Battery Plate Market Size was valued at USD 0.4 Billion in 2022. The Battery Plate market End User is projected to grow from USD 0.5 Billion in 2023 to USD 5.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 35.90% during the forecast period (2023 - 2032). The growing investments in battery cell production to cut down on gasoline use and the rapid uptake of electric vehicles in several nations, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In order to reduce fuel consumption and extend battery life, significant investments are being made in battery cell production, which is the main factor driving this industry. This might benefit the battery plate market. These research initiatives will boost performance and guarantee a small, light, and affordable model. The widespread use of electric vehicles in many nations, growing environmental concerns, and expanding auto production are additional market-driving elements.
The global population's disposable income has increased due to the steady growth in per capita GDP, which has led to an increase in the annual sales of vehicles. Statistics from the International Energy Agency show that throughout the previous ten years, car sales increased at a CAGR of roughly 4%. Furthermore, the sales of commercial vehicles have increased as a result of continued industry expansion, construction projects, and improved logistics. The demand for automotive components, notably batteries, from OEMs and the aftermarket is rising due to the quick rise in automobile sales and the increased number of kilometres travelled per vehicle. The global market for battery plates is therefore being driven by an increase in car sales.
Automakers expect to convert their production lines to build EVs by 2035, and a number of incentives have been offered for the sale and purchase of EVs. In 2021, the U.S. market for battery plates was the largest. In the United States, 1.5 million passenger cars were produced in 2021, a 26% decrease from 2020. The growing demand for EVs, which saw sales increase by over 85% in 2021 compared to 2020, might be largely blamed for this, among other macro-level variables that had a negative influence on the automobile industry. With an estimated $1 billion in investment, Tesla built its new Gigafactory in Texas in April 2022 to meet the rising demand. By 2023, the factory is anticipated to produce roughly 500,000 automobiles yearly. Similar to this, Rivian stated in December 2021 that it would build a new EV production facility in Georgia to produce pickup vehicles and SUVs. This is the company's second plant, and it will start producing 4,000 vehicles a year when it opens in 2024. Plans to increase EV capacity were announced last year.
To create EVs and lithium-ion batteries by 2025, Ford Motor Company, for instance, said in September 2021 that it would invest USD 11.4 billion in its Tennessee and Kentucky operations. Different cooling techniques are used by EV manufacturers in their vehicles, which aids in overcoming thermal management difficulties. Leaks, corrosion, clogging, severe weather, and ageing are examples of typical problems. The battery plate market is thus predicted to grow during the forecast period in order to address such problems. Thus, driving the Battery Plate market revenue.
The Battery Plate Market segmentation, based on Battery Type, includes Lead Acid, Lithium-ion, and Others. Lithium-ion segment dominated the global market in 2022. The highest energy density per weight, quick charging capability, longer lifespan, and high power density are just a few benefits of lithium-ion batteries.
The Battery Plate Market segmentation, based on Sales Channel, includes OEMs and Aftermarket. Aftermarket segment dominated the Battery Plate Market in 2022. This is because of a number of factors, including the battery plate's lower cost compared to OEM, equal quality to OEM, greater variety, and easier accessibility to nearby businesses.
The Battery Plate Market segmentation, based on End User, includes Automotive, Aerospace, Railway, and Others. Automotive segment dominated the global market in 2022. The increased manufacture of passenger cars around the world is to blame for this. Due to lithium-ion battery manufacture and its benefits, including high energy density, compact size, and high storage capacity, the demand for electric vehicles has skyrocketed.
