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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Absorbent Glass Mat (AGM) Battery Market Outlook
The global absorbent glass mat (AGM) battery market attained a value of USD 12.74 billion in 2023. The market is expected to grow at a CAGR of 5.2% during the forecast period of 2024-2032 to reach USD 20.10 billion by 2032.
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Europe Expected to be a Key Contributor in the Global Market for Absorbent Glass Mat (AGM) Battery
Europe is projected to have a major share in the global market for absorbent glass mat (AGM) battery owing to the implementation of strict environmental regulations and the manufacture of cars with start-stop functions. Minimal maintenance and higher efficiency are expected to contribute to the growth of the absorbent glass mat battery industry. Moreover, rapid industrialisation and the growing demand for advanced technology are expected to spur the growth of the market growth, especially in the Asia Pacific, one of the fastest-growing regions. China is expected to hold a major share in the Asia Pacific market, owing to the presence of leading manufacturers in the region.
Absorbent Glass Mat (AGM) Battery: Market Segmentation
Absorbent glass mat (AGM) battery is a modern technology battery used to power various automotive components. The electrolyte is suspended between the glass mat and battery plates, and the amount is kept minimal. These batteries are far more efficient than normal lead batteries, owing to their design and construction, resistance to vibrations, and no spillage.
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By type, the market can be bifurcated into:
- Stationary
- Motive
Based on output capacity, the market can be divided into:
- 2-6V
- 6-8V
- 12V and others
By distribution channel, the market is segmented into:
- OEM
- Aftersales
By end use, the market can be divided into:
- Automobile
- Inverters
- Energy Sector
- Marine
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Efficiency of Absorbent Glass Mat (AGM) Batteries Over Lead Batteries is Driving the Market Growth
Favourable characteristics of absorbent glass mat (AGM) batteries, like longer battery life, vibration resistance, start-stop applications, high electrical loads, quick recharges, and long lifecycles are driving the global market growth of absorbent glass mat battery. The market is expected to register significant growth owing to the demand for efficient batteries. Stringent CO2 emission norms by governments across the globe are providing further impetus to the market growth. In addition, absorbent glass mat batteries find applications in high-end and advanced fuel-efficient vehicles with large power demands. This, in turn, is expected to bolster the market growth.
Key Industry Players in the Global Absorbent Glass Mat (AGM) Battery Market
The report gives a detailed analysis of the following key players in the global absorbent glass mat (AGM) battery market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Clarios
- Exide Technologies
- Power Sonic Corporation
- Panasonic Corporation
- East Penn Manufacturing Company
- Enersys
- EC&D Technologies, Inc
- Robert Bosch GmbH
- Trojan Battery Company
- Defender Industries
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on Porter's five forces model, along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Output Capacity |
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| Breakup by Distribution channel |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 12.74 billion.
The market is projected to grow at a CAGR of 5.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 20.10 billion by 2032.
The major drivers of the market include the favourable characteristics of absorbent glass mat battery and the stringent regulations regarding carbon emissions.
The key market trends include the rising number of manufacturers and the burgeoning use of renewable energy power grids.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major types of absorbent glass mat battery in the market include stationary and motive.
The different output capacities in the market are 2-6V, 6-8V, and 12V.
The significant distribution channels in the market are OEM and aftersales.
The major end uses in the market are automobile, inverters, energy sector, and marine, among others.
The key players in the global absorbent glass mat battery market are Clarios, Exide Technologies, Power Sonic Corporation, Panasonic Corporation, East Penn Manufacturing Company, Enersys, EC&D Technologies, Inc Robert Bosch GmbH, Trojan Battery Company, and Defender Industries, among others.
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