Solar and Motorcycle Battery Market Size, Share, Industry Trends, Outlook, Growth Opportunities and Market Forecast 2023 - 2030

Global Solar and Motorcycle Battery Market is Segmented By Type (Lead Acid, Lithium-ion, Flow Battery, Others), By Ampere Range (Less than 2.5 Amp, More than 2.5 Amp), By Distance Covered (Below 75 Miles, 75 – 100 Miles, Above 100 Miles), By Motorcycle Type (Scooters, Motorcycles, Sports Bikes, Chemical, Cruisers, Others), By End-User (Commercial, Residential, Industrial), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Solar and Motorcycle Battery Market Size

Global Solar and Motorcycle Battery Market reached USD 243.4 million in 2022 and is expected to reach USD 988.6 million by 2030, growing with a CAGR of 19.2% during the forecast period 2023-2030. The solar battery is often used to store and release solar energy as needed.

Lead-acid or lithium-ion batteries are used. It can often store extra energy in solar cell frameworks and is rechargeable. Solar power plants, off-grid storage systems, and solar charging stations are a few of the main applications of solar batteries. The key force behind the market's expansion is the rising demand for environmentally friendly energy storage technologies.

Asia-Pacific is among the growing regions in the global solar and motorcycle battery market covering more than 1/3rd of the market and owing to rapid urbanization and traffic congestion. Motorcycles are a flexible way to get through crowded locations and are a vital form of transportation for both individuals and small companies. Due to government programs supporting electric mobility and environmental concerns, the area has seen an increase in interest in electric motorcycles.

The largest motorcycle battery in the world is in Asia-Pacific, where sales are mostly concentrated in nations like China, India, Indonesia, and Vietnam. As an economical method of personal transportation, motorcycles are in high demand in many Asian cities owing to rapid urbanization and traffic congestion. The adoption of electric two-wheelers has been encouraged by legislation and incentives in nations like China and India, increasing demand for motorcycle batteries.

Solar and Motorcycle Battery Market Scope

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Solar and Motorcycle Battery Market Dynamics

Increasing Renewable Energy Targets and Policies

Governments worldwide are setting ambitious renewable energy targets to reduce carbon emissions and combat climate change. These targets drive the demand for solar energy and energy storage solutions. According to the IEA's main-case prediction, the total installed capacity of the People's Republic of China would be exceeded by global sources of renewable energy by almost 2 400 GW (or nearly 75%) between 2022 and 2027.

The International Energy Agency (IEA) reports that since 2015, there has been an increase in demand for renewable energy. For instance, the yearly solar PV capacity surpassed 100 GW in 2017, a 31% increase from 2016. The surge in demand for renewable energy sources, the need to reduce carbon emissions as little as possible and our dependence on fossil fuels are all contributing factors to the rising need for PV technology.

In addition, solar PV saw a growth rate of 22% in 2019 compared to wind and hydropower, which is attributable to the increased need for energy in developing nations like India, China and Thailand. The quickening industrial and urbanization processes are blamed for the rising demand.

Government Regulations that are Beneficial to the Production of Photovoltaic Energy

According to U.S. Solar Energy Industries Association (SEIA), the government has put regulations into place to encourage the use of photovoltaic technology to produce power, such as net metering and frequently solar. In nations like U.S., Spain and France, consumers can use photovoltaic energy for their personal electrical requirements and sell the excess solar energy they do not use.

China's solar photovoltaic sector has experienced substantial expansion compared to other nations. The China Photovoltaic Industry Association estimates that in 2018, China's solar energy capacity increased by 34% year over year. Compared to 136 gigawatts in 2017, the total installed PV capacity topped 170 gigawatts by the end of 2018. With the rising usage of photovoltaic technology, the need for solar batteries is also anticipated to develop dramatically.

High Initial Installation Costs

The market is hampered by the fact that solar batteries are often expensive. Large batteries that store solar energy must be utilized immediately. Off-grid solar systems employ batteries that may be charged during the day and used at night to store energy. However, solar energy installation and storage are often required because daytime energy use is often higher. Energy storage has a rather high cost, which can quickly push up the price of solar PV systems. 

The reasonable price and accessibility of solar batteries for energy storage are anticipated to increase further as technology develops and costs continue to fall. Furthermore, encouraging laws, rewards and research projects are meant to spur innovation and lower the price of energy storage devices, making them more affordable for a wider variety of users and hastening the uptake of renewable energy sources like solar power.

