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Asia Pacific AGM Battery Market Analysis

Report ID: GMI6616
Published Date: Sep 2023
Report Format: PDF

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Asia Pacific AGM Battery Market Analysis

Asia Pacific AGM Battery Market Size, By Application, 2021 - 2032, (USD Billion)

The SLI applications captured around 66% share of the Asia Pacific AGM battery market and is poised to grow at a CAGR of 3.1% up to 2032. This growth can be attributed to the compatibility of AGM batteries with start-stop systems, owing to their adeptness in accommodating frequent deep cycling and rapid recharging, positions them as an optimal choice. The mounting embrace of start-stop systems, driven by both regulatory mandates for fuel efficiency and environmental consciousness, acts as a catalyst for AGM battery demand in SLI applications.

Asia Pacific AGM Battery Market Share, By Sales Channel, 2022

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Across the Asia Pacific region, AGM batteries are accessible to both Original Equipment Manufacturers (OEMs) for integration within their systems and through distribution networks and aftermarket sales channels. The aftermarket sector, contributing significantly, has commanded a market value surpassing USD 6.2 billion in 2022, with projections exceeding USD 8.6 billion by 2032. The expansive distribution network in the aftermarket encompasses garages, automotive dealerships, spare part retailers, and construction centers, collectively addressing the demand for replacement batteries. In the automotive segment, the surge in aftermarket AGM battery sales is underpinned by the imperative of securing reliable and cost-effective power supply solutions.

China AGM Battery Market Size, 2021 - 2032, (USD Billion)

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China AGM battery market is expected to witness about 3.6% growth rate through 2032, owing to the rapid expansion of the automotive sector along with rising urbanization, increasing disposable incomes, and a growing middle class. China's increasing focus on building smart cities and modernizing infrastructure, including telecommunications and UPS systems, has elevated the need for reliable backup power solutions, thus fueling the market growth. Furthermore, the rising adoption of e-bikes and electric scooters, coupled with government incentives to promote electric mobility, is augmenting the demand for AGM batteries.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of AGM battery in APAC was reached USD 8.1 billion in 2023 and is estimated to cross USD 10.8 billion in 2032, owing to surging demand for reliable and efficient energy storage solutions, driven by rapid urbanization, industrialization, and increasing power consumption.

SLI application segment held a substantial market share of over 66% in 2022 and is poised to register about 3.1% CAGR through 2032, attributed to the escalating integration of start-stop systems within the automotive sector to enhance fuel efficiency.

China AGM battery market is expected to witness 3.6% CAGR between 2023 and 2032, owing to the rapid expansion of the automotive sector within the country, driven by rising urbanization, increasing disposable incomes, and a growing middle class.

THE FURUKAWA BATTERY CO., LTD., Mutlu Battery, GS Yuasa International Ltd., HOPPECKE Batterien GmbH & Co. KG, leoch International Technology Limited Inc, Amara Raja Batteries Ltd., and CROWN BATTERY.