Enjoy complimentary customisation on priority with our Enterprise License!
The powersports batteries market size is estimated to grow at a CAGR of 5.25% between 2023 and 2028. The market size is forecast to increase by USD 2,318.36 million. The growth of the market depends on several factors such as the the major motorcycle OEMs venturing into the electric motorcycle sector, the increasing demand for ATVs for recreational and adventurous sports activities, and the advancements in battery technology.
For More Highlights About this Report, Download Free Sample in a Minute
A key factor shaping the power sports batteries market growth is the growing popularity of motorsports. There is a growing popularity for motorsports across the world. In addition, this category includes a wide range of vehicles, such as cars, bikes, go-karts, boats, trucks, and snowmobiles. Furthermore, cars are the most popularly used vehicles in motorsports.
Moreover, the National Association for Stock Car Auto Racing (NASCAR), Formula One World Championship, and INDYCAR are some of the popular auto racing series. In addition, sponsorship, advertising, merchandising, and broadcasting are the key reasons for using power sports batteries in motorsports. Furthermore, the inclusion of EVs in the Formula One racing events under the flagship of Formula E is expected to have a positive influence on the global power sports batteries market. Hence, such factors drive the market growth during the forecast period.
The motorcycles segment is estimated to witness significant growth during the forecast period. The major factors that are fuelling the growth of the market are the decline in battery prices, lower operating and maintenance costs, subsidies and incentives offered by the government in different countries, and increasing awareness of the need to curb vehicular emissions. In addition, the market is in the early stage of innovation, with a high level of product differentiation between vendors. Therefore, there are high investments in R&D and new technologies.
Get a glance at the market contribution of various segments Download PDF Sample
Moreover, the challenges in the market in focus are expected to compel the market players to innovate continuously and differentiate their products from those of their competitors. As a result, it will contribute to the growth of this segment. In addition, well-established manufacturers of conventional motorcycles are working on electric powertrains to enter the motorcycle segment. For example, major motorcycle manufacturers are expected to enter the electric motorcycle industry. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In APAC, the growth of the market is fuelled by the increasing use of recreational vehicles in regions such as Australia, Japan, China, South Korea, and India. In addition, in recent years, the power sports batteries market in APAC saw a boom, with China, Australia, and India having the largest share in the region. Moreover, in China, the power sports batteries market has witnessed an increase due to factors such as the national focus on the development of campgrounds, tourism, and the recreational vehicle industry, but it has experienced significant fluctuations over the past few years. Hence, such factors drive the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global binge-eating disorder treatment market witnessed a significant slowdown due to the temporary closure of various sports activities. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of sports activities. Such factors are expected to drive the market during the forecast period.
One of the key factors driving the power sports batteries market growth is the major motorcycle OEMs venturing into the electric motorcycle sector. The demand for electric two-wheelers has been growing rapidly in recent years. In addition, people are becoming more conscious of the environment and the impact of their actions on it. As a result of this awareness, they are switching to eco-friendly alternatives such as electric two-wheelers.
Moreover, the rising demand for sustainable mobility is expected to lead to the replacement of IC engine-based vehicles with electric vehicles in the long run. Thus, to sustain in such a business environment, several motorcycle manufacturers are working on expanding their motorcycle product portfolios with electric motorcycle models. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Hazards of lithium-ion-powered batteries are one of the key challenges hindering the power sports batteries market growth. There is a growing concern among professional sports owners regarding the weight of the boat as it affects the overall performance of the vehicle. Therefore, lithium-ion batteries are mainly used in sports vehicles.
Moreover, lithium-ion batteries are highly volatile and are known to cause fire hazards while taking indefinite amounts of engine loads. In addition, OEMs have been undertaking product recalls of lithium-ion batteries, especially of models used within automotive, as automotive batteries are more frequently used and sold than batteries. Furthermore, the risks of fire hazards with lithium-ion marine batteries on power sports vehicles remain largely unaddressed by OEMs. Hence, such factors hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Powersports Batteries Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CLARIOS LLC: The company offers powersports batteries such as AGM, Flooded, Clarios xEV.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The powersports batteries market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
|
Powersports Batteries Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
161 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.25% |
|
Market growth 2024-2028 |
USD 2,318.36 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
4.31 |
|
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 50% |
|
Key countries |
US, China, India, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
BS Battery, CLARIOS LLC, Discover Battery, East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Fullriver Battery, GS Yuasa International Ltd., Interstate Batteries Inc., Johnson Controls International Plc, PAM Vilicar doo, Power Sonic Corp., Poweroad Xiamen Renewable Energy Technology Co. Ltd., Renegade Battery, Robert Bosch GmbH, Scorpion Battery Inc., Skyrich Powersport Batteries, Super B Lithium Power B.V., The NOCO Co., and Trojan Battery Co. LLC |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
