Battery Plate Market Size, Share, Growth Analysis, By Battery type(Lead acid battery, Lithium-ion battery, Others), By Plate type(Flat plate, Tubular plate), By Vehicle type(Two-wheeler, Passenger vehicle (Hatchback, Sedan, Utility vehicles)), By Sales channel(OEM, Aftermarket), By Region - Industry Forecast 2024-2031

Battery Plate Market Drivers

• The consistent rise in per capita GDP has increased the worldwide population's disposable income, resulting in an increase in the number of vehicles sold each year. According to International Energy Agency statistics, automotive sales climbed at a CAGR of around 4% during the last decade. Furthermore, constant industry expansion, ongoing construction activities, and an increase in logistics have resulted in an increase in commercial vehicle sales. The rapid increase in automobile sales and the increased number of kilometres driven per vehicle are driving up demand for automotive components, particularly batteries, from OEMs and the aftermarket. As a result, an increase in vehicle sales is propelling the global battery plate market.

Battery Plate Market Restraint

• Product failure due to manufacturing and non-manufacturing flaws cause physical damage, manufacturing errors, wear and tear, failure to maintain fluid levels, undercharging or overcharging. Sulphation, as well as lights or other accessories left on for extended periods of time, may reduce product life. Batteries have a limited lifespan, and failure is caused by a variety of circumstances, including non-manufacturing and manufacturing flaws. Another impediment to the market is the high cost of battery production.