Battery Tray and Cover Market Size, Share, Growth, and Industry Analysis, By Type (Aluminum, and Composite Material), By Application (Commercial Vehicle and Passenger Vehicle), Regional Insights, and Forecast To 2030

Updated On: 22 April 2024

battery tray and cover market Report Overview

The global battery tray and cover market size was USD 1685 million in 2022. As per our research, the market is expected to reach USD 3688.5 million in 2029, exhibiting a CAGR of 12.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the battery tray and cover market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A battery tray is a structure that holds a battery securely, preventing movement and potential damage, commonly used in devices. It provides a designated space, often with matching contours, for the battery to sit. A battery cover is a protective lid that fits over the tray, securing the battery and preventing exposure. Both the battery tray and cover contribute to the overall safety, stability, and functionality of battery-operated devices by keeping the battery securely in place, shielding it from external impacts, and preventing accidental short circuits or exposure to environmental factors that could lead to damage or malfunction.

The market's growth is influenced by factors such as technological advancements, increasing demand for portable devices, expanding electric vehicle adoption, and evolving safety regulations that drive the need for reliable battery containment solutions. In addition, the market is fragmented by type, by application and by regional expansion of the market. With regard to products, steel, aluminum, and composite material are the common type of products. While passenger vehicles and commercial vehicles are the leading application to maintain the demand for the product and are expected to boost the expansion of the market over the forecast 2022-2028.

COVID-19 Impact:

"Restrictions on the Manufacturing Units Posed Challenges for the Market"

The COVID-19 pandemic significantly obstructed the market. Firstly, it disrupted global supply chains, causing delays in production and distribution due to lockdowns and factory closures. Secondly, shifts in demand caused by changes in consumer behaviour and industry priorities led to fluctuations in the types and quantities of battery containment solutions needed across different sectors. Lastly, operational challenges arising from health and safety measures and remote work impacted manufacturing efficiency and communication and influenced project timelines and new product developments. However, the market started to regain momentum in sales due to rising demand for electric vehicles, particularly, post-pandemic and is expected to continue to rise in the future as well. 

Latest Trends

"Trend of Electric Vehicle (EV) Solutions Inflate the Market Prospect"

The rapid growth of the electric vehicle market is supporting to the demand for specialized battery containment solutions tailored to the unique requirements of EVs. This includes lightweight and efficient trays and covers that could handle the specific size and weight of electric vehicle batteries. Along with this, a focus on safety and thermal management is also in trend. With safety being a critical concern in battery-powered devices, there is a trend toward incorporating safety features into battery trays and covers. These features aim to prevent thermal runaway, short circuits, and other potential hazards associated with batteries. Consequently, these trends and technical advancements are attributed elevate the market’s growth. 

battery tray and cover market Segmentation

• By Type Analysis

According to type, the market can be bifurcated into Steel, Aluminum, and Composite Material.

• By Application Analysis

Based on application, the market can be divided into Commercial Vehicle and Passenger Vehicle.

Driving Factors

"Rising Demand for Portable Electronics Enhance the Growth of the Market "

The key driving factor of the market is the constantly rising demand for electronic devices. The proliferation of smartphones, tablets, laptops, wearables, and other portable electronic devices fuels the demand for compact and efficient battery solutions which is ascribed to driving the need for well-designed battery trays and covers and market growth. 

"Rapid Growth of Electric Vehicle (EV) Industry Raises the Demand for Battery Covers"

Also, the market is growing exponentially with the accelerating adoption of electric vehicles. This speedy EV adoption fuels the demand for battery systems and associated components such as trays and covers for which manufacturers require reliable battery containment solutions to ensure safety and efficiency which will contribute to expanding the battery tray and cover market growth throughout this projection period.

Restraining Factors

"Intense Competition Can Restrict the Market Expansion"

Despite, rapid growth, the strong competition with other vendors can impact the market scope., As the market may become saturated with numerous manufacturers producing similar products, can lead to price competition and potentially reduce profit margins may affect the overall market’s progress. 

battery tray and cover market Regional Insights

"North America Dominates the Market with a Strong Demand for Battery Solutions "

According to a market review, North America plays a vital role in dominating the automotive industry. Primarily, the U.S. and Canada have a strong existence in the electric vehicle industry, renewable energy storage, and other sectors that require battery containment solutions. Besides, technological advancements and a focus on sustainability is also driving the adoption of advanced battery technologies that leading to demand for high-quality battery trays and covers. Additionally, in terms of market revenue, the region holds a majority of battery tray and cover market shares along with other significant regions. 

Key Industry Players

"Key Players Expand their Market Reach Through Global Distribution & Partnerships To Maximize Sales Potential"

Prominent companies in the market generate extensive revenues through a combination of strategies that focus on innovation, quality, market positioning, and customer engagement. Further, key players invest in research and development to create innovative battery trays and cover designs that address specific industry needs. Unique features, such as enhanced safety mechanisms, customization options, and integration of smart technologies. Along with this, they offer tailored solutions to different industries and applications allowing these brands to cater to specific customer needs. Customized designs, sizes, and materials justify higher prices due to the value they bring to customers' unique requirements.

List of Market Players Profiled

• Novelis
• Nemak
• SGL Carbon
• Constellium
• Gestamp
• Minth Group Ltd.
• Hitachi Metals, Ltd.
• Shenzhen Everwin Precision Technology
• Ling Yun Industrial Corp Ltd
• Benteler International
• Guangdong Hoshion Alumini
• HUAYU Automotive Systems Co Ltd
• Ningbo Xusheng Auto Tech
• BENTELER International AG
• Suzhou Jinhongshun Auto Parts Co., Ltd.
• Huada Automotive Tech Co
• Tianjin Ruixin Technology
• Guangdong Hongtu
• Nantong Chaoda Equipment
• EDAG Group
• Maruti Suzuki
• Marposs

Report Coverage

 This report defines the battery tray and cover market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.