Growth in demand for zero emission vehicles and reduction in cost of electric vehicle batteries drive the growth of the global motorcycle battery market.
WILMINGTON, Del., Dec. 1, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Motorcycle Battery Market by Type (Wet Cell Battery, Dry Cell Battery, and Gel Motorcycle Battery), Battery Type (Lithium-ion Battery, Lead-acid Battery, and Others), Motorcycle Type (Standard, Sports, Cruiser, and Others), and Propulsion Type (Internal Combustion Engine (ICE) and Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, global 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.
Prime determinants of growth
Growth in demand for zero emission vehicles and reduction in cost of electric vehicle batteries drives the growth of the market across the globe. However, factors such as stringent lead pollution norms and instability in the prices of the raw material creates a barrier affecting the growth of the market across the globe. Moreover, factors such as 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.
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Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$8.57 billion |
|
Motorcycle Battery Market Size in 2032 |
$12.73 billion |
|
CAGR |
4.3 % |
|
No. of Pages in Report |
250 |
|
Segments Covered |
Type, Battery Type, Motorcycle Type, Propulsion Type and Region |
|
Drivers |
Growth in demand for zero emission vehicles Reduction in cost of electric vehicle batteries |
|
Opportunities |
Evolution of lithium-ion technology Proactive government initiatives
|
|
Restraints |
Stringent lead pollution norms Instability in the prices of the raw material |
Impact of Russia-Ukraine war
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.
The war has created disruption in the supply of critical raw materials needed for production of battery.
Initially, numerous battery manufacturers across the globe and in European countries relies on Russia for the supply of metals such as nickel, which are essential components to produce electric vehicle batteries including motorcycles.
Similarly, Ukraine provides lead-acid batteries to the nearby European countries as well as to the worldwide manufacturers to produce battery.
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.
The dry cell battery-based segment to maintain its leadership status throughout the forecast period
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.
The Lithium-ion battery segment to maintain its leadership status throughout 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 application. 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.
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The standard segment to maintain its leadership status throughout the forecast period
By motorcycle type, the standard segment held the highest market share in 2022, accounting for nearly two-fifth 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 economic.
The internal combustion engine (ICE) segment to maintain its leadership status throughout the forecast period
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.
Asia-Pacific held the highest market share in 2022 and is expected to lead the market by 2032
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 automobile industry, increase in focus by manufacturers in motorcycle industry on superior performance and comfort, and rise in the preference of consumer 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.
Report Key Highlights:
The report provides a detailed analysis of motorcycle batteries, covering the period from 2022 to 2032.
Latest developments in the motorcycle battery market are highlighted, including the profiling of top companies in the industry.
The research study encompasses various segments and regions for a comprehensive market analysis.
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. entered into an agreement 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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Leading Market Players: –
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
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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