Solar and Motorcycle Battery Market Segment Analysis

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

Rising Demand for Lithium-Ion Due to Rising Prominence of Sustainable Energy Solutions

The lithium-ion segment holds a major share of around 45.4% in the global Solar and Motorcycle Battery Market. The manufacturer's Tesla, LG Chem and CATL are notable companies providing lithium-ion solar energy storage batteries. Because a lithium-ion battery weighs 50–60% less than its lead-acid counterpart, it is typically favored over alternative batteries.

The need for lithium-ion solar batteries is anticipated to increase as sustainable energy alternatives gain popularity. Additionally, compared to other solar batteries, the lithium-ion battery has a far higher energy density and efficiency. In general, a lithium-ion battery's efficiency may reach 95%, compared to a lead-acid battery's maximum efficiency of 85%. In most cases, it is sufficient to provide the maximum amount of electricity for business and industrial uses.

Solar and Motorcycle Battery Market Geographical Share

Asia-Pacific Growing Investment Prospects in Brand-New Solar Power Plants

The Asia-Pacific solar and motorcycle battery market has witnessed significant growth and popularity covering 1/3th share in 2022. The largest vehicle market is in the Asia Pacific, which includes industrialized countries like Japan and South Korea and growing economies like China and India. The area has been a center for the manufacture of automobiles in recent years.

This is connected to an increase in concern about zero-emission standards by governments of growing nations, like China, India and South Korea. However, the Asia-Pacific industry is anticipated to develop even more as a result of China, the world's largest producer of solar energy.

The expansion of investment prospects in brand-new solar power plants will also have an impact on this region's market. For instance, VRB Energy and the Xiangyang Municipal Government inked a contract in March 2021 to construct a 100 MW solar project with a vanadium flow battery.

Solar and Motorcycle Battery Market Companies

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.

COVID-19 Impact Analysis

The global lockdowns and travel restrictions disrupted the supply chains of solar battery manufacturers. This resulted in delays in the procurement of raw materials, components and equipment necessary for battery production, affecting overall production capacity. The economic slowdown caused by the pandemic led to a decline in investments in new solar projects, including the deployment of solar batteries. 

The pandemic led to a decrease in consumer spending and a general decline in motorcycle sales. This was due to economic uncertainties, reduced disposable income and restrictions on mobility and travel. The lower demand for motorcycles directly impacted the sales of motorcycle batteries. The pandemic shifted consumer priorities towards essential needs and increased concerns about personal finances. 

Russia-Ukraine War Impact

Supply chain delays driven by political instability could affect the availability of parts and raw materials needed for producing solar batteries. Costs may rise as a result and manufacturing may be delayed. An unstable investment environment brought on by increased geopolitical tensions may discourage investors from contributing money to solar project investments

The demand for motorcycles in the affected regions could change due to geopolitical tensions. There may be a decline in motorcycle sales as a result of lower consumer confidence, which would therefore influence the demand for motorbike batteries. Manufacturers of motorbike batteries may experience supply chain delays if there are problems with commerce or transit between Russia and Ukraine. 

By Type

• Lead Acid
• Lithium-ion
• Flow Battery
• Others

By Ampere Range

• Less than 2.5 Amp
• More than 2.5 Amp

By Distance Covered

• Below 75 Miles
• 75 – 100 Miles
• Above 100 Miles

By Motorcycle Type

• Scooters
• Motorcycles
• Sports Bikes
• Cruisers
• Others

By End-User

• Commercial
• Residential 
• Industrial

By Region

• North America 
  • U.S.
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific 
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On April 5, 2022, Panasonic is joining the high-growth electric vehicles market, with plans to invest nearly US$4.9 billion in automotive batteries, supply chain software and cyber-physical systems, among others.
• On August 15, 2019, East Penn acquired Navitas Systems. For heavy-duty commercial, industrial and government/defense business areas, Navitas Solutions is a world leader in larger-format lithium battery technology and solutions.
• On January 2019, GS Yuasa International Ltd. collaborated with Inci GS Yuasa Akü Sanayi ve Ticaret Anonim Sirketi ("IGYA"), on operations at a new automotive lead-acid storage battery factory in Turkey's Manisa Province. Utilizing the newest technology and production techniques employed by the firm to produce lead-acid storage batteries was the main goal of the transfer. By joining forces, the manufacturing capacity has been expanded from 2 million units in 2019 to 6 million units in 2022. Due to this, the market expanded as a result of meeting the rising demand from the European market.

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