What is the global market size of Battery Plate Market?

Global Battery Plate Market size was valued at USD 320.4 million in 2021 and is poised to grow from USD 434.78 million in 2022 to USD 6784.08 million by 2030, growing at a CAGR of 35.7% in the forecast period (2023-2030).

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

Report ID: SQMIG25A2058 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 121 | Figures: 77

Battery Plate Market Insights

Global Battery Plate Market size was valued at USD 2.08 billion in 2022 and is poised to grow from USD 2.43 billion in 2023 to USD 8.32 billion by 2031, growing at a CAGR of 16.63% in the forecast period (2024-2031).

Battery plates are grid-like structures that support the active material and conduct electricity. Battery plates are electrically charged during the forming process. They are immersed in an acid solution, where they react and generate electricity. Battery plates have low self-discharge, are easy to maintain, have a longer service life, and require less maintenance. All lead-acid batteries are made up of flat lead plates immersed in an electrolyte pool. A battery cell is made up of two lead plates, one positive covered in lead dioxide paste and one negative made of sponge lead, with an insulating material (separator) in between. The plates are enclosed in a plastic battery case before being immersed in an electrolyte of water and sulfuric acid.

US Battery Plate Market is poised to grow at a sustainable CAGR for the next forecast year.

Battery Plate Market Report Snapshots

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The battery plate market is characterised by the presence of well-established players as well as several small and medium-sized players. These manufacturers are pursuing a variety of strategies, including new product launches, product portfolio expansion, and mergers and acquisitions. Several large firms are forming multiple strategic alliances in order to increase their market share and get a competitive edge. 'Johnson Controls', 'EnerSys', 'Exide Technologies', 'East Penn Manufacturing Co.', 'GS Yuasa Corporation', 'Crown Battery Manufacturing Co.', 'Chaowei Power Holdings Limited', 'Leoch International Technology Limited', 'C&D Technologies, Inc.', 'Fengfan Co., Ltd.', 'Amara Raja Batteries Limited', 'Narada Power Source Co., Ltd.', 'Trojan Battery Company', 'NorthStar Battery Company, LLC', 'Enersys Energy Products Inc.', 'GS Battery (USA) Inc.', 'HBL Power Systems Ltd.', 'FIAMM Energy Technology S.p.A.', 'Hoppecke Batterien GmbH & Co. KG', 'ATLASBX Co., Ltd.'

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.

Transportation is a major contributor to global pollution levels rising. According to the US Environmental Protection Agency, transportation emissions account for 28% of total greenhouse gas emissions in the country. This has raised environmental consciousness among automakers and buyers, resulting in increasing demand for fuel-efficient vehicles. OEMs are progressively investing in electrification of their vehicle models in order to reduce engine load and improve fuel efficiency. OEMs have integrated several electric components into their vehicles, fuelling demand for larger batteries with higher discharge capacity. To enhance capacity, battery manufacturers have developed a variety of car battery solutions with a greater number of plates. As a result, the growing trend of vehicle electrification is increasing the automobile battery plate market across globe

North America held the largest global battery plate market share. The market is expanding rapidly as a result of increased battery production for vehicles such as trucks. GNB is the principal battery supplier to the forklift truck chain in North America. Furthermore, battery plate developments are made using sophisticated tubular technological characteristics that encase the active material, resulting in cyclic stability, longer life, and better capacity.

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