PUBLISHER: Allied Market Research | PRODUCT CODE: 1414812
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414812
The Motorcycle Battery Market is expected to experience a significant growth rate of 4.3% from 2023 to 2032 owing to an increase production of motorcycles and demand for durable batteries to be used in motorcycles - Allied Market Research
Developments have been carried out by the key players operating across the globe for offering durable motorcycle batteries, which created a wider scope for the growth of the market across the globe. Companies such as EXIDE INDUSTRIES LTD., KOYO BATTERY CO., LTD., and Amara Raja Group have been offering a wider range of two-wheeler batteries, which supplements the growth of the market across the globe.
The motorcycle battery market is witnessing significant growth, driven by a surge in motorcycle ownership across the globe. The increase in popularity of motorcycles as a cost-effective and fuel-efficient mode of transportation, coupled with a rise in affinity for recreational riding, has fueled the demand for reliable and high-performance batteries. Governments of various countries have taken initiatives to reduce carbon footprints by encouraging use of electric bikes, electric vehicles, and bicycles, owing to rise in awareness toward hazardous effects of using vehicles running on fossil fuels. Moreover, governments across the globe are coaxing vehicle manufacturers to reduce carbon emissions caused by diesel fuel combustion and tackle greenhouse gas emissions, in turn, pushing them to invest in developing electric vehicles.
In addition, governments around the world are supporting the purchase of electric vehicles, in terms of tax credits and incentives. Moreover, central governments of a few countries such as India, China, and Japan are providing exemption from highway toll tax for electric vehicles. For instance, for faster adoption of electric vehicles, the government of India plans to lower the goods & service tax (GST) on EVs from 5% to 12%. Similarly, the government of South Korea has announced that it will be providing $900 million tax exemptions and subsidies for development and purchase of electric and fuel cell vehicles. Thus, increase in government support for development and purchase of electric vehicles, in terms of tax credits, subsidies and incentives, is one of the major factors that is anticipated to propel the demand for electric vehicles, which in turn is projected to generate lucrative market opportunity for the growth of motorcycle battery market in the forecast period.
Factors such as growth in demand for zero emission vehicles and reduction in cost of electric vehicle batteries drives the growth of the market across the globe. However, factors such as stringent lead pollution norms and instability in the prices of the raw material creates a barrier affecting the growth of the market across the globe. Moreover, factors such as evolution of lithium-ion technology and proactive government initiatives are the factors that create lucrative opportunities for the growth of the market across the globe.
The key players profiled in the report are Exide Industries LTD., Scorpion Battery, Inc., Robert Bosch GmbH, SF Batteries, KOYO Battery Co., Ltd., GS Yuasa International Ltd., BS Battery, Amara Raja Group, LEOCH International Technology Limited Inc, and Johnson Controls.
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