Figure 1: Battery Plate Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Battery Plate Market dominated this market in 2022 (45.80%). The increased production of batteries for trucks is to blame for this. The main battery supplier to the chain of forklift trucks in North America is GNB. Additionally, improvements in battery plates are made using cutting-edge tubular technological characteristics that enclose the active material, providing cyclic stability, a longer lifespan, and a higher capacity. Further, the U.S. Battery Plate market held the largest market share, and the Canada Battery Plate market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Battery Plate Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Battery Plate market accounted for the healthy market share in 2022. The primary driver of the market's expansion is the increasing use of electric vehicles. The Cessna Caravan recently completed its maiden all-electric flight in June. Rising environmental concerns in the area are also giving the market growth a further boost. Further, the German Battery Plate market held the largest market share, and the U.K Battery Plate market was the fastest growing market in the European region
The Asia Pacific Battery Plate market is expected to register significant growth from 2023 to 2032. This is a result of both expanding environmental concerns in nations like China, India, and Singapore and expanded battery output. Moreover, China’s Battery Plate market held the largest market share, and the Indian Battery Plate market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Battery Plate market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Battery Plate Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Battery Plate Industry to benefit clients and increase the market sector. In recent years, the Battery Plate Industry has offered some of the most significant advantages to medicine. Major players in the Battery Plate market, including Desay, Microvast, Inc, KIJO BATTERY GROUP, HOPPECKE Industrial Batteries, GNB Industrial Power, Exide Technologies, Hawker Powersource, Inc., EV Battery Solutions, EVERLITE, ElectriPlast Corporation, and Crown Battery, are attempting to increase market demand by investing in research and development operations.
Exide Technologies (Exide) is a manufacturer and distributor of batteries and related machinery and a stored energy solutions provider. The business develops its products using gel, flooded, and VLRA battery technologies, as well as absorbent glass mats and improved cycling mats. It offers industrial batteries for network power applications like telecommunications systems, electric utilities, railroads, photovoltaic, and uninterruptible power supply, as well as lift trucks, mining, and other commercial vehicle applications. It also offers batteries for heavy-duty truck, agricultural, marine, hybrid, and automotive applications. Additionally, it provides services for logistics, order processing, after-sale assistance, professional battery technology guidance, and on-site operating analysis. The business operates factories in North America, Europe, and South Asia. It also operates distribution centres there as well as in North America, Europe, and the Pacific Rim. Milton, Georgia, in the US, serves as the headquarters of Exide. The Raymond Corporation, a warehouse management firm with locations all throughout the United States and Canada, and Exide Technologies' industrial battery division GNB Industrial Power signed a contract in September 2019 for the supply of lead batteries.
Power batteries made by Natron Energy, Inc. are created to guarantee effectiveness in energy storage services. The company makes sodium-ion batteries, which have a higher power density, faster recharge, and longer cycle life than competing technologies. These batteries can be produced economically using common materials on existing cell manufacturing lines, giving industries access to highly effective batteries with lower operating costs and longer battery life. A strategic agreement to create the first sodium-ion batteries to be produced in mass quantities was announced in May 2022 by Clarios International Inc. and Natron Energy, Inc., two of the world's top producers of low-voltage advanced battery technologies for mobility.
March 2022: Exide Industries, one of India's top battery producers serving the industrial and automotive markets, and SVOLT Energy Technology Co Ltd. of China have agreed into a long-term technological partnership agreement for the production of lithium-ion cells. Under the multi-year agreement, SVOLT will give Exide an irrevocable right and licence to use, exploit, and commercialise the requisite technology and know-how that they own for producing lithium-ion cells in India.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.4 Billion |
| Market Size 2023 | USD 0.5 Billion |
| Market Size 2032 | USD 5.5 Billion |
| Compound Annual Growth Rate (CAGR) | 35.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Battery Type, Sales Channel, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Desay, Microvast, Inc, KIJO BATTERY GROUP, HOPPECKE Industrial Batteries, GNB Industrial Power, Exide Technologies, Hawker Powersource, Inc., EV Battery Solutions, EVERLITE, ElectriPlast Corporation, and Crown Battery |
| Key Market Opportunities | Rising environmental concerns |
| Key Market Dynamics | The increasing investments in battery cell production to minimize fuel consumption and the high adoption rate of electric vehicles in several countries |
Frequently Asked Questions (FAQ) :
The Battery Plate Market size was valued at USD 0.4 Billion in 2022.
The global market is projected to grow at a CAGR of 35.90% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Desay, Microvast, Inc, KIJO BATTERY GROUP, HOPPECKE Industrial Batteries, GNB Industrial Power, Exide Technologies, Hawker Powersource, Inc., EV Battery Solutions, EVERLITE, ElectriPlast Corporation, and Crown Battery
The Lithium-ion Battery Type dominated the market in 2022.
The Aftermarket Sales Channel had the largest share in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
