Electric Vehicle Battery Is The Fastest Growing Segment Fuelling The Growth Of Absorbent Glass Mat Battery Market

https://www.coherentmarketinsights.com/industry-reports/absorbent-glass-mat-battery-market
Absorbent Glass Mat Battery Market

 

Market Overview:

Absorbent Glass Mat battery, also known as AGM battery, is a type of valve-regulated lead-acid battery that uses glass mat technology to separate the plates and absorb electrolyte. An AGM battery offers advantages of high resistance to vibration and less maintenance as compared to regular lead-acid batteries. They are widely used in electric vehicles, UPS Systems, solar power storage and telecom applications.

Market key trends:
Electric vehicles are one of the major drivers of the AGM battery market growth. In order to reduce carbon emissions, governments across the globe are formulating supportive policies and regulations for electric vehicle adoption. AGM batteries are preferred for their characteristics like maintenance-free operation, prolonged life and reduced need for watering. The global electric vehicle stock grew by 52.6% in 2021 reaching 16.5 million on road, according to the International Energy Agency. With the increasing electric vehicles sales, demand for high-quality and durable AGM batteries is expected to rise significantly over the forecast period.

The global Absorbent Glass Mat Battery Market Size is estimated to be valued at US$ 14.72 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The global absorbent glass mat battery market is dominated by the stationary lead-acid batteries segment, accounting for the largest share of more than 70% in 2022. This is because these batteries are widely used as backup power solutions for continuous operation of devices and equipment in case of power outages or fluctuations in grid supply. Some key applications of stationary lead-acid batteries include telecommunications, UPS systems, switchgear, emergency lighting, and renewable energy storage.

Key Takeaways
The global absorbent glass mat battery market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing demand for uninterrupted power supply from various industries.

Regional analysis
Asia Pacific dominated the global market in 2022 and is expected to remain the largest as well as fastest growing region during the forecast period. The growth in this region can be attributed to high investment in telecommunication infrastructure, growing adoption of renewable energy resources, and increasing urbanization leading to expansion of smart grid networks.

Key players
Key players operating in the absorbent glass mat battery market are EnerSys, Exide Technologies, GS Yuasa, Hoppecke, Crown Battery, Hitachi Chemical, Amara Raja, HBL Power Systems, C&D Technologies, Luminous, Okaya Power, Rolls Battery, Amara Raja Batteries, Hankook AtlasBX Co, Leoch Battery, Power-Sonic, Southern Batteries, Panasonic Corporation, Samsung SDI, LG Chem. EnerSys and Exide Technologies capture over 30% of the global market share due to their diversified product portfolio and widespread distribution network.

Read More: https://www.pressreleasebulletin.com/growth-in-the-absorbent-glass-mat-battery-market-growth-trends-and-forecast-analysis/

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