Enjoy complimentary customisation on priority with our Enterprise License!
The deep cycle batteries market share is expected to increase by USD 2.41 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.43%.
This deep cycle batteries market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers deep cycle batteries market segmentations by type (VRLA batteries and FLA batteries), application (stationary, automotive, and motive power), and geography (APAC, North America, Europe, South America, and MEA). The deep cycle batteries market report also offers information on several market vendors, including C&D Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, EverExceed Industrial Co. Ltd., Exide Industries Ltd., Exide Technologies, GS Yuasa Corp., HBL Power Systems Ltd., and Johnson Controls International Plc among others.
Download the Free Report Sample to Unlock the Deep Cycle Batteries Market Size for the Forecast Period and Other Important Statistics
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing use of golf carts among the older population is notably driving the deep cycle batteries market growth, although factors such as growth in the use of Li-ion batteries may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the deep cycle batteries industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Deep Cycle Batteries Market Driver
The growing use of golf carts among the older population is notably driving the deep cycle batteries market growth. In developed countries such as the US, golf carts have become ideal for the elderly population. Other than their use in golf centers, these carts are quite handy for chores such as buying groceries and for commuting very short distances. In India, the government has introduced golf carts in the public sector for the older population. In India, the government has also started using golf carts in airports too. The Saudi Railway Organization also offers golf cart service for senior citizens and passengers with disabilities at the Dammam, Riyadh, and Hofuf rail stations. Golf carts are being used for daily commuting, and the trend is growing. Such adoption of golf carts for diversified applications is anticipated to drive the demand for golf carts during the forecast period.
Key Deep Cycle Batteries Market Trend
Growing high-speed rail networks in developing nations is the key market trend driving the deep cycle batteries market growth. Developing countries in APAC, namely China and India, are increasingly investing in high-speed rail networks. In October 2019, the Railways department of India announced its plan to invest about $2574 million to upgrade the infrastructure on the Delhi-Mumbai and Delhi-Kolkata routes to operate trains at a speed of 160 kmph. Similarly, in January 2019, China announced its plan to invest 6,800 km of new railway lines in 2019, out of which about 3,200 were planned to be a high-speed rail track. There has been a significant rise in the number of high-speed trains over the past few years. These developments entail the significant potential for the overall growth of the deep cycle batteries for the rolling stock market.
Key Deep Cycle Batteries Market Challenge
The major challenge impeding the deep cycle batteries market growth is the growth in the use of Li-ion batteries. Li-ion batteries are the most dominant technology for Internet services. Advances in technology in the telecom sector, such as 4G/LTE, require a continuous and efficient power supply. Attributes such as prolonged lifespan and longer replacement time of Li-ion batteries make them an ideal choice for energy storage in the telecom sector. Due to these factors, the use of Li-ion batteries is increasing day by day. The growth in the Li-ion battery market is resulting in declining in the global lead-acid battery market, which directly affects the global deep cycle batteries market owing to the increase in adoption of the Li-ion battery in applications such as ESS and telecom towers.
This deep cycle batteries market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global deep cycle batteries market as a part of the global electronic components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the deep cycle batteries market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the deep cycle batteries market encompasses successful business strategies deployed by the key vendors. The deep cycle batteries market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The deep cycle batteries market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the deep cycle batteries market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.