Two-wheeler batteries are set up in both, IC engine-propelled in addition to in electric two wheelers, to control the vehicle‘s electric parts. In electric two wheelers, batteries are utilized for transmission of the vehicle and to power the engine. Increasing need for two wheelers such as cruiser bikes, sports bikes, and electric two wheelers is projected to generate remarkable growth prospects for the two-wheeler lead-acid batteries market by 2029.
As per Future Market Insights (FMI)’s recent research published report, the two-wheeler lead-acid batteries market is projected to reflect a respectable CAGR of 6% during the forecast period (2019-2029) and reach a valuation of over US$ 7 Bn by the end of 2029.
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Key Takeaways of Two Wheeler Lead Acid Batteries Market Study
- East Asia and South Asia are projected to remain key regions accounting for significant market share in the coming years.
- Higher sales and a huge existing fleet of two wheelers are projected to support the regional market growth.
- The aftermarket category is likely to expand at a substantial pace, on account of scheduled substitute of the present fleet, enhancing usage of two wheelers, in addition to expanding customer inclination for electric vehicles.
- Key players are centering on partnerships with automotive OEMs, distributors, and local servicing stations to encourage their products.
- Enhancing product quality by carrying out innovative technologies in the production procedures and developing an extensive range of products consorting to the specific need of consumers is important for market participants.
- Getting into long-term contracts with end users could offer constancy in growth opportunities and revenue generation for market players.
“Maintenance expense for the prolonged operational life and battery are the foremost considerations whereas securing two-wheeler lead-acid batteries. In most of the instances, flooded batteries are substituted with VRLA batteries, on account of their longer lifespan and maintenance-free operation.”
China’s Market to Touch US$ 4 billion by 2029
Asia is likely to stay the hub of value-creation opportunities for the two-wheeler lead-acid batteries market, fueled by large-scale manufacturing of two wheelers in Japan and China. While India dominates the pack in the global motorcycles sector, Malaysia, Indonesia, and Vietnam top the list in the two-wheeler rider rate. These aspects are influencing market participants to keep up allocating their resources to Asia. This research moreover reveals that the market for two-wheeler lead-acid batteries in China is anticipated to accomplish an estimation of close to US$ 4 Billion towards 2029.
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Traditionally, market players have been generating sustainable returns from IC (internal combustion) engines. Through 2024, two-wheeler lead-acid batteries valuing close to US$ 3 Billion will be furnished in IC engines. On the other hand, the cost hikes of IC engine vehicles together with increasing emission norms are determining the automotive sector to upsurge the manufacturing of electric vehicles. Accordingly, market participants are quick in changing over their capital allocation for an electric vehicle transmission to prevent themselves from profit warnings
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