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AGM Battery Market Trends

Report ID: GMI6181
Published Date: Jul 2023
Report Format: PDF

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Absorbent Glass Mat (AGM) Battery Market Trends

The AGM battery market is experiencing growth due to the increasing demand for deep cycle applications across the globe. AGM batteries are well-suited for deep cycle applications that require frequent and deep discharging and recharging cycles. There is a growing demand for AGM batteries in renewable energy systems, electric vehicles, marine applications, RVs, and off-grid power systems where deep cycling capability is crucial.

Ongoing research and development efforts are focused on improving the performance of AGM batteries. Manufacturers are working on enhancing energy density, increasing cycle life, and reducing self-discharge rates. These advancements aim to provide AGM batteries with improved efficiency, reliability, and longer service life. AGM batteries are being integrated into hybrid energy storage systems that combine multiple energy storage technologies such as lithium-ion batteries and AGM batteries, thus boosting the industry growth. The global shift towards electric mobility presents significant opportunities for AGM battery market growth.

In addition, the growth of the telecommunications industry, led by rising data consumption and the expansion of network infrastructure, leads to increased demand for reliable backup power solutions. AGM batteries are widely used in UPS systems for telecom towers, base stations, and data centers to ensure uninterrupted operation during power outages.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of AGM battery was valued at over USD 15.6 billion in 2023 and is anticipated to cross USD 20.1 billion by 2032, on account of the increasing demand for automotive start-stop systems across the globe.

The SLI application segment held approximately 68% of the market share in 2022 and is likely to grow at a CAGR of 2.6% through 2032. As vehicle owners seek batteries that deliver reliable and consistent performance, the demand for AGM batteries in SLI applications increases.

Asia Pacific AGM battery market is expected to witness a substantial growth at a CAGR of over 3% through 2032, owing to the growing automotive industry along with ongoing urbanization and industrialization in the region.

C&D Technologies, Inc., leoch International Technology Limited Inc, HOPPECKE Batterien GmbH & Co. KG, THE FURUKAWA BATTERY CO., LTD., FIRST NATIONAL BATTERY, Shandong Sacred Sun Power Sources Co., Ltd. among others.