Market Overview:
The global Absorbent Glass Mat Battery Market is estimated to reach a value of US$ 14.72 billion by 2023 and exhibit a CAGR of 9% from 2023 to 2030, according to a new report by Coherent Market Insights. Absorbent Glass Mat (AGM) batteries are a type of valve-regulated lead-acid (VRLA) battery that offers several advantages over traditional batteries. These batteries are widely used in various applications such as automotive, renewable energy storage, telecommunications, and uninterruptible power supply (UPS) systems. AGM batteries are known for their excellent performance, longer lifespan, lower self-discharge rates, and maintenance-free operation. The increasing demand for reliable power sources and the growing adoption of AGM batteries in various industries are driving the growth of the global Absorbent Glass Mat Battery Market.
Market Key Trends:
One of the key trends in the Absorbent Glass Mat Battery Market is the rising demand for AGM batteries in the automotive industry. AGM batteries are increasingly being used in vehicles due to their high-power density, quick recharge capability, and enhanced safety features. These batteries are commonly used in start-stop systems, hybrid electric vehicles (HEVs), and electric vehicles (EVs) to provide efficient and reliable power. The increasing consumer preference for eco-friendly vehicles and the implementation of stringent emission norms are further boosting the demand for AGM batteries in the automotive sector. Moreover, advancements in AGM battery technology, such as improvements in cycling ability and temperature tolerance, are expected to drive the market growth.
Segment Analysis
The Absorbent Glass Mat (AGM) Battery market can be segmented based on application and end-use industry. In terms of application, the dominant segment is the automotive industry. AGM batteries are widely used in automotive applications due to their advantages such as high cycling capability, faster recharge rate, and longer service life. The increasing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) is driving the growth of AGM batteries in the automotive sector. These batteries are also used in other applications such as marine, UPS, and telecommunications.
Key Takeaways
The global Absorbent Glass Mat Battery Market is expected to witness high growth, exhibiting a CAGR of 9% over the forecast period of 2023-2030. The increasing adoption of AGM batteries in the automotive sector, particularly in EVs and HEVs, is a major driver for market growth. The global automotive industry is undergoing a shift towards electrification, with governments implementing strict emission norms and consumers demanding more sustainable transportation options. AGM batteries provide a reliable and efficient power source for EVs and HEVs, leading to their high demand in the automotive sector.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the AGM Battery market. The region has a large automotive industry, with countries like China, Japan, and South Korea being major producers and consumers of automobiles. The increasing adoption of electric and hybrid vehicles in these countries is driving the demand for AGM batteries. Additionally, favorable government policies and incentives to promote the use of EVs are further boosting the growth of the AGM Battery market in the region.
Key players operating in the AGM Battery market include EnerSys, Exide Technologies, GS Yuasa, Hoppecke, Crown Battery, Hitachi Chemical, Amara Raja, HBL Power Systems, C&D Technologies, Luminous, Okaya Power, Rolls Battery, Amara Raja Batteries, Hankook AtlasBX Co, Leoch Battery, Power-Sonic, Southern Batteries, Panasonic Corporation, Samsung SDI, and LG Chem. These players are focusing on product innovation, partnerships, and mergers & acquisitions to gain a competitive edge in the market. For example, EnerSys recently launched advanced AGM batteries with enhanced performance and reliability, catering to the growing demand from automotive and industrial sectors.
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