Wilmington, Delaware, May 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Maintenance Free Battery Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global maintenance free battery market generated $27.6 billion in 2022, and is anticipated to generate $66.1 billion by 2032, rising at a CAGR of 9.1% from 2023 to 2032.
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Prime Determinants of Growth
The rising demand for eco-friendly & reliable power solutions, growing adoption of maintenance free battery, and the increasing consumer demand for hassle-free solutions are the factors expected to drive the growth of the global maintenance free battery market in the forecast period from 2023 to 2032. However, low storage capacity and high costs of manufacturing may restrict market growth in the coming future. On the contrary, ongoing advancements in battery technology and the rising applications of maintenance free batteries across uninterrupted power supply (UPS) are expected to offer remunerative opportunities for the expansion of the maintenance free battery market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $27.6 billion |
| Market Size in 2032 | $66.1 billion |
| CAGR | 9.1% |
| No. of Pages in Report | 311 |
| Segments covered | Type, Application, and Region |
| Drivers |
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| Opportunities |
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| Restraints |
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Adsorbent Glass Mat (AGM) Sub-segment to be the Most Dominant During the Forecast Period
The adsorbent glass mat (AGM) sub-segment accounted for the largest global maintenance free battery market share of 77.9% in 2022 and is expected to hold major share and rise at the highest CAGR of 9.3% during the forecast period. AGM maintenance-free batteries have transformed energy storage with their sealed lead-acid design, offering spill-proof solutions exempt from hazardous material shipping restrictions. They outperform traditional flooded batteries with low internal resistance, enabling high current delivery for quick power needs. In addition, AGM batteries boast longer service lives, reliability, and lighter weight, making them preferred choices for automotive start-stop systems and applications requiring robust performance.
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Automotive Batteries Sub-segment to Hold Major Share by 2032
The automotive batteries sub-segment held the largest market share of 33.8% in 2022 and is predicted to continue to hold major share by 2032. This dominance is mainly due to the superior performance and longevity of automotive batteries. Brands like JYC BATTERY lead the market by offering batteries featuring corrosion-resistant lead-calcium alloy grids and bag-type separators, which prevent active substance loss. With minimal water loss and extended storage life, maintenance-free batteries ensure reliable vehicle operation, reduced maintenance, and an enhanced driving experience, driving their adoption in the automotive industry.
Asia-Pacific Market to Flourish Immensely During the Forecast Period
The Asia-Pacific maintenance free battery market accounted for the largest share of 59.4% in 2022 and is predicted to grow at the highest CAGR of 9.5% during the forecast period. Asia-Pacific emerges as a prominent center for maintenance-free battery production, fueled by robust manufacturing infrastructure and a thriving automotive and electronics sector. Technological advancements enable efficient and cost-effective production, meeting international standards and diverse consumer demands. For instance, GS Yuasa Corporation in Japan showcases leadership in battery technology, offering a comprehensive lineup of maintenance-free batteries for automotive, industrial, and specialty applications, driving growth in the region.
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Leading Players in the Maintenance Free Battery Market:
- Power Sonic Corporation
- Clarios
- Effekta Regeltechnik GmbH
- East Penn Manufacturing Company
- XINFU TECHNOLOGY (CHINA) CO. LIMITED
- HJBP power
- EXIDE INDUSTRIES LIMITED
- THE FURUKAWA BATTERY CO., LTD.
- EnerSys
- GS Yuasa International Ltd.
The report provides a detailed analysis of the key players of the global maintenance free battery market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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