Global Absorbent Glass Mat (AGM) Battery Market Overview
As per MRFR analysis, the Absorbent Glass Mat (AGM) Battery Market Size was estimated at 7.89 (USD Billion) in 2022. The Absorbent Glass Mat (AGM) Battery Market Industry is expected to grow from 8.65 (USD Billion) in 2023 to 19.7 (USD Billion) by 2032. The Absorbent Glass Mat (AGM) Battery Market CAGR (growth rate) is expected to be around 9.58% during the forecast period (2024 - 2032).
Key Absorbent Glass Mat (AGM) Battery Market Trends Highlighted
Key Market Drivers: The growing demand for reliable and efficient energy storage solutions in various industries, including automotive, telecom, and renewable energy, is a primary driver for the absorbent glass mat (AGM) battery market. The increasing adoption of electric vehicles and hybrid vehicles is driving the need for high-performance AGM batteries that can withstand deep cycling and provide extended lifespan. Additionally, the rising awareness of environmental sustainability and the need for renewable energy sources are boosting the demand for AGM batteries in off-grid systems and backup power applications. Opportunities to be Explored or Captured: The market presents significant opportunities for companies to capitalize on advancements in AGM battery technology.
Innovations in grid design and electrolyte compositions are enabling manufacturers to develop batteries with enhanced performance, higher energy density, and improved durability. Exploring new market segments, such as medical devices and aerospace applications, can provide growth potential. Moreover, collaborations between battery manufacturers and end-users in industries like automotive and telecommunications can facilitate the development of customized solutions tailored to specific requirements.
Trends in Recent Times: The AGM battery market has witnessed a surge in the adoption of advanced technologies, such as carbon-enhanced grids and nano-structured separators. These advancements enhance battery performance by reducing internal resistance, improving charge acceptance, and extending cycle life. Additionally, the trend towards lightweight and compact battery designs has gained momentum, driven by the demand for space-saving solutions in various applications. The market is also experiencing a shift towards sustainable manufacturing practices, with an emphasis on reducing environmental impact and enhancing battery recyclability.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Absorbent Glass Mat (AGM) Battery Market Drivers
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Government Regulations and Incentives
Globally, the governments are implementing various regulations and offering several incentives to cross the usage and adoption of renewable sources and electric vehicles. The motive of this initiative is to reduce greenhouse gases and make the world a pollution-free place. As a result of these initiatives, several applications have been utilizing AGM batteries as a vital option.
For example, the European Union has committed to reducing greenhouse emissions to 55% by 2030. It also introduced several policies to encourage its usage, such as tax exemptions and subsidies to encourage electric and plug-in hybrid vehicles. The same kind of policies have been introduced in the other biggest market, China. It offers several policies to encourage the use of electric vehicles, such as purchase subsidies and tax exemptions. As a result of these initiatives, the governments would further drive the demand for these batteries in the forthcoming years.
Growing Adoption of Electric Vehicles
The rising demand for AGM batteries in the electric vehicles segment is a major driver. AGM batteries are utilized in electric vehicles to provide the necessary power for the electric systems of these vehicles and to start the engines. The electric vehicles market is also expected to witness significant growth, largely due to rising fuel prices, increased environmental awareness and global government incentives. This, in turn, will lead to the global market expansion of AGM batteries, as they are an integral part of such vehicles.
Advancements in Battery Technology
There is an increasing demand for Absorbent Glass Mat batteries as well due to the continuous evolution of battery technology. Absorbent Glass Mat batteries are another kind of lead-acid batteries that utilize a particular design in order to enhance their operation and durable qualities.
Because AGM batteries are more effective than traditional lead-acid batteries, they can deliver more power for longer. This is why AGM batteries are becoming more common every day, as they can be applied to a bigger number of tasks, such as being used in electric cars, energy storage options that accompany green energy systems, and receptive power alternatives.
Absorbent Glass Mat (AGM) Battery Market Segment Insights:
Absorbent Glass Mat (AGM) Battery Market Power Insights
The power segment of the Absorbent Glass Mat (AGM) Battery Market is forecast to grow noticeably in the next several years because of the increasing demand for electric vehicles, energy storage systems, and the growing popularity of renewable energy sources. Given the increased use of automobiles, starter batteries comprise the major share of the power segment.
Deep cycle batteries, on the other hand, are gaining popularity for use in electric forklifts, golf carts, and marine applications. The market is characterized by a high level of rivalry among the major players. Specifically, according to B Newswire, “key industry leaders include Johnson Controls, Exide Technologies, Enersys, and Crown Battery”. Significant investments are made into R to improve the performance and efficiency of the products.
In addition, as the case study shows, there is also a trend toward acquiring or forming a partnership with other companies to penetrate a new market or geography and acquire new capabilities that would provide a competitive advantage and allow the company to improve its offerings. As for the major regional markets, Asia Pacific is predicted to be the dominant market for absorbent glass mat batteries in the future years.
