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Global SLI Battery Market is forecast to witness a CAGR of over 3% in the coming years and cross $ 47 billion by 2025

Author : Rahul Sankrityayan | Published Date : 2020-10-14 

The SLI battery market is poised to amass remarkable growth on account of burgeoning demand for new passenger vehicles. Automotive companies are witnessing healthy growth owing to rising consumer spending and growing economic stability.

These companies are highly dependent on SLI batteries as they are used to start a vehicle. Surging investments in vehicle manufacturing along with ongoing technological advancement could stimulate the demand for starter batteries over the forthcoming years.

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Proliferating demand for passenger vehicles coupled with increasing number of automobile plants being developed worldwide will improve business outlook. Several automotive companies are planning to shift their manufacturing facilities to emerging economies like Brazil, China, India, and Indonesia to maximize their profits and leverage the region’s rich resources. Growing prevalence of personal and e-hailing mobility is meanwhile augmenting the demand for SLI batteries.

According to a study conducted by Global Market Insights, Inc., the global SLI battery market is anticipated to cross USD 47 billion by the year 2025.

What are the benefits aftermarket SLI batteries?

Presence of large number of vehicles over their warranty period could advance the demand for aftermarket SLI batteries and services. Customers nowadays are willing to spend more on maintenance and repair of their vehicles

Rising cases of out-of-warranty vehicles could expedite the demand for lead-acid SLI batteries. Evolving perspective towards vehicle maintenance could broaden the prospect for SLI batteries. Estimate thereby suggest that the aftermarket segment might expand over 2% within the predicted timeframe.

How is MEA augmenting global SLI battery industry size?

Rising number of CKD (Complete Knock-Down) facilities will favor the Middle East & Africa SLI battery industry outlook. Estimates claim that MEA market could record more than USD 4 billion by 2025.

Over the year, the region has witnessing a prominent rise in per capita income, which has significantly boosted the automobile sector. Increasing number of construction activities coupled with robust economic growth could drive the adoption of light & heavy commercial vehicles, in turn accelerating the sales of SLI batteries.

Why is APAC considered as a promising market for SLI battery manufacturers?

Rapid advancements in the automobile sector could play a vital role in supporting Asia Pacific SLI battery market growth. Prominent automotive companies are planning to invest in the region owing to abundant availability of resources, skilled laborers, robust R&D facilities, and low-cost steel production.

Comprehensive macroeconomic indicators could massively benefit regional SLI battery business. Asia Pacific has recorded prominent sales of two-wheeler in recent years. Proliferating demand for motorcycles coupled with rising number of car ownerships will enhance product demand in the region.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. [email protected] | https://twitter.com/sankritsays

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