North America & Europe SLI Battery Market: Introduction
Transparency Market Research delivers key insights on the SLI battery market in North America and Europe. In terms of revenue, the SLI battery market in North America and Europe is estimated to expand at a CAGR of 3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the SLI battery market in North America and Europe.
The SLI battery market in North America and Europe is broadly affected by several factors, including usage of SLI battery in the automotive sector and ongoing investments in R&D for the development of energy efficient SLI battery. Furthermore, the introduction of stringent regulations to minimize carbon emissions and several benefits associated with SLI battery, such as lack of requirement of maintenance and highly economical, are some of the factors estimated to create lucrative opportunities for the SLI battery market in North America and Europe. Lead, which is used in batteries, is recycled and reused in battery manufacturing. It has recycling rate of 99.2%. Furthermore, the acid used in batteries is processed and converted into sodium sulfate, an odorless white powder that is used in laundry detergents; and glass and textile manufacturing. This is also anticipated to propel the SLI battery market in North America and Europe.
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North America & Europe SLI Battery Market: Dynamics
The demand for light passenger vehicles and heavy-duty commercial vehicles has been increasing constantly in North America and Europe since the last few years. According to the International Organization of Motor Vehicle Manufacturers, the sales of commercial vehicles increased from 23 million units in 2014 to 27 million units in 2019. The demand for commercial vehicles is anticipated to rise in the near future due to improvements in standard of living and rise in purchasing power of consumers.
Rise in demand for light and commercial vehicle has led to increase in investment in production of two & four wheeler vehicles. SLI battery is extensively used in the automotive industry, as it provides power to the SLI system of vehicles. Thus, increase in demand for automobiles is expected to boost the SLI battery market in North America and Europe.
In terms of technology, the VRLA segment of the SLI battery market in North America and Europe was valued at more than US$ 2,500 Mn in 2019. The segment held moderate share of SLI battery market in North America and Europe in 2019. However, the segment anticipated to expand significantly during the forecast period. Rise in efforts to improve performance of start-stop vehicles and regenerative braking in ‘micro hybrid’ or ‘mild hybrid’ vehicles is a key factor propelling the demand for VRLA technology in the SLI battery market in North America and Europe.
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North America & Europe SLI Battery Market: Prominent Regions
The SLI battery market in North America is expected to expand during the forecast period, owing to ongoing technological advancements with respect to technical specification of battery to improve its overall operational efficiency. The U.S. dominated the SLI battery market in North America in 2019. The growth of the market in the country can be ascribed to the presence of key market players and rise in demand for automatic vehicles in the country.
The SLI battery market in Europe is projected to expand considerably during the forecast period, due to the growth of the automotive sector in the region. Furthermore, the introduction of strict government regulations to limit GHG emissions in the transportation sector is likely to drive the SLI battery market in Europe.
North America & Europe SLI Battery Market: Key Players
Key players operating in the SLI battery market in North America and Europe are Prime Batteries Technology, A123 Systems LLC, PowerTech Systems, Clarios, Exide Technologies, East Penn Manufacturing Company, AceOn Group, iQ International AG, C&D Technologies, and Hitachi Chemical Co., Ltd.
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