The rapidly expanding automotive industry and the growing popularity of renewable energy sources in the region are driving up demand for AGMs. North America and Europe are the other prominent markets for AGMs. The demand in these regions is driven by the rising popularity of electric vehicles and energy storage systems. Thus, it can be concluded that the overall future outlook for the global AGM battery market is bright and full of opportunities as the demand from various industries will keep growing. Technological advancements, government initiatives and the growing popularity of pro-ecological products will keep driving the market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Absorbent Glass Mat (AGM) Battery Market Capacity Insights
The market is segmented based on capacity into four categories, which are Up to 100 Ah, 101-500 Ah, 501-1000 Ah, and above 1000 Ah. According to the data, the 101-500 Ah category remains the leader by market share. As of 2023, it will account for over 40% of the global revenue. That effect is explained by the availability of a broad spectrum of applications for the given capacity level. In this case, batteries are frequently used in electric vehicles, as industrial equipment, as well as a part of uninterrupted power supplies.
The Up to 100 Ah segment is also expected to be in increased demand since small-scale energy storage systems gain popularity in residential and commercial buildings. Furthermore, the 501-1000 Ah and above 1000 Ah groups will possibly gain momentum in the future because of the increased market demand for high-power batteries in electric vehicles and power plants utilizing renewable sources of energy.
Absorbent Glass Mat (AGM) Battery Market Application Insights
The Absorbent Glass Mat (AGM) Battery Market is segmented into Automotive, Telecommunications, Industrial, Marine, and Uninterruptible Power Supply (UPS) based on application. Automotive is the largest segment, accounting for over 40% of the global market in 2023. The growth of the automotive segment is primarily driven by the increasing demand for electric vehicles and hybrid electric vehicles. Telecommunications is another major segment, accounting for over 30% of the global market in 2023.
The growth of the telecommunications segment is primarily driven by the increasing demand for reliable power backup in telecommunication networks. Industrial, Marine, and UPS are other important segments, accounting for a significant share of the global market. The growth of these segments is primarily driven by the increasing demand for reliable power backups in various industrial and commercial applications.
Absorbent Glass Mat (AGM) Battery Market Chemistry Insights
The Chemistry segment is crucial in understanding the Absorbent Glass Mat (AGM) Battery Market. Lead-Acid batteries, with a revenue of USD 5.72 billion in 2023, dominate the market, catering to automotive and industrial applications. Their affordability and reliability make them a popular choice.
However, Zinc-Carbon batteries, with a market size of USD 1.23 billion in 2023, serve niche markets such as hearing aids and watches due to their compact size and low cost. The market growth for both segments is influenced by advancements in technology, increasing demand for energy storage solutions, and environmental concerns.
Absorbent Glass Mat (AGM) Battery Market Regional Insights
Regionally, North America held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth in this region can be attributed to the increasing demand for electric vehicles and the presence of major automotive manufacturers. Europe is expected to witness significant growth, driven by the rising adoption of renewable energy sources and government initiatives to promote electric vehicle adoption.
APAC is anticipated to be the fastest-growing region, owing to the rapidly expanding automotive industry and increasing government support for the adoption of electric vehicles. South America and MEA are expected to witness steady growth, driven by the growing demand for automotive batteries and the increasing adoption of renewable energy sources.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Absorbent Glass Mat (AGM) Battery Market Key Players And Competitive Insights:
Absorbent Glass Mat (AGM) Battery Market Key Players primarily focus on research and development to introduce new technologies. Further, expansion, acquisition, mergers, product development, and collaboration constitute the dominant trajectories for a major share of the Absorbent Glass Mat (AGM) Battery Market players.
For instance, the established market player, Johnson Controls, provides start-to-finish solutions, from designing to manufacturing to supplying Absorbent Glass Mat Battery across the globe. Johnson Controls provides Absorbent Glass Mat Battery for various purposes, including automotive, industrial, and telecommunications applications. Its broad portfolio is designed to increase efficiency, reduce cost, and streamline operations.
The company is insisting on automation’ and digitization’ to create operational efficiencies. The company has been committed to sustainability using high-quality and reliable battery technology, thereby augmenting its position in the Absorbent Glass Mat (AGM) Battery Market. Moreover, Johnson Control has a vast and robust distribution network supporting sales across regions.
EnerSys is a significant player in the Absorbent Glass Mat (AGM) Battery Market, where the company is exclusively focused on designing and manufacturing industrial batteries and accessories. EnerSys offers high-quality Absorbent Glass Mat batteries with long-lasting high performance and reliability.
The company has been innovating forklift batteries, batteries for renewable energy storage, motive power, aerospace and defense, precise Indatrack solutions, and a vast range of industrial batteries. Asia, North America, and Europe are the key regions with manufacturing facilities and further cater to the global demand for Absorbent Glass Mat Battery. The company has been focusing on R and innovating the production and utility of the batteries in the Absorbent Glass Mat (AGM) Battery Market.
