Global Solar And Motorcycle Battery Market - 2023-2030

Global Solar And Motorcycle Battery Market - 2023-2030

Global Solar and Motorcycle Battery Market reached US$ 243.4 million in 2022 and is expected to reach US$ 988.6 million by 2030, growing with a CAGR of 19.2% during the forecast period 2023-2030.

The market's expansion is influenced by the two-wheeler market's phenomenal growth. A motorcycle's battery is made up of many cells contained in a plastic shell. Additionally, manufacturers' increased R&D expenditures and the increasing usage of electric cars are to blame for the rising demand for batteries in the automotive industry. The solar battery is often used to store and release solar energy as needed. Lead-acid or lithium-ion batteries are used.

The lead acid segment holds more than 2/3rd share of the market and lead-acid battery demand is anticipated to increase as solar battery use increases in both home and business settings. Small-scale applications work best with certain lead acid batteries, such as flooded lead-acid batteries. In comparison to lithium-ion batteries, they are affordable and have a long lifespan(5-8 years). In addition, a lead-acid battery known as a deep-cycle absorbent glass mat battery performs well in high-vibration situations.

Market Dynamics

Increasing Renewable Energy Adoption

The market for solar and motorcycle batteries is primarily driven by the rising use of renewable energy, particularly solar electricity. The demand for solar power systems has been increasing as more people, organizations and governments become aware of the advantages solar energy provides for the environment and the long-term financial savings it may provide. Solar batteries play a crucial role in this adoption by permitting the effective storage and use of solar energy.

The demand for solar and electric motorcycles battery is being fueled by the rising use of renewable energy sources and the emphasis on environmentally friendly transportation, which in turn is fueling the expansion of the motorcycle battery industry. Due to their zero-emission status and affordability, electric motorcycles powered by batteries are more popular as governments enforce tougher emission rules and people look for eco-friendly transportation solutions.

Technological Advancements in Solar and Motorcycle Battery Technology

The development of solar and motorcycle battery technology has considerably fueled the market's expansion. Higher energy densities and longer battery lives are now possible because of improved battery chemistries like lithium-ion batteries. Solar batteries are growing healthier and perform better overall, storing and discharging solar energy with greater dependability and efficiency thanks to advanced battery management technologies.

Furthermore, the use of lithium-ion batteries and other technological developments in motorcycle battery technology has been crucial to the expansion of the market for electric motorcycles. These developments have addressed the range constraints and enhanced overall performance with better energy densities, longer battery lives and faster charging capabilities.

Limited Availability Of Charging Infrastructure

The expansion of the solar and motorcycle battery market is heavily restricted by the lack of sufficient charging infrastructure. Even if the number of charging stations is growing, the lack of a complete and accessible network might make electric motorcycles less convenient, especially on longer excursions or in places with little access to charging stations. A reliable and well-distributed charging infrastructure is essential for electric bikes to be widely used.

Riders may need help locating convenient charging choices without a robust network, especially on longer trips or while visiting places with few charging stations. Riders that are anxious about running out of battery charge and being unable to find a charging station may experience range anxiety as a result of the absence of readily available and dependable charging infrastructure.

Additionally, range anxiety, which is the worry that an electric motorcycle rider has about not being able to reach their destination because of the battery's restricted range or the lack of suitable charging alternatives along the route, can be exacerbated by a lack of charging infrastructure. Concerning their trust in their capacity to do the intended travels without running out of battery juice, range anxiety can be a significant deterrent for those considering purchasing an electric motorcycle.

COVID-19 Impact Analysis

The COVID-19 pandemic caused substantial supply chain problems for the solar and motorcycle battery industry on a worldwide scale. The flow of the raw materials, components and machinery required for battery manufacture was hampered by factory closures, transit constraints and a decrease in the workforce's availability. Process delays in production and installation were caused by these interruptions.

The COVID-19 pandemic's effects on the economy caused a decrease in consumer expenditure and purchasing power. Many customers restricted discretionary expenditure, including purchases of motorcycles and related items like batteries, as a result of the uncertainty surrounding jobs, income stability and financial security. As a result, fewer motorcycles were sold, which decreased the need for motorcycle batteries.

Segment Analysis

The global solar and motorcycle battery market is segmented based on type, ampere range, distance covered, motorcycle type and region.

Rising Demand for a Steady Power Supply in the Industrial Industry

The industrial segment holds more than xx% share of the global solar and motorcycle battery market. The market's expansion is anticipated to be driven by the industrial sector's need for a consistent power supply. Industry players are attempting to use electrical equipment as efficiently as possible during blackouts, which is anticipated to accelerate market growth. The solar battery system utilized in industrial settings might also offer lower maintenance and power costs.

Additionally, the SEC Battery Company, Exide Industries and EnerSys are a few of the top producers of industrial solar batteries. In oil and gas, petrochemical, power production, distribution and gearbox industries, these solar battery systems are employed in severe locations. These work well as power backup systems for installations off the grid.

Geographical Analysis

Europe Growing Intense R&D Efforts Together With The Funding Of Several Solar Power and Energy Storage Projects By Government

The solar and motorcycle battery market in France, Germany, the UK, Spain, Italy and the rest of Europe are all examined. The industry will increase as a result of vigorous R&D efforts and the support of several solar power and energy storage initiatives by governing organizations like the European Commission. Major producers offering a variety of solar batteries for small, medium and big projects, including LG Chem Europe GmbH, Victron Energy and BMZ Group, will also favor the market's expansion.

The expansion of the solar and motorcycle battery industry is anticipated to be significantly aided by the renewable energy target. In order to meet the 32% renewables objective, European countries are achieving their 2020 renewable energy targets and starting to execute their 2030 National Energy and Climate Plans (NECPs).

This will enable several European nations to continue decarbonizing their power networks and changing their energy infrastructure at an affordable cost. For instance, in 2020 one of the Italian battery storage companies received a contract for the supply of 95 MW of solar battery storage. However, nations like UK and Portugal support solar battery storage capacity auctions. Such advancements are projected to have a favorable effect on market expansion.

Competitive Landscape

The major global players include Tesla, LG Chem, Panasonic Corporation, BYD Company, Samsung SDI, East Penn Manufacturing Co., Yuasa Battery, Inc., Exide Technologies, GS Yuasa Corporation and Johnson Controls.

Why Purchase the Report?
• To visualize the global solar and motorcycle battery market segmentation based on type, ampere range, distance covered, motorcycle type, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of solar and motorcycle battery market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global solar and motorcycle battery market report would provide approximately 78 tables, 78 figures and 181 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies