USD 9.53 billion
Report ID:
SQMIG55F2042 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|Tables:
64
|Figures:
80
Absorbent Glass Mat Battery Market size was valued at USD 10.17 Billion in 2023 and is poised to grow from USD 10.75 Billion in 2024 to USD 18.05 Billion by 2032, growing at a CAGR of 5.70% during the forecast period (2025-2032).
The global absorbent glass mat (AGM) battery market has witnessed significant growth in recent years, driven by its numerous advantages and a growing demand for reliable energy storage solutions across various applications. AGM batteries are a type of valve-regulated lead-acid (VRLA) battery known for their maintenance-free operation, enhanced safety, and versatility. AGM batteries are widely used in industries such as automotive, renewable energy, telecommunications, uninterruptible power supply (UPS) systems, and more. In the automotive sector, AGM batteries are preferred for their ability to provide high starting power and energy storage, making them suitable for start-stop systems and hybrid vehicles. In the renewable energy sector, AGM batteries play a crucial role in storing energy from sources like solar and wind for later use. The market's growth can also be attributed to the increasing demand for uninterrupted power supply solutions across sectors such as data centers, healthcare, and telecommunications.
AGM batteries offer fast discharge rates, longer lifespan, and reduced maintenance requirements compared to traditional flooded lead-acid batteries. Furthermore, the market's expansion is driven by advancements in AGM battery technology, leading to improved cycling capabilities, better charge acceptance, and increased energy density. However, competition from other advanced battery technologies like lithium-ion batteries remains a challenge. As the global focus on sustainable energy solutions intensifies, AGM batteries are expected to continue playing a pivotal role, especially in off-grid and remote applications. The versatility, reliability, and relatively lower costs of AGM batteries make them an attractive choice for a wide range of industries and applications.
US Absorbent Glass Mat Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.53 billion
Largest Segment
Motive
Fastest Growth
Motive
Growth Rate
5.70% CAGR
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The global absorbent glass mat battery market is segmented on the basis of Type, Application, End user and region. By Type, the market is segmented into Stationary, Motive. By Application, the market is segmented into UPS, automotive, energy storage, industrial, and others. By End User, the market is segmented into Original Equipment Manufacturers (OEMs), Aftermarket. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Absorbent Glass Mat Battery Market Analysis By Type
Among the segments in the global absorbent glass mat battery market, the dominant segment is likely to be the Motive segment, which includes AGM batteries used in applications that require mobility, such as automotive vehicles, motorcycles, and other transportation means. The dominance of this segment can be attributed to the widespread adoption of AGM batteries in modern vehicles due to their benefits like high energy density, maintenance-free operation, and improved cycling performance. The automotive industry's shift towards electric vehicles (EVs) and hybrid vehicles has significantly contributed to the demand for AGM batteries in this segment.
On the other hand, the fastest-growing segment could be the Stationary segment, although smaller in comparison, is witnessing rapid growth. This segment covers AGM batteries used in stationary applications like backup power systems, renewable energy storage, telecommunications, and uninterruptible power supply (UPS) systems. The increasing need for reliable backup power solutions, especially in industries and regions with unstable grid infrastructure, is driving the growth of AGM batteries in this segment.
Absorbent Glass Mat Battery Market Analysis By Application
In the global Absorbent Glass Mat (AGM) Battery market, the automotive application stands out as the dominant segment. AGM batteries have gained significant traction in the automotive industry due to their superior performance, reliability, and maintenance-free characteristics. They are commonly used in modern vehicles as starter batteries, providing the necessary power to start the engine and run various electrical components. The automotive sector's increasing demand for vehicles with advanced electronics and stop-start systems further drives the dominance of AGM batteries in this segment.
On the other hand, the fastest-growing segment in the AGM battery market is the energy storage application. With the rise of renewable energy sources like solar and wind power, there's a growing need to store excess energy for use during periods of low generation. AGM batteries are being adopted for residential and commercial energy storage systems due to their ability to store and release energy efficiently, offering a reliable solution for off-grid and backup power needs. As the global push for sustainable energy solutions intensifies, the energy storage segment is expected to experience rapid growth in the AGM battery market.
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The global Absorbent Glass Mat Battery Market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The dominant region in the global Absorbent Glass Mat (AGM) Battery market is North America. The region's dominance can be attributed to several factors, including the established automotive industry, increasing adoption of AGM batteries in vehicles, and a strong demand for reliable backup power solutions. North America has been at the forefront of AGM battery technology adoption, driven by its emphasis on energy storage, renewable energy integration, and the need for dependable backup power systems.
On the other hand, the fastest growing region in the global AGM Battery market is Asia-Pacific. This region's rapid growth is primarily due to the expanding automotive sector, rising industrialization, and increasing demand for uninterruptible power supply (UPS) systems in emerging economies. Countries like China, India, and South Korea are witnessing significant growth in automotive production and infrastructure development, driving the demand for AGM batteries both in vehicles and energy storage applications. Moreover, the growth of e-commerce and data centers in the region is also contributing to the demand for reliable backup power solutions, further boosting the AGM battery market.
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Absorbent Glass Mat Battery Market Drivers
Growing Demand for Electric Vehicles (EVs):
Rising Demand for Backup Power Solutions:
Absorbent Glass Mat Battery Market Restraints
Competition from Lithium-ion Batteries:
Limited Energy Storage Capacity:
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The Global Absorbent Glass Mat (AGM) Battery market exhibits a competitive landscape characterized by several key players striving for market dominance. Companies such as Johnson Controls, Exide Technologies, East Penn Manufacturing, EnerSys, and C&D Technologies are prominent participants in this market. These companies focus on innovation, product development, and strategic partnerships to maintain their competitive edge. AGM batteries are increasingly adopted in various applications, including automotive, renewable energy storage, and uninterruptible power supply (UPS) systems. The market's growth is driven by factors like their maintenance-free nature, enhanced safety, and superior performance in demanding environments.
Competition within the AGM battery market is fierce, leading to continuous advancements in battery technology, longer lifespans, and increased energy densities. To stay competitive, market players emphasize expanding their product portfolios, improving manufacturing processes, and addressing customer needs for reliable power storage solutions. Collaborations with automotive manufacturers, energy companies, and technology integrators are also common strategies to capture diverse market segments and ensure sustained growth in the dynamic AGM battery market.
Absorbent Glass Mat Battery Market Top Player’s Company Profile
Absorbent Glass Mat Battery Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global absorbent glass mat battery market analysis, the market has witnessed substantial growth owing to its versatile applications and advantages over traditional lead-acid batteries. AGM batteries are maintenance-free, spill-proof, and provide high energy density, making them ideal for various industries such as automotive, telecommunications, renewable energy, and backup power systems. The automotive sector's shift towards start-stop systems and hybrid vehicles has driven the adoption of AGM batteries, as they offer enhanced cycling capabilities and quick power delivery. Similarly, the demand for reliable backup power solutions in data centers and telecommunications infrastructure has contributed to market growth. Furthermore, AGM batteries are preferred in off-grid and renewable energy systems due to their deep cycling capabilities and efficient charge/discharge rates. The market expansion is supported by technological advancements that have improved AGM battery performance, including higher discharge rates and longer lifespans.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 10.17 Billion |
Market size value in 2032 | USD 18.05 Billion |
Growth Rate | 5.70% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Absorbent Glass Mat Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Absorbent Glass Mat Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Absorbent Glass Mat Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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Report ID: SQMIG55F2042
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