Home/Analysis/Absorbed Glass Mat (AGM) Battery Market â€“ Industry Growth Opportunity Assessment
Absorbed Glass Mat (AGM) Battery Market â€“ Industry Growth Opportunity Assessment
Posted On: Dec 2023
The Global Absorbed Glass Mat (AGM) Battery Market is expected to show a moderate CAGR from 2016 to 2023. AGM batteries are designed in such a manner that the electrolyte is placed in between the glass mat and battery plates. Such batteries contain less amount of electrolyte which is sufficient enough to keep the mat wets. However, the increasing demand for AGM battery is a favourable growth indicator for the global market and is projected to register a moderate CAGR during the forecast period.
The start-stop functions in all the cars manufactured by European automobile by 2020 and stringent CO2 emission norms is one of the key driver for Absorbed Glass Mat (AGM) battery market. As less maintenance is required while using the AGM batteries, trucking industry has also started using it. The factors like renewable energy systems are anticipated to strongly drive the growth of the global AGM battery market uphill. There is a huge demand for battery market and especially AGM battery market is getting accelerated as there is no problem of topping up with distils water in regular intervals. AGM batteries are more efficient than lead acid batteries due to its better lifespan, improved design and construction, resistance to vibrations, no spillage or leakage and more capacity which is further boosting the demand for Global Absorbed Glass Mat (AGM) Battery Market. AGM battery market has many advantages including advanced battery technology, long lasting life of the product, excellent ability to tolerate deep cycling, high performance alternative, extreme heat and cold tolerant and greater mounting flexibility which further leads to the market growth. The only restraint that Absorbed Glass Mat (AGM) Battery Market has is its higher cost as compared to lead-acid battery.
The research report segments this industry on the basis of distribution channel, types and output capacity. On the basis of distribution channel, it can be classified as OEM and Aftersales. By types, it is segmented into automobile battery, inverter battery, solar energy battery and alternate energy. By output capacity, it can be segmented into 6V, 8V and 12V. Geographically, this market has been segmented into seven key market segments such as Latin America, North America, Western Europe, Eastern Europe, Japan, Asia Pacific (APEJ), Japan and Middle East & Africa (MEA). Among the aforementioned segments, the AGM market is dominated in terms of value by Western Europe as the demand is driven by the various automobile companies and renewable energy systems established in the region followed by North. The demand for AGM battery is getting accelerated in countries of APEJ, Eastern Europe and Japan and during the study period, the demand will further be increased by the automobile, trucking and renewable energy industry.
Some of the prominent players identified in the global absorbed glass mat battery market are Exide, Robert Bosch GmbH, Duracell, AMARON QUANTA, Johnson Controls, Trojan Batteries, Adventure Power, MK Batter, Defender Industries, Tudor India Limited, ODYSSEY batteries and Centennial AGM.
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