As per the report published by Fior Markets, the SLI battery market is expected to grow from USD 32.91 billion in 2020 to USD 44.04 billion by 2028, at a CAGR of 3.71% during the forecast period 2021-2028.
SLI batteries are rechargeable lead-acid batteries that are often seen in vehicles. SLI stands for starting, lighting, and ignition, and these operations all consume energy from the vehicle’s battery. A vehicle owner should understand the SLI battery’s essential characteristics, specs, and functions in the vehicle’s overall performance. Battery technology has advanced steadily over the last several decades and is now extensively utilized in various sectors. SLI batteries are primarily used in traditional cars with internal combustion engines to simultaneously start the engine and provide power to the entire vehicle when the engine is turned off. SLI battery manufacturers are progressively devoting resources to research and development since power density is a critical characteristic that defines the quality and performance of SLI batteries. Furthermore, due to the significant recent step of the “start-stop” system, SLI battery makers are compelled to innovate and develop new ways to prolong overall battery life.
The worldwide SLI battery market size will be boosted by the relocation of car production plants and rising consumer spending power in developing nations. Enhanced Flooded Batteries (EFB) and Valve Regulated Lead Acid (VRLA) batteries have benefited from adopting new automotive technology such as start-stop systems and regenerative braking. The shift will aid the industry’s growth in the trend toward personal mobility and e-hailing.
The car sector has a considerable need for SLI batteries. However, owing to lockdowns in many nations, the COVID-19 epidemic has affected the supply chain and the availability of labor. As a result, SLI battery manufacturing has decreased, and end-user demand has been reduced. However, a surge in electric car sales in the latter months of 2020 is expected to boost demand for SIL batteries soon.
Key players operating in the SLI battery market are Johnson Controls, East Penn, Leoch International, Crown Battery, Enersys, Braille Battery, Trojan Battery, U.S. Battery, Continental Battery, Fabrica Nacional de Acumuladores. To earn a significant market share in the SLI battery market, the key players now focus on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In October 2018, Amara Raja Batteries partnered with Johnson Controls to bring revolutionary battery technology to India that offers advanced consumer benefits and rigorous pollution regulations for the automobile sector.
VRLA segment dominated the market and held the largest market share of 41.29% in the year 2020
Based on technology, the SLI battery market is segmented into VRLA, Flooded, and EFB. The VRLA technology segment dominated the SLI battery market and held the largest market share of 41.29% in 2020. Some of the essential underlying qualities that will push the implementation of these units over flooded lead-acid batteries are their high-cranking performance and long service life. Increased demand for light and heavy commercial vehicles due to increased freight traffic will help the company develop even faster. However, due to their high maintenance costs and inability to store comparable energy, flooded LAB batteries are expected to lose their dominance over VRLA batteries.
OEM segment dominated the market and held the largest market share of 39.78% in the year 2020
Based on application, the SLI battery market is segmented into Aftermarket and OEM. The OEM application segment dominated the SLI battery market and held the largest market share of 39.78% in 2020. Increased investments in automotive production in emerging nations, along with a shift in consumer preferences toward personal mobility, will boost company growth. Over the projection period, the sector will rise due to aggressive expansion by original equipment manufacturers into the aftermarket business and increased expenditures in customer experience optimization.