Market Overview
The Global Absorbent Glass Mat (AGM) Battery Market is projected to grow at a CAGR of 5.8% during the forecast period (2024-2031).
Absorbent glass mat batteries are a type of lead-acid battery commonly used in vehicles, particularly in hybrid and electric vehicles. They are sealed, maintenance-free batteries with a glass mat separator that absorbs and holds the electrolyte. This design allows for a higher level of safety, as there is no spillage or leakage of the electrolyte. AGM batteries are also known for their improved performance, longer lifespan and faster recharge compared to traditional lead-acid batteries.
Market Summary
| Metrics | Details |
| Market CAGR | 5.8% |
| Segments Covered | By Voltage, By Type, By Application, By End User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
The increased demand for hybrid and electric vehicles
The increase in demand for hybrid and electric vehicles drives the growth of the global absorbent glass mat batteries for the car market because these vehicles require high-performance batteries to power their electric motors. AGM batteries are commonly used in hybrid and electric vehicles because they offer several advantages over traditional lead-acid batteries, such as improved performance, longer lifespan and faster recharge times. As the demand for hybrid and electric vehicles increases, AGM batteries will also increase. This is because AGM batteries are seen as an important component for ensuring the performance and reliability of hybrid and electric vehicles.
Additionally, governments around the world are promoting the adoption of hybrid and electric vehicles as a way to reduce carbon emissions and promote sustainability, which is further driving the growth of the AGM battery market.
Competition from alternative battery technologies
Competition from alternative battery technologies such as lithium-ion batteries is a major factor hampering the growth of the global absorbent glass mat (AGM) batteries for the car market. Lithium-ion batteries are lighter and more energy-dense than AGM batteries, which makes them a popular choice for electric vehicles and other applications. The cost of lithium-ion batteries has been declining, making them more accessible to customers. This increased competition is putting pressure on AGM battery manufacturers to reduce costs and improve the performance of their products. The increased competition from lithium-ion batteries is making it difficult for AGM battery manufacturers to maintain their market share, which is ultimately hampering the growth of the AGM battery market.
Market Segment Analysis
The global absorbent glass mat batteries for cars market is segmented based on vehicle type, end-user, application and region.
Owing to the growing trend of electrifying vehicles to reduce carbon emissions supports the growth of the passenger vehicle segment
The passenger vehicle segment dominates the global absorbent glass mat (AGM) batteries for the car market. AGM batteries are commonly used in hybrid vehicles to power their electric motors and as the demand for hybrid vehicles continues to increase, so will the demand for AGM batteries. Additionally, the growing trend of electrifying vehicles to reduce carbon emissions and promote sustainability is driving the growth of the passenger vehicle segment of the AGM battery market.
Market Geographical Share
The hefty amount of automotive production in the region supplements the growth of the Asia-Pacific market
Asia-Pacific is the region that accounts for the majority of the market share in the global absorbent glass mat (AGM) batteries for cars market. The region has the largest and most technologically advanced automobile manufacturers in countries such as Japan, China and South Korea. The increasing demand for hybrid and electric vehicles in these countries is driving the growth of the AGM battery market in the region. Additionally, the supportive government policies and incentives for the adoption of electric vehicles are also contributing to the growth of the AGM battery for cars market in Asia-Pacific.
Market Major Players
The major global players include Clarios, Johnson Controls, East Penn Manufacturing Company, Power Sonic Corporation, C&D Technologies, Enersys, Exide Technologies, Concorde Battery Corporation, GS Yuasa and Crown Battery.
COVID-19 Impact Analysis on Market
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By End-User
- OEM
- Aftermarket
By Application
- Start-Stop Systems
- Conventional Vehicles
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On October 17, 2022, The holding company of Hankook Tire & Technology Co., Ltd., Hankook & Company Co., Ltd., started a new subsidiary business under its Energy Solution (ES) Business Headquarters: The Frankfurt-based Hankook & Company ES Deutschland aims to expand the company's automotive battery business in the thriving European market. A wide selection of energy storage solutions featuring the Hankook trademark will be provided by Hankook & Company ES Deutschland GmbH. Batteries that meet the stringent requirements of the automobile industry are included in the portfolio as AGM (Absorbent Glass Mat), EFB (Enhanced Flooded Battery), and MF (Maintenance Free) batteries.
- In April 2022, to meet the growing demand for energy storage solutions for inverters, industrial applications, and electric vehicles, ENTEK announced strategic investments to increase the company's global manufacturing footprint of absorbent glass mat (AGM) separator materials in the United States and India (EVs).
- On January 10, 2022, To monitor critical safety elements and improve real-time vehicle performance for electric and driverless vehicles, Clarios introduced smart technology. Clarios Smart AGM (absorbent glass mat) will deliver continuous low-voltage power, monitor its performance, anticipate the need for battery repair, and provide safety-critical activities.
The global absorbent glass mat batteries for cars market report would provide approximately 61 tables, 55 figures and 185 Pages.
