DUBAI, UAE / ACCESSWIRE / September 14, 2020 / Future Market Insights: According to a new market study by Future Market Insights (FMI), the global two wheeler lead acid batteries market is forecasted to witness substantial growth in terms of value between 2019 and 2029.
The report suggests that shifting consumer preference towards two-wheelers, especially electric vehicles, will play a crucial role in the growth of the market. Two wheeler lead acid batteries find significant adoption in sports bikes and cruiser bikes, which are registering remarkable sales in developing economies.
Furthermore, the production of electric scooters has witnessed a significant uptick in the recent past on the back of factors such as alarming pollution levels, skyrocketing fuel prices, and the consequential introduction of supportive government policies. On these lines, the rising production volume of electric scooters will continue to fuel the demand for two wheeler lead acid batteries.
"High spending power in developed economies and increased spending on recreational sports such as country-side biking have also emerged as crucial growth attributes to the two wheeler lead acid battery market", opines FMI analyst.
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Two Wheeler Lead Acid Batteries Market - Key Takeaways
- The global two wheeler lead acid batteries market is projected to grow at a healthy CAGR of 6% and surpass a valuation of US$ 7 Bn by the end of 2029.
- By battery type, valve-regulated lead-acid (VRLA) batteries will remain the most sought-out type as they offer higher reliability, safety, and longer service life.
- Two wheeler lead acid batteries worth around US$ 3 Bn are expected to be equipped in internal combustion (IC) engines by 2024, making it the most lucrative sub-segment in technology.
- Electric technology is also expected to account for a remarkable share owing to the rising production of electric vehicles.
Two Wheeler Lead Acid Batteries Market - Key Trends
- Favorable government initiatives facilitating wide-scale production of electric vehicles are bestowing lucrative revenue opportunities to market players.
- The growing trend of micro-mobility and high preference for straightforward handling and better stability in vehicles will continue to boost the market growth.
Two Wheeler Lead Acid Batteries Market - Regional Analysis
- East Asia, which held over 55% of the market share in 2019, will spearhead the regional landscape through the forecast period, backed by the presence of a strong automotive sector.
- Being the hub of automotive production, China is expected to reach a valuation of US$ 4 Bn by 2029, making it the most lucrative regional market.
- North America and Europe will cumulatively account for a remarkable share ascribed to growing sales of two wheelers.
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Two Wheeler Lead Acid Batteries Market - Competitive Analysis
Key players operating in the market include Exide Industries Ltd., GS Yuasa Corporation, Leoch International Technology Limited Inc., Banner Batteries, Chaowei Power Holdings Limited, Tianneng Power International Limited, Robert Bosch GmbH, and Camel Group Co. Market players are focusing on research and development activities to develop advanced and innovative products to befit the ever-evolving technological requirements.
Two Wheeler Lead Acid Batteries Market - Taxonomy
- Less than 5 AH
- 5 AH to 10 AH
- 10 AH to 20 AH
- Above 20 AH
- Up to 150 CC
- 151 -300 CC
- 301 -500 CC
- Above 500 CC
- VRLA Batteries
- Sales Channel
- North America
- Latin America
- South Asia Pacific
- East Asia
- Middle East & Africa
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Get Valuable Insights into the Two Wheeler Lead Acid Batteries Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global two wheeler lead acid batteries market, presenting historical demand data and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the two wheeler lead acid batteries market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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SOURCE: Future Market Insights