AGM Batteries For Cars Global Market Report 2024

Absorbent glass mat (AGM) batteries for cars are a type of sealed lead-acid battery designed with glass mat separators to absorb and hold electrolyte solutions. They offer superior performance compared to traditional flooded lead-acid batteries, with benefits including maintenance-free operation, enhanced durability, and resistance to vibration and deep discharge.

AGM batteries for automobiles are divided into two primary categories, stationary and motive. Stationary AGM batteries utilize AGM technology to provide maintenance-free, long-term power storage for applications that do not require frequent movement. Passenger cars and electric vehicles are among the vehicle types that utilize AGM batteries, categorized by voltage ranges, less than 10 volts, 10 to 12 volts, and above 12 volts. These batteries are distributed through various channels, including OEM (original equipment manufacturer) and aftermarket sales.

The AGM batteries for cars market research report is one of a series of new reports that provides AGM batteries for cars market statistics, including AGM batteries for cars industry global market size, regional shares, competitors with a AGM batteries for cars market share, detailed AGM batteries for cars market segments, market trends and opportunities, and any further data you may need to thrive in the AGM batteries for cars industry. This AGM batteries for cars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The AGM batteries for cars market size has grown strongly in recent years. It will grow from $11.36 billion in 2023 to $12.02 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. In the historical period, growth can be attributed to advancements in global supply chains, the rise of hybrid and electric vehicles, shifting consumer preferences, economic factors, and increasing demands for reliability and durability.

The AGM batteries for cars market size is expected to see strong growth in the next few years. It will grow to $15.1 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. Anticipated growth in the forecast period is driven by vehicle electrification, stringent emission regulations, the proliferation of start-stop systems, aftermarket services and upgrades, and government incentives and support. Key trends expected in the forecast period include integration with advanced vehicle electronics, rapid expansion of electric vehicles (EVs) and hybrids, improved performance and efficiency, broader adoption in commercial vehicle applications, and heightened focus on environmental sustainability.

The growth of electric vehicles is expected to drive the expansion of the AGM batteries for cars market in the coming years. Electric vehicles (EVs) utilize electric motors powered by battery-stored energy, offering a cleaner alternative to traditional internal combustion engine vehicles. This growth is spurred by various factors, including increasing environmental concerns, government incentives promoting cleaner transportation, advancements in battery technology making EVs more practical, and a desire for energy independence. AGM batteries in EVs offer maintenance-free operation and improved safety, although they have lower energy density compared to lithium-ion batteries. In July 2023, the International Energy Agency reported that over 2.3 million electric cars were sold in the first quarter of that year, marking a 25% increase from the previous year. Sales are projected to reach 14 million by the end of 2023, representing a 35% year-on-year increase, with growth accelerating in the latter part of the year. This surge in electric vehicle adoption is a key driver of the AGM batteries for cars market growth.

Leading companies in the AGM batteries for cars market are concentrating on developing technologically advanced products such as AGM deep-cycle batteries. These batteries are designed to enhance cycling performance and longevity, providing sustained power delivery and durability in deep discharge applications through absorbent glass mat technology. For example, in March 2021, U.S. Battery Mfg Co. introduced new AGM Deep-Cycle batteries aimed at improving performance and efficiency, especially for applications requiring frequent deep cycling such as renewable energy systems and electric vehicles. This update utilizes advanced materials and manufacturing techniques to withstand frequent deep discharges and recharges, crucial for deep-cycle applications.

In April 2021, Hankook & Company Co. Ltd., a South Korea-based battery manufacturer, merged with Hankook AtlasBX Co. Ltd. to enhance operational efficiency and expand market reach. This merger was intended to leverage synergies and create new growth opportunities by integrating their capabilities to better serve the rapidly evolving automotive industry. Hankook AtlasBX Co. Ltd. is a provider of absorbent glass mat (AGM) batteries based in South Korea.

Major companies operating in the AGM batteries for cars market are Robert Bosch GmbH, GS Yuasa International Ltd., EnerSys, Exide Technologies, East Penn Manufacturing Company, Camel Group Co. Ltd, leoch International Technology Limited Inc, Hollingsworth and Vose, FIAMM Energy Technology S.p.A, C and D Technologies Inc., Shandong Sacred Sun Power Sources Co. ltd., CROWN BATTERY, Power Sonic Corporation, Hokuetsu Corporation, Mutlu Akü, Guangdong Dynavolt Power Technology, Universal Power Group, HOPPECKE Batterien GmbH and Co. KG, Surrette Battery's, Fullriver Battery, Vision Group SpA, Banner Batterien, Deltra Global Private.

North America was the largest region in the AGM batteries for cars market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AGM batteries for cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the AGM batteries for cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The AGM batteries for cars market consists of sales of starting AGM batteries, deep cycle AGM batteries, dual-purpose AGM batteries, and enhanced flooded battery (EFB) batteries. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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