Key Companies in the Absorbent Glass Mat (AGM) Battery Market Include:
- Johnson Controls International plc
- BAE Batteries
- Enersys
- GS Yuasa Corp.
- Clarios
- Johnson Controls
- Hitachi Chemical Co., Ltd.
- Leoch International Technology Ltd.
- EnerSys
- NorthStar Battery
- East Penn Manufacturing Co., Inc.
- Murata Co., Ltd.
- A123 Systems
- Exide Technologies
- Gemilang International Ltd
Absorbent Glass Mat (AGM) Battery Market Industry Developments
The global Absorbent Glass Mat (AGM) Battery Market is projected to reach USD 19.7 billion by 2032, exhibiting a CAGR of 9.58% during the forecast period. Increasing adoption of AGM batteries in electric vehicles, renewable energy systems, and uninterruptible power supplies (UPS) drives market growth.
Recent developments include: In 2023, Clarios launched the AGM+ battery, offering improved performance and reliability for start-stop vehicles.
In 2022, Exide Technologies acquired GNB Industrial Power, expanding its AGM battery portfolio for industrial applications. Asia-Pacific is the largest regional market, driven by rising automotive production and infrastructure development. North America and Europe are also significant markets, with growing demand from the transportation and telecommunications sectors. Key industry players include Johnson Controls, Clarios, Exide Technologies, and East Penn Manufacturing.
Absorbent Glass Mat (AGM) Battery Market Segmentation Insights
Absorbent Glass Mat (AGM) Battery Market Power Outlook
- Starter Batteries
- Deep Cycle Batteries
Absorbent Glass Mat (AGM) Battery Market Capacity Outlook
- Up to 100 Ah
- 101-500 Ah
- 501-1000 Ah
- Above 1000 Ah
Absorbent Glass Mat (AGM) Battery Market Application Outlook
- Automotive
- Telecommunications
- Industrial
- Marine
- Uninterruptible Power Supply (UPS)
Absorbent Glass Mat (AGM) Battery Market Chemistry Outlook
Absorbent Glass Mat (AGM) Battery Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
7.89 (USD Billion) |
| Market Size 2023 |
8.65 (USD Billion) |
| Market Size 2032 |
19.7 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.58% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Johnson Controls International plc, BAE Batteries, Enersys, GS Yuasa Corp., Clarios, Johnson Controls, Hitachi Chemical Co., Ltd., Leoch International Technology Ltd., EnerSys, NorthStar Battery, East Penn Manufacturing Co., Inc., Murata Co., Ltd., A123 Systems, Exide Technologies, Gemilang International Ltd |
| Segments Covered |
Power, Capacity, Application, Chemistry, Regional |
| Key Market Opportunities |
Growing demand for EVs and HEVsIncreasing adoption in UPS and backup systemsRising demand in renewable energy applications |
| Key Market Dynamics |
1 Rising Demand for Electric Vehicles2 Technological Advancements3 Government Incentives for Renewable Energy4 Growing Adoption in Telecom Sector5 Increasing Focus on Sustainability |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Absorbent Glass Mat (AGM) Battery Market was valued at USD 8.65 billion in 2023 and is projected to reach USD 19.7 billion by 2032, exhibiting a CAGR of 9.58% during the forecast period.
North America is expected to dominate the Absorbent Glass Mat (AGM) Battery Market, accounting for over 50% of the market share in 2023.
Absorbent Glass Mat Batteries are primarily used in automotive applications, including start-stop systems, hybrid electric vehicles, and electric vehicles. They are also used in stationary applications, such as uninterruptible power supplies, renewable energy storage, and telecommunications.
Key competitors in the Absorbent Glass Mat (AGM) Battery Market include Exide Technologies, Johnson Controls, Clarios, East Penn Manufacturing, and Hitachi Chemical.
The Absorbent Glass Mat (AGM) Battery Market faces challenges such as the high cost of raw materials, increasing competition from alternative battery technologies, and stringent environmental regulations.
Key trends shaping the Absorbent Glass Mat (AGM) Battery Market include the growing adoption of electric vehicles, the development of new battery technologies, and the increasing demand for renewable energy storage solutions.
The Absorbent Glass Mat (AGM) Battery Market is projected to grow at a CAGR of 9.58% from 2023 to 2032, reaching a market size of USD 19.7 billion by 2032.
The growth of the Absorbent Glass Mat (AGM) Battery Market is driven by factors such as the increasing demand for electric vehicles, the growing adoption of renewable energy sources, and the need for reliable and efficient energy storage solutions.
Opportunities for growth in the Absorbent Glass Mat (AGM) Battery Market include the development of new battery technologies, the expansion of the electric vehicle market, and the increasing demand for energy storage solutions in emerging economies.
Challenges faced by the Absorbent Glass Mat (AGM) Battery Market include the high cost of raw materials, competition from alternative battery technologies, and stringent environmental regulations.
