Global Absorbent Glass Mat Battery Market Size, Share, Growth Analysis, By Type(Stationary, Motive), By Application(UPS, automotive) - Industry Forecast 2024-2031

Report ID: SQMIG55F2042 | Region: Global | Published Date: March, 2024
Pages: 182 | Tables: 64 | Figures: 80

Global Absorbent Glass Mat Battery Market News

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.

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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 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. 'EnerSys (USA)', 'Exide Technologies (USA)', 'East Penn Manufacturing (USA)', 'C&D Technologies (USA)', 'GS Yuasa Corporation (Japan)', '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)'

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 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.

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.

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Global Absorbent Glass Mat Battery Market Size, Share, Growth Analysis, By Type(Stationary, Motive), By Application(UPS, automotive) - Industry Forecast 2024-2031

Global Absorbent Glass Mat Battery Market News

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