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Powersports battery is mainly utilized in ATVs, motorcycles, UTVs, golf carts, boats, snowmobiles, and lawnmowers. These power sports batteries are maintenance-free, completely sealed, and supplied by a large manufacturing unit. The power sports battery market has huge development potential during the forecast period because of urbanization, rise in per capita disposable income, increase in global demand for electric vehicles, and technological advancement in battery manufacturing. However, losing profits and the reputation of the OEM brand due to counterfeit products hinder the growth of the global market for powersports batteries.
COVID-19 Impact Analysis
The powersports batteries market was impacted by the COVID-19 pandemic. Global blockade restrictions have disrupted the production and sales of new vehicles, directly affecting the demand for powersports batteries. Furthermore, due to the disruptions in the supply chain, the raw materials required to manufacture powersports batteries were unavailable, resulting in production delays. These all factors have adversely affected the global powersports batteries market, resulting in significant drop in the industrial economy. However, companies are taking precautionary measures to tackle the adverse effects of the outbreak.
Top Impacting Factors
Market Trends
Lithium-ion Powersports Batteries – Upcoming Trends
The lithium-ion battery is a type of rechargeable battery, which uses lithium-ion as the main electrochemical component Lithium-ion battery technology has several advantages, including upcoming trends in the global powersports batteries market, which will drive the power-batteries market. Lithium-ion batteries as compared to other batteries, can store very high voltage and charge per unit mass and unit volume. Lithium-ion batteries have low self-discharge, high energy density, fast charging speed, and long service life. Manufacturers are developing power-sports battery cells according to the advanced lithium-ion batteries. The limited life cycle and assessible capacity may shift the focus from lead-acid batteries to lithium-ion batteries, and promote the power-sports batteries markets during the forecast period. Another advantage of lithium-ion batteries is its lightweight, which aids to maintain the power-to-weight ratio of the vehicle. The electrodes of lithium-ion batteries are made up of lithium and carbon. Lithium ion batteries store more energy per kilogram of weight compared to lead-acid batteries. Thus, the introduction of lithium-ion batteries in electric vehicles is going to boost the overall EV battery cells market during the forecast period.
Key Benefits of the Report:
Questions Answered in the Power-Sports Batteries Market Research Report:
Key Market Segments
Key Market Players