Power Battery Trays Market Size, Share, Growth, and Industry Analysis, By Type (Aluminum, Steel & Stainless Steel and Others), By Application (BEV and PHEV), Regional Insights, and Forecast To 2032

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POWER BATTERY TRAYS MARKET REPORT OVERVIEW

Global Power Battery Trays Market size was USD 1.95 Billion in 2023 and market is projected to touch 18.7 Billion by 2032, exhibiting a CAGR of 29.7% during the forecast period.

Power battery trays are structural rods that offer a firm anchorage to position and support batteries in various systems, including electric vehicles, hybrid vehicles and electric bikes. There are these trays designed for the size and weight of the battery they will handle.

COVID-19 Impact: Market Growth restrained by the Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The cased crown of the virus pandemic disturbed global supply chains that resulted in delays in the buying of raw materials needed for manufacturing power battery plates. The abrupt stoppage of activities in different areas occasioned by the lockdowns, travel restrictions, and factory closures resulted in long-term production delays, supply disruption, and skyrocketed costs to be passed on to the customers.

LATEST TRENDS

"Advanced Materials and Lightweight Design to Drive Market Growth"

The car-makers are most probably still looking into advanced materials for the construction of the battery trays of lightweight yet still resilient to use at the time. These materials lessen the cars weight, increases energy efficiency and tackles the improvement of safety. Sophisticated materials like carbon fiber composites, high strength aluminum alloys, or even lightweight polymers contribute higher strength to weight ratio in comparison to conventional materials like steel. Featherweight trolleys come to one of the aspects of the weight reduction of the car, which leads to the improvement of the energy efficiency; in addition, ranges on one charge of the car become longer.

POWER BATTERY TRAYS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Aluminum, Steel & Stainless Steel and Others.

• Aluminium- Aluminum battery trays are low weight, strong and therefore efficient when used in applications where weight reduction is of utmost importance or in electric vehicles EVs and aerospace . They are known for being good against corrosion, possess high thermal conductivity, and once made they can be easily fabricated.
• Steel- Among its advantages, is the fact that steel battery trays have incredible strength, resistance, and economy. They are capable of holding the stress brought about by the heavy-duty battery pack more than aluminum does, likewise, they can withstand better impacts. Stainless steel grades provide an increased capacity to stand up to corrosion.
• Stainless Steel- Although possessing equal strength and durability as conventional steel trays, stainless-steel battery trays add additional resistance to corrosion through chromium and other alloy mixtures. They are quite rust proof, stain resistant and insensitive to chemical attack of any kind.

By Application

Based on application the global market can be categorized into BEV and PHEV.

• BEV (Battery Electric Vehicles)- The core characteristic of BEVs (Battery Electric Vehicles) is that the large lithium-ion battery packs, previously mounted on the rough trays, now serve as the primary energy storage system to provide the only source of power for propulsion. The battery trays are made of a number of individual cell or module batteries that form within the trays/boxes structure for this purpose.

• PHEV (Plug-in Hybrid Electric Vehicles)- PHEVs facilitate the lower load on the engine by the battery trays, which serve as supplementary energy storage systems alongside standard internal combustion engines (ICEs). Unlike BEVs which are built with bigger battery packs containing the whole batteries, these EVs feature smaller battery pack and still require power battery trays still to hold and protect the batteries thus.

DRIVING FACTORS

"Rise in Electric Vehicle Adoption to Boost the Market"

One of the key driving factors in the global Power Battery Trays market growth is the Rise in Electric Vehicle Adoption. The world's shift towards EVs, or electric cars, with battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), is a major facet that is increasing the size of the power battery trays market. With governments all over the world introducing tighter emissions rules and consumers seeking out cleaner, more efficient vehicles capabilities, the market for power battery trays for housing larger batteries in the EVs is essentially expanding. The vehicles on electricity use a battery pack for the storage of energy which continues to grow due to the rising of the EV adoption which in turn results in the increase in the size and capacity of these battery packs. Powerbattery trays are vital accessories that provide a resting and stabilization spot for USVs battery packs installed on vehicle's chasis. Due to the growing popularity of EVs, the demand for lithium-ion ones goes up that also means the need for these larger- capacity battery trays.

"Advancements in Battery Technology to Expand the Market"

Another driving factor in the global Power Battery Trays market is Advancements in Battery Technology. Future renovation of the battery technology such as increased energy density, and ability to store high amount of power in short period of time, and rapid charging is the major player in growing the market for power battery trays. Vendors make tray packages that can secure big and potent battery packs whilst protecting them from intense heat flow, ensuring compatibility of such with different evolving battery technologies like solid-state batteries. The evolution of the battery storage technology features due to the latest innovation of the battery chemistry and materials has resulted to higher energy densities in lithium-ion batteries and many other types of batteries. It follows that a much larger battery pack will be required for the same storage as before, with a possibility of saving up energy in as little space, too. The main application for power battery trays are around protecting with a high-strength and heat resistant end products, as well as enabling a sufficient structural integrity for the vehicle while maintaining the safety of the battery pack.

RESTRAINING FACTORS

"High Development Costs to Potentially Impede Market Growth"

One of the key restraining factors in the global Power Battery Trays market is the High Development Costs. Creating powertray that will respond to the safety, performance, and a vast number of regulations becomes rather expensive. Manufacturers should take into account the investment for research and development, testing, and crashworthiness which contribute as a whole inc the cost of production. Such significant amount of development expenditure could be an obstacle for the emerging players to enter the market and could contribute to higher costs for trays for power batteries. It is the key step in designing the specialized tray for power batteries which requires huge investment in the research and development field. At the R&D, latest materials, technology, and manufacturing systems shall be tested and validated. Research and Development (R&D) costs incur the aggregate of money spent on designing, simulating, testing materials, and the study of feasibility in case of an advanced or customized designs which can be quite a heavy load on the budget.

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POWER BATTERY TRAYS MARKET REGIONAL INSIGHTS

"Asia Pacific Region Dominating the Market due to its strong presence in the EV manufacturing market. "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific has emerged as the most dominant region in the global Power Battery Trays market share due to several factors. This is mainly because these regions' vanguard performance in electric vehicles (EVs) production, especially in countries like China, Japan, and South Korea, lead to intensified competition in this particular area. China is the world' biggest EV market, and it has the complete manufacture chain for EV components, such as batteries producing, vehicle assembly, and parts producing. Panasonic, LG Chem, Samsung SDI, BYD - these are just a few of the largest battery and auto producers locating in Japan and South Korea. In Asia Pacific, excluding China, Japan, and South Korea, the other emerging markets in this region like India and southeast Asia are compex, are also facing increasing popularity in the application of electric vehicles.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Power Battery Trays market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of Power Battery Trays options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Power Battery Trays, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF TOP POWER BATTERY TRAYS MARKET COMPANIES

• Benteler (Germany)
• Gestamp (Spain)
• Constellium (France)
• Hitachi Metals (Japan)
• Nemak (Mexico)

INDUSTRIAL DEVELOPMENT

Dec 2021: Total Energies finished the construction of the station with accelerated charging for cars based on energy storage and located in Dunkirk, France.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.