Absorbent Glass Mat Battery Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Electric Vehicles
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Absorbent Glass Mat Battery Market |
The global Absorbent Glass Mat Battery Market is estimated to be valued at US$ 14.72 billion in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Absorbent Glass Mat (AGM) batteries are a type of lead-acid
battery that utilizes a fiberglass mat separator to hold the electrolyte in
place. AGM batteries offer several advantages such as high energy density, low
self-discharge rate, and superior performance in extreme temperatures. These
batteries are widely used in automotive, marine, and uninterruptible power
supply (UPS) applications. The increasing adoption of electric vehicles (EVs)
worldwide is driving the demand for AGM batteries, as they are essential for
storing and delivering power in EVs.
Market Key Trends:
The key trend driving the growth of the Absorbent
Glass Mat Battery Market is the increasing adoption of electric vehicles. With
the growing concerns over environmental pollution and the depletion of fossil
fuels, there has been a significant shift towards electric vehicles as a
sustainable transportation solution. AGM batteries play a crucial role in EVs
by providing high energy density and long-lasting power to drive the vehicles.
Furthermore, the government initiatives and incentives promoting the adoption
of electric vehicles are further fueling the demand for AGM batteries.
Moreover, technological advancements in battery technology, such as improved
energy storage capacity and faster charging capabilities, are also driving the
market growth. Overall, the Absorbent Glass Mat Battery Market is expected to
witness high growth in the coming years due to the increasing adoption of
electric vehicles and advancements in battery technology.
PEST Analysis:
Political: The political stability in a country or region plays a vital role in
the growth of the absorbent glass mat battery market. Government policies and
regulations regarding environmental sustainability and clean energy can impact
the demand for these batteries. For example, favorable government initiatives
to promote renewable energy sources can drive the adoption of absorbent glass
mat batteries.
Economic: The economic factors that can affect the absorbent glass mat battery
market include GDP growth rate, income levels, and consumer spending patterns.
Economic stability and rising disposable incomes can drive the demand for
automotive and industrial applications, leading to the growth of the market.
Social: Social factors such as growing environmental consciousness and the
increasing demand for sustainable and eco-friendly products can influence the
absorbent glass mat battery market. The shift towards clean energy solutions
and the need for efficient energy storage to reduce carbon emissions can
contribute to the market growth.
Technological: Technological advancements in battery technologies and the
development of advanced charging infrastructure are significant factors in the
growth of the absorbent glass mat battery market. Improvements in battery
energy density, longer lifespan, and faster charging capabilities can enhance
the adoption of absorbent glass mat batteries in various applications.
Key Takeaways:
The global
Absorbent Glass Mat Battery Market is expected to witness high growth,
exhibiting a CAGR of 9% over the forecast period. The market is driven by the
increasing demand for reliable and high-performance batteries across
automotive, industrial, and renewable energy applications. The shift towards
clean energy sources and the need for energy storage solutions to balance the
intermittent nature of renewable energy generation are key drivers for the
market growth.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the absorbent glass mat battery
market. The rapid industrialization, growing automotive sector, and supportive
government initiatives for clean energy adoption contribute to the market's
growth in this region.
Key players operating in the absorbent glass mat battery market include
EnerSys, Exide Technologies, GS Yuasa, Hoppecke, Crown Battery, Hitachi
Chemical, Amara Raja, HBL Power Systems, C&D Technologies, Luminous, Okaya
Power, Rolls Battery, Amara Raja Batteries, Hankook AtlasBX Co, Leoch Battery, Power-Sonic,
Southern Batteries, Panasonic Corporation, Samsung SDI, and LG Chem. These key
players are focusing on product innovations, partnerships, and expansions to
gain a competitive edge in the market.
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