the report, the motorcycle battery market size was valued at $8.57 billion in 2022, and is projected to reach $12.73 billion by 2032, registering a CAGR of 4.3% from 2023 to 2032.
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The motorcycle battery market is estimated to continue to grow at a moderate growth rate due to demand for zero emission vehicles, and need for the reduction in cost of electric vehicle batteries for faster market adoption, and making vehicles more affordable. Advancements in technology, including faster charging and evolution of lithium-ion technology, are likely to have an impact on the improvement and future of the industry to increase performance and efficiency. While the battery motorcycle market offers significant opportunities, it faces challenges, including stringent lead pollution norms, and instability in the prices of the raw material. The market's growth prospects are closely tied to industry-specific demands, economic stability, and technological advancements.
Key Developments in the Motorcycle Battery Industry:
* In August 2023, Amara Raja Group, through its subsidiary AMARON Batteries, announced plans to expand its presence in the two-wheeler electric vehicle (EV) market by focusing on chargers and lithium-ion batteries. This strategic move aims to generate additional revenue through the sale of lithium-ion batteries.
* In January 2023, GS Yuasa International Ltd. agreed with Honda Motor Co., Ltd. to develop a high-capacity, high-output lithium-ion battery for hybrid electric vehicles (HEVs). This collaboration accelerates Honda's electrification strategies in line with its carbon neutrality goals.
* In May 2022, EXIDE INDUSTRIES LTD. partnered with SVOLT Energy Technology to establish a lithium-ion cell manufacturing plant in India. Exide's plan includes the production of cells using popular chemistries such as Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) for cylindrical, pouch, and prismatic cell formats.
* In September 2021, BS BATTERY collaborated with motorcycle manufacturer Sherco to supply lithium batteries to all racing and production models. This strategic partnership enhances Sherco bikes with lightweight and reliable battery solutions.
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By propulsion type, the internal combustion engine (ICE) segment held the highest market share in 2022, accounting for more than two-third of the global motorcycle battery market revenue and is estimated to maintain its leadership status throughout the forecast period. The rising integration of internal combustion engines (ICEs) with the fuel-efficient system of motorcycles is one of the major factors driving the segmental growth across the globe. In addition, demand for gasoline-powered vehicles (ICEs) has increased in the developing economies owing to the lack of sophisticated charging infrastructure across countries, which further fuels the growth of ICE motorcycles in numerous countries. Moreover, advances in technology have allowed IC engine motorcycle manufacturers to equip more sophisticated components which drive the growth of the motorcycle battery market during the forecast period.
By battery type, the lithium-ion battery segment held the highest market share in 2022, accounting for nearly two-third of the global motorcycle battery market revenue and is estimated to maintain its leadership status throughout the forecast period. Lithium-ion batteries require less maintenance, which gives them an edge over other battery types. Self-discharge is less than half, compared to other batteries, making it well-suited for modern fuel gauge applications. Lithium-ion batteries cause less harm to the environment as compared to lead acid & NiMH batteries when disposed of properly. Moreover, the emergence of new and advanced electric vehicles for both personal and commercial applications is projected to drive the demand for lithium-ion batteries across the globe. Furthermore, the share of EVs has been increasing and owing to the increased sales, the demand for lithium-ion batteries in Europe and North America has been increasing. Moreover, with the 'Green Deal policy' launched in 2019 by the European Union, the share of EVs is likely to increase, further driving the demand for lithium-ion batteries during the forecast timeframe.
By motorcycle type, the standard segment held the highest market share in 2022, accounting for nearly two-fifths of the global motorcycle battery market revenue and is estimated to maintain its leadership status throughout the forecast period. Standard motorcycles consume less fuel as compared to other bikes (sports & cruiser) and are easy to control and ride, thus propelling the demand in the global market. Also, there is a huge market for lower-capacity (less than 300 cc) motorcycles, in African and Asian countries which is expected to drive the segmental growth in this region. For instance, Kawasaki's Z series & Honda's CB series are the best picks, with prices ranging from under $5,000 to over $10,000. In addition, they come in many varied sizes and are great for daily commuting as the are inexpensive, reliable, comfortable, and economical.
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By type, the dry cell battery segment held the highest market share in 2022, accounting for more than half of the global motorcycle battery market revenue. Dry cell batteries, which are also known as sealed lead-acid variants, provide motorcycle owners with a low-maintenance, compact, and lightweight power solution that enhances safety and reliability. These advantages make them a popular choice for riders seeking a convenient and efficient battery option for their motorcycles.
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global motorcycle battery market revenue and is projected to grow at a suitable CAGR during the forecast period. The growth of the regional market is attributed to the surge in technological innovations in the automobile industry, the increase in focus by manufacturers in the motorcycle industry on superior performance and comfort, and rise in the preference of consumers shifting toward durable motorcycle batteries. Moreover, developments have been carried out by the key players which create a wider scope for the growth of the market. For instance, in August 2023, Amara Raja Group through its subsidiary AMARON Batteries planned to expand its two-wheeler electric vehicle (EV) market through chargers & lithium-ion batteries. This strategy helps the company to expand its business by generating more revenue through sale of lithium-ion battery. Such developments create a wider scope for the growth of the market across the region.
Impact of Russia-Ukraine War
1. The Russia-Ukraine war has had an impact on the battery industry due to disruptions in the global supply chain.
The conflict has led to economic sanctions on Russia and its subsequent invasion of Ukraine, which has affected various industries, including the production of motorcycle batteries.
2. The war has disrupted the supply of critical raw materials needed for the production of batteries.
3. Initially, numerous battery manufacturers across the globe and in European countries relied on Russia for the supply of metals such as nickel, which are essential components to produce electric vehicle batteries including motorcycles.
4. Similarly, Ukraine provides lead-acid batteries to nearby European countries as well as to worldwide manufacturers to produce batteries.
5. The war has disrupted the supply chain and raised questions about the availability and price of the materials, therefore affecting the production and affordability of electric vehicle batteries.
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Key players covered in the motorcycle battery market report include Exide Industries LTD., Scorpion Battery, Inc., Robert Bosch GmbH, SF Batteries, KOYO Battery Co., Ltd., GS Yuasa International Ltd., BS Battery, Amara Raja Group, LEOCH International Technology Limited Inc, and Johnson Controls. The report provides a detailed analysis of these key players of the global Motorcycle Battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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