According to Future Market Insights, the global absorbent glass mat (AGM) battery market is projected to reach USD 18 billion, growing at a CAGR of 4.8% during the forecast period. In 2022, the market is expected to secure USD 11.2 billion.
Key factors driving market growth include increased research and development by leading manufacturers, as well as the production of maintenance-free, spill-proof batteries with extended lifespans. Additionally, the rising demand for renewable energy projects worldwide is anticipated to further boost market demand.
The UPS segment is expected to present lucrative opportunities within the AGM battery market. Significant advancements in the automotive sector, particularly in emerging economies, are also contributing to growth, providing attractive prospects for market players.
Key Takeaways:
- By application, the UPS segment is expected to record a 3.8% CAGR by 2032
- By voltage, the 2-4volts segment to expand at a 3.2% growth rate during the forecast period
- The U.S market to garner USD 6 Billion and record a 4.5% CAGR from 2022-2032
- Market in China to procure USD 1 Billion, expanding at a 4.1% growth rate during the assessment period
Competitive Landscape
Eminent players of the global absorbent glass mat (AGM) battery market include Clarios, Power Sonic Corporation, Exide Technologies, C&D Technologies, East Penn Manufacturing Company among others. Recent key developments among players include:
- In November 2021- Clarios entered a strategic collaboration with China Lithium Battery Technology Company (CALB) to develop low-voltage lithium-ion battery systems to address the growing electrical needs of global automaker. The partnership will develop and manufacture low-voltage lithium-ion battery systems with lithium iron phosphate (LFP) cells to support the needs of electric vehicles — combining CALB’s lithium-ion cell expertise with Clarios’ battery system and vehicle integration capabilities.
- In May 2021 – Exide Technologies, updated its Exide Premium range with a modern new black design with new recycled components for reduced environmental impact. The change will lead to savings of 2,700 tons of CO2, 8 million litres of water and 1.2 million litres of crude oil in Exide’s manufacturing each year.
Key Segments Covered In The Absorbent Glass Mat(AGM) Battery Industry Survey
By Type:
• Stationary Absorbent Glass Mat (AGM) Battery
• Motive Absorbent Glass Mat (AGM) Battery
By Voltage:
• 2-4 Volts Absorbent Glass Mat (AGM) Battery
• 6-8 volts Absorbent Glass Mat (AGM) Battery
• 12 volts and above Absorbent Glass Mat (AGM) Battery
By End User:
• Absorbent Glass Mat (AGM) Battery OEM
• Absorbent Glass Mat (AGM) Battery Aftermarket
By Application:
• Absorbent Glass Mat (AGM) Battery for Automotive
o Motor Vehicle
o Motor Cycle
o Others
• Absorbent Glass Mat (AGM) Battery for UPS
• Absorbent Glass Mat (AGM) Battery for Industrial Applications
• Absorbent Glass Mat (AGM) Battery for Energy Storage
• Absorbent Glass Mat (AGM) Battery for Other Applications
Report Preview: https://www.futuremarketinsights.com/reports/absorbent-glass-mat-agm-battery-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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