Battery Plate Market Regional Analysis and Business Opportunity and Global Demand by Forecast 2023 to 2032
Research Reports
Aug 21, 2023
Market Overview
Market Research Future (MRFR)’s report highlights Battery Plate Market Information By Battery Type, Sales Channel, End User, and Region – Forecast till 2032″; The Battery Plate market will be rising from USD 0.5 billion in 2023 to USD 5.5 billion by 2032, at a tremendous rate of 35.90% between 2023 and 2032.
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Summary
Battery plates support the active material and conduct power while being built in a lattice grid. Battery plates are electrically charged before to the manufacturing process. In an acidic solution, they are submerged, where they interact with the acid to produce electricity. Battery plates include advantages including reduced self-discharge, simple upkeep, increased lifespan, and less maintenance.
Since the 1880s, lead acid batteries haven’t altered much, but advancements in materials and production techniques have led to advances in energy density, longevity, and dependability. All lead-acid batteries have flat lead plates submerged in an electrolyte solution. A battery cell is made up of two lead plates: a sponge lead negative and a positive plate covered in lead dioxide paste, separated by an insulating material called a separator. The plates are placed in an electrolyte composed of water and sulfuric acid after being encased in a plastic battery container.
Market Competitive Landscape:
- Desay
- Microvast Inc
- KIJO BATTERY GROUP
- HOPPECKE Industrial Batteries
- GNB Industrial Power
- Exide Technologies
- Hawker Powersource Inc.
- EV Battery Solutions
- EVERLITE
- ElectriPlast Corporation
- Crown Battery
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Market Drivers:
The market will benefit from the implementation of green energy programs by national governments around the world. The automotive industry has drawn a lot of attention due to continuing research and development (R&D) for lighter, more energy-efficient, and ecologically friendly material substitutes. The market for electric cars (EVs) has seen tremendous growth as a result of consumers’ desire to switch to using renewable energy sources. Governmental initiatives to align themselves with the global decarbonization goals in accordance with the 2021 Paris Agreement have led to a rise in the manufacturing of EVs on a global scale.
The United States is one of the main markets as a result of the expanding manufacturing of EVs and batteries. For the sale and purchase of EVs around the country, there are numerous incentives available. Global EV production reached a record 10.3 million units in 2022. The top five makers, three of whom are American, account for 23.0% of all EVs sold worldwide. In the United States, Tesla, for instance, estimated a 40% increase in EV production between 2021 and 2022.
In response to the increasing demand, Honda revealed multiple plans to construct an EV center in Ohio. According to the announcement made in May 2023, production at the Marysville Auto factory in Ohio would begin in 2026. The opening of an EV manufacturing facility in Kentucky in 2025 was also announced by Toyota Motor. As a result of the rapid expansion of EV production, there is a growing need for battery plates.
Restraints
The main market constraint is product failure brought on by manufacturing mistakes, but non-manufacturing mistakes can also result in physical damage, manufacturing mistakes can cause wear and tear, failure to maintain fluid levels, undercharging or overcharging, and sulphation, and lights or other accessories that are left on for an extended period of time can shorten the lifespan of the product. When a battery reaches the end of its useful life, it fails for a variety of reasons, including non-manufacturing and manufacturing faults.
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Market Segmentation
With respect to battery type, the market for battery plates has been divided into three segments: Lead Acid, Lithium-ion, and Others.
The Battery Plate Market has two major sales channels, including OEMs and Aftermarket. The aftermarket sector held the top spot in the battery plate market in 2022.
The battery plate market’s end-user segments include those for the automotive, aerospace, railroad, and other industries. The automobile industry will dominate the global market in 2022.
Regional Insights
The biggest market share (45.80%) has been held by North America since 2022 and the region is touted to remain in the lead all through the study period. The increase in vehicle battery production is to blame for this. The chain of forklift trucks in North America gets its batteries primarily from GNB. Battery plates are further enhanced by the employment of contemporary tubular technological elements that enclose the active material and offer cyclic stability, a longer lifespan, and a higher capacity.
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