Newark, April 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 11.6 billion AGM battery market will reach USD 20.5 billion by 2033. The upgraded lead-acid battery, known as an absorbent glass mat (AGM) battery, can withstand vibrations and deliver exceptional power to meet the increased electrical needs of cars and start-stop applications. These batteries have several qualities that make them ideal for UPS, automobiles, military aircraft, heavy-duty vehicles, and other applications. These include being spill-proof, effortlessly transported, vibrant resistant, shock-resistant, and maintenance-free. Some of the major factors propelling the market for these batteries include the increased investment in renewable energy and the easy recycling of these batteries compared to other batteries, which are ideal for high-current applications like UPS.
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Since AGM batteries have a low self-discharge rate, they are recommended for use in vehicles with start-stop technology. The engine can be turned off automatically using start-stop automotive technology. They are also extensively utilised in plug-in hybrid automobiles. These batteries are fantastic for more sophisticated, high-end, fuel-efficient cars with higher power requirements. The government's support for long-range, zero-emission vehicles through subsidiaries and taxes and the growing demand for low-emission vehicles have fueled the market for electric vehicles and contributed to the expansion of batteries.
Key Insight of the AGM Battery Market
Asia Pacific will account for the largest market size during the forecast period.
The region's largest and most technologically advanced automakers are found in South Korea, China, and Japan. The region's AGM batteries market is expanding due to the rising demand for hybrid and electric automobiles in these nations. Furthermore, the Asia-Pacific market for AGM batteries is expanding due to encouraging government regulations and incentives for using electric vehicles. One reason for the market's expansion is the existence of developing nations like China, Japan, India, and others. Absorbent glass mat (AGM) battery demand is anticipated to be driven by rising industrialization in China, rising consumer demand for high-tech goods, and the entry of international competitors into the market.
The stationary segment dominated the market with the most significant revenue of USD 6.84 billion.
The stationary segment dominated the market with the most significant revenue of USD 6.84 billion. The expansion of this segment is driven by the growing use of stationary batteries in the telecom and UPS industries. Because of their larger grid architecture and other characteristics, stationary batteries have a longer shelf life. They are, therefore, used for emergency lights, energy storage systems, and UPS for workplaces and hospitals.
The UPS segment dominated the market with the most significant revenue of USD 3.36 billion.
The UPS segment dominated the market with the most significant revenue of USD 3.36 billion. UPSs were among the first devices to employ AGM batteries. A lot of businesses and industries use UPS for backup power in case of emergencies. The UPS system has a strong current owing to these batteries for a short while. These batteries are the finest choices for UPS systems because of their low internal resistance, superior specific power & efficiency, affordable purchasing price, and low self-discharge rate.
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Market Dynamics:
Drivers: Increasing demand from high-end and fuel-efficient vehicles
For sophisticated and high-end fuel-efficient cars with maximum power and electronic options like heated seats, DVD players, GPS, and music systems, automotive absorbent glass mat (AGM) batteries are an excellent premium option. The automotive absorbent glass mat (AGM) batteries market will expand due to rising demand for renewable energy sources and the increasing use of high-performance engine starting batteries in luxury fuel-efficient cars.
Restraint: High cost
As batteries are expensive to manufacture, this significantly impacts demand. The market is hampered by AGM batteries' low specific energy and higher manufacturing costs than lithium-ion batteries. Additionally, the expansion of the industry is hampered by flooded batteries' weaker tolerance to overcharging and high voltage.
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Some of the major players operating in the AGM battery market are:
● GS Yuasa Corporation
● FIAMM Energy Technology S.p.A
● NINGBO BAIHENG SCIENCE&TECHNOLOGY CO LTD
● B&F Technology Limited
● Hokuetsu Corporation
● Nippon Sheet Glass Co Ltd
● East Penn Manufacturing Co Inc
● Fengxin Industrial Co Ltd
● ShanDong Renfeng Special Materials Co Ltd
● Hollingsworth & Vose
Key Segments cover in the market:
By Type:
● Motive
● Stationary
By Application:
● UPS
● Energy Storage
● Automotive
● Industrial
● Others
About the report:
The global AGM battery market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements, whether they are looking to expand or planning to launch a new product in the global market.
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