Power sports batteries market is anticipated to grow at a CAGR of 5.8% during the forecast period. Power batteries comprise absorbent glass mat (AGM) technologists combined with a new innovative design that offers more power, high reliability, and long life. The growth is driven owing to an increase in all-terrain vehicles’ popularity and a rise in the use of power sports to boost adventure tourism. Moreover, rising two-wheeler production, along with the wider application of batteries among all vehicles type including ATVs, motorcycles, and snowmobiles, is another major factor that boosts the market growth. New product development and launches by major key players will further aid in the growth of the global power sports batteries market. For instance, in June 2022, Colorado delivers the next evolution in electric-vehicle technology and started the production of solid-state battery cells for automakers to test. The silicon, solid-state battery cells, will be delivered to partners Ford Motor Co. and BMW by the end of the year, and the automakers, will then start qualification testing on the cells.
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The global power sports batteries market is segmented based on battery type, voltage, and distribution channel. Based on battery type, the market is bifurcated into conventional batteries, absorbent glass mat (AGM) batteries, and lithium batteries. Based on voltage range, the market is segmented into 6V, 12V, 24V, 36V, and 48V. Based on distribution channels, the market is segmented into OEM and aftermarket. Based on battery type, the lithium battery segment is expected to grow at the fastest rate during the forecast period. There is a different range of lithium batteries, such as lithium iron phosphate (LifePo4) batteries, such batteries are the safest, four times faster at charging, four times longer than other batteries, and combined with active intelligent monitoring they become four times lighter in weight. Hence, the major benefits provided by lithium batteries over other battery types, are expected to fuel the growth of lithium batteries in the coming years. Moreover, technological advancements along with the limited life cycle and assessable capacity of the battery have shifted the focus of the manufacturers from lead-acid batteries to lithium batteries. For instance, in March 2022, Enovix announced its latest development, BrakeFlow. BrakeFlow ushers in a new level of safety in Li-ion battery design. Adding BrakeFlow can significantly limit overheating during an internal shorting event, which is the primary cause of thermal runaway. The new technology will become a part of Enovix’s automatic tooling and production set at its Fremont factory, Fab-1, while it plans to make the technology available in its battery cells in 2023.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Power Sports Batteries Market Report by Segment
By Battery Type
- Conventional Batteries
- Absorbent Glass Mat (AGM) Batteries
- Lithium Batteries
By Voltage
- 6V
- 12V
- 24V
- 36V
- 48V
By Distribution Channels
- OEM
- Aftermarket
Global Power Sports Batteries Market Report by Region
North America
- US
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global power sports batteries market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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