Asia Pacific SLI Battery Market Size & Share 2023 to 2032
Market Size by Technology {Flooded, EFB, VRLA (AGM, GEL)}, by Sales Channel (OEM, Aftermarket), Growth Drivers, Industry Trends & Forecast.
Report ID: GMI6579
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Published Date: August 2023
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Report Format: PDF
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Authors:
Ankit Gupta, Vishal Saini
Asia Pacific SLI Battery Market Size
Asia Pacific SLI Battery Market size was valued at USD 12.2 billion in 2023 and is estimated to exhibit 2.3% CAGR during 2024 to 2032. The increasing sales of automobiles, including passenger cars, and commercial vehicles, drive the demand for SLI batteries used in these vehicles' starting and ignition systems.
Asia Pacific SLI Battery Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Rapid urbanization and the expansion of transportation infrastructure in Asia Pacific countries result in a higher number of vehicles on the road, consequently boosting the demand for SLI batteries. Furthermore, in some Asia Pacific regions, temperature extremes impact battery life, which results in more frequent replacement and maintenance of SLI batteries, boosting market demand.
COVID-19 Impact
The COVID-19 pandemic has had significant effects on the Asia Pacific SLI (Starting, Lighting, Ignition) battery market. Lockdowns, supply chain disruptions, and reduced economic activity led to decreased vehicle production and sales, impacting the demand for new SLI batteries. The automotive aftermarket also saw a decline due to restricted movement and consumer uncertainty.
However, as restrictions eased and economic recovery began, there was a gradual rebound in vehicle sales and aftermarket activities, contributing to market stabilization. The shift towards online commerce for auto parts and increased focus on personal vehicles for safety concerns have played a role in driving the aftermarket for SLI batteries. Despite initial setbacks, the market is adapting to the new normal and showing signs of recovery as economies continue to reopen.
Asia Pacific SLI Battery Market Trends
In the Asia Pacific region, the SLI (Starting, Lighting, Ignition) battery market is witnessing several noteworthy trends. As countries strive for sustainable transportation solutions, electric vehicles (EVs) are gaining traction, influencing SLI battery design to cater to auxiliary systems in these vehicles. Additionally, the rise of start-stop technology in conventional vehicles is driving demand for enhanced flooded batteries (EFB) and absorbed glass mat (AGM) batteries, optimized for frequent cycling and increased accessory loads. The push towards cleaner energy sources is also encouraging innovation in SLI battery technology, with research focused on improving energy density, efficiency, and lifespan.
The growing e-commerce sector is impacting aftermarket distribution channels, with increased online sales of automotive parts including SLI batteries. Government initiatives promoting energy-efficient vehicles and green transportation further shape the market landscape. Furthermore, amid the ongoing digital transformation, data-driven maintenance solutions are emerging, enabling better battery management and predictive maintenance strategies and driving the Asia Pacific SLI battery market growth.
Asia Pacific SLI Battery Market Analysis
The Flooded batteries holds market share of over 69% in 2022 and is likely to surpass USD 9.7 billion by 2032. These batteries are favored for their affordability, which resonates with price-sensitive markets across the region. Their well-established technology engenders trust among consumers and manufacturers alike. Flooded batteries' tolerance for high temperatures aligns with the climatic conditions of many Asia Pacific countries, enhancing their suitability. Renowned for their durability and robust construction, these batteries find applications in challenging environments, prevalent in sectors like agriculture and construction.
The ease of maintenance, involving periodic water level checks and occasional topping up, further adds up to the appeal of flooded SLI batteries. Their versatility across vehicle types, from small scooters to large trucks, contributes to their widespread adoption. Furthermore, in a region where vehicle ownership is high and the aftermarket plays a significant role, flooded batteries experience robust demand for replacements and upkeep. Their local manufacturing and maintenance support regional economies. In areas with limited charging infrastructure and access to specialized technologies, the practicality of flooded batteries remains unquestionable.
Asia Pacific SLI battery market size from aftermarket segment exceeded USD 9.1 billion in 2022 and is predicted to observe gains at nearly 2% up to 2032. The increasing vehicle ownership across the region contributes to a substantial and expanding vehicle parc that demands battery replacements and maintenance, fostering the aftermarket battery sector. As the vehicle fleet ages, the need for battery replacements becomes pronounced, particularly considering the sizable number of older vehicles in the region. Rapid urbanization encourages personal vehicle ownership, creating a sustained requirement for aftermarket SLI batteries.
Technological advancements in battery design and manufacturing elevate the durability and efficiency of batteries, encouraging vehicle owners to opt for aftermarket replacements. Furthermore, stringent emission regulations drive automakers to integrate advanced start-stop systems, subsequently increasing battery usage and aftermarket replacement needs. The aforementioned factors are therefore forecast to accelerate Asia Pacific SLI battery market expansion.
China SLI battery market is expected to witness over 2.2% CAGR trough 2032. With China being the world's largest automotive market, the sheer volume of vehicles, both new and existing, drives a robust demand for replacement SLI batteries. The continuous expansion of the country's vehicle fleet, coupled with rising urbanization and improved living standards, contributes to a steady need for automotive batteries. Government support for the electric vehicle (EV) industry has spurred advancements in battery technologies, indirectly benefiting the SLI battery sector through improved manufacturing processes and increased consumer awareness of battery maintenance.
Additionally, China's focus on technological innovation, including battery management systems and start-stop technology, augments the demand for high-performance SLI batteries. The growing popularity of ride-sharing and e-commerce platforms further escalates vehicle usage, increasing the requirement for aftermarket battery replacements. Climate variations across the vast country, from cold winters to hot summers, expedite battery wear and necessitate more frequent replacements, enhancing the aftermarket sector. The increasing consumer knowledge about vehicle maintenance and performance bolsters the inclination toward timely battery replacements, which in turn drives the product deployment rate across the country.
Asia Pacific SLI Battery Market Share
Major manufacturers operating across the Asia Pacific SLI battery market are engaged in backward and forward integration with raw material suppliers and automobile manufacturers to augment their market share. Key players are extensively investing in R&D activities to improve the battery performance and thus offer reliable and efficient technologies. Some of the prominent companies of SLI battery include
Asia Pacific SLI Battery Market News:
This market research report on Asia Pacific SLI battery includes an in-depth coverage of the industry with estimates & forecast in terms of Million Units and USD Million from 2019 to 2032, for the following segments:
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