USD 9.53 billion
Absorbent Glass Mat Battery Market Size, Share, Growth Analysis, By Type(Stationary, Motive), By Application(UPS, automotive, energy storage, industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2042 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|Tables:
64
|Figures:
80
Absorbent Glass Mat Battery Market Insights
Global Absorbent Glass Mat Battery Market size was valued at USD 9.53 billion in 2022 and is poised to grow from USD 10.17 billion in 2023 to USD 17.08 billion by 2031, growing at a CAGR of 5.70% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Motive
Fastest Growth
Motive
Growth Rate
5.70% CAGR
Global Absorbent Glass Mat Battery Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Absorbent Glass Mat Battery Market Segmental Analysis
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.
Global Absorbent Glass Mat Battery Market By Type
To get detailed analysis on other segments, Request For Free Sample Report
Absorbent Glass Mat Battery Market Regional Insights
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.
Global Absorbent Glass Mat Battery Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Absorbent Glass Mat Battery Market Dynamics
Absorbent Glass Mat Battery Market Drivers
Growing Demand for Electric Vehicles (EVs):
- The global shift towards sustainable transportation and the increasing adoption of electric vehicles (EVs) are significant drivers for the Absorbent Glass Mat (AGM) battery market. AGM batteries offer benefits such as higher energy density, faster charging capabilities, and improved cycle life compared to traditional lead-acid batteries. As the demand for EVs rises, AGM batteries are increasingly being used as auxiliary batteries for functions like start-stop systems, regenerative braking, and power stabilization.
Rising Demand for Backup Power Solutions:
- AGM batteries are well-suited for backup power applications in sectors such as telecommunications, data centers, and residential settings. The need for reliable backup power solutions to ensure uninterrupted operations is driving the demand for AGM batteries. Their sealed construction, maintenance-free nature, and ability to deliver high bursts of power make them a preferred choice for backup power systems.
Absorbent Glass Mat Battery Market Restraints
Competition from Lithium-ion Batteries:
- While AGM batteries offer advantages in specific applications, they face competition from advanced lithium-ion batteries, which have higher energy densities, longer cycle lives, and faster charging capabilities. The widespread adoption of lithium-ion batteries in various industries, including automotive and consumer electronics, could hinder the growth of the AGM battery market.
Limited Energy Storage Capacity:
- AGM batteries have limitations in terms of energy storage capacity compared to some other battery technologies. This can be a restraint for applications that require high energy density, such as grid-scale energy storage and long-range electric vehicles. As energy storage demands continue to evolve, AGM batteries might face challenges in meeting these requirements effectively.
Request Free Customization of this report to help us to meet your business objectives.
Absorbent Glass Mat Battery Market Competitive Landscape
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
- East Penn Manufacturing (USA)
- C&D Technologies (USA)
- Leoch International Technology (Hong Kong)
- Johnson Controls (USA)
- Crown Battery Manufacturing (USA)
- NorthStar (USA)
- Fullriver Battery (China)
- Amaron Batteries (India)
- Coslight Technology International Group (China)
- Vision Group (China)
- Haze Battery Co., Ltd. (China)
- Power-Sonic Corporation (USA)
- Midac Batteries S.p.A. (Italy)
- Hankook AtlasBX Co., Ltd. (South Korea)
- Universal Power Group (USA)
- Trojan Battery Company (USA)
- First National Battery (South Africa)
- Narada Power Source Co., Ltd. (China)
- Renogy (USA)
- B.B. Battery Co., Ltd. (Taiwan)
- MK Battery (USA)
- CSB Battery Co., Ltd. (Taiwan)
Absorbent Glass Mat Battery Market Recent Developments
- In January 2023, Johnson Controls announced the launch of its new AGM battery for electric vehicles. The battery is designed to provide a longer range and faster charging time than traditional lead-acid batteries.
- In February 2023, Exide Technologies announced the expansion of its AGM battery manufacturing capacity in China. The expansion is expected to meet the growing demand for AGM batteries in the region.
- In March 2023, GS Yuasa announced the launch of its new AGM battery for backup power applications. The battery is designed to provide a long runtime and high reliability.
- In April 2023, Saft announced the development of a new AGM battery for the marine industry. The battery is designed to withstand harsh environmental conditions and provide a long service life.
Absorbent Glass Mat Battery Key Market Trends
- Rising Demand for Renewable Energy Storage: One significant trend is the increasing adoption of AGM batteries for renewable energy storage applications, such as solar and wind energy systems. AGM batteries are well-suited for these applications due to their sealed design, which eliminates the risk of acid leakage, and their ability to provide reliable backup power. As the demand for clean and sustainable energy solutions grows, AGM batteries play a crucial role in storing excess energy generated by renewable sources for use during periods of low energy production or high demand.
- Growing Automotive Start-Stop Systems: Another key trend is the growing use of AGM batteries in automotive start-stop systems. These systems automatically shut off the engine when the vehicle comes to a stop, such as at a traffic light, and restart it when the accelerator is pressed. AGM batteries are preferred for start-stop systems due to their ability to provide the quick bursts of power required for engine restarts. With stricter emissions regulations and the push for improved fuel efficiency, automotive manufacturers are increasingly integrating start-stop technology into vehicles, driving the demand for AGM batteries in the automotive sector.
Absorbent Glass Mat Battery Market SkyQuest Analysis
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 2022 | USD 9.53 billion |
| Market size value in 2031 | USD 17.08 billion |
| Growth Rate | 5.70% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Absorbent Glass Mat Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Absorbent Glass Mat Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
Regional Analysis: Further analysis of the Absorbent Glass Mat Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
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.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
