Major AGM battery market participants include Clarios, GS Yuasa International, East Penn Manufacturing Company, C&D Technologies, leoch International Technology Limited, HOPPECKE Batterien GmbH & Co. KG, THE FURUKAWA BATTERY, FIRST NATIONAL BATTERY, Shandong Sacred Sun Power Sources, ENERSYS, Exide Technologies, Mutlu Battery, Amara Raja Batteries Ltd, CROWN BATTERY.
Selbyville, Delaware,, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The AGM battery market valuation expected to reach USD 20.1 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising push for cleaner energy and reduced carbon footprints is expected to favor the market growth. With the increasing emphasis on sustainability in manufacturing and consumption, AGM batteries have grown widely popular due to their eco-friendliness and recyclability. The influx of stringent regulations for lower emissions is shifting the attention of the automotive sector to more fuel-efficient vehicles.
Demand for AGM batteries in motive applications is expected to exponentially expand through 2032. The growth can be attributed to the strong ability of these batteries in matching the stringent power requirements, durability, and compatibility with the evolving automotive technologies. AGM batteries can withstand vibrations, shocks, and harsh operating conditions as they boast of reliability and longevity. Rising suitability for delivering higher bursts of power in motive applications, such as vehicles with advanced electrical systems, is another factor influencing the segment expansion.
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AGM battery market size from the aftermarket sales channel segment will significantly grow through 2032. The aftermarket for AGM batteries spans industries, such as automotive, marine, renewable energy, and telecommunications. With aging vehicles and the wearing out of original batteries, consumers are increasingly opting for AGM replacements for their durability and compatibility with advanced vehicle technologies. The rising popularity of AGM batteries for replacing batteries in recreational vehicles, boats, and other marine equipment will also contribute to the segment growth.
Europe held significant share of the AGM battery market in 2022 and is estimated to record exponential growth by 2032 on account of the increasing demand for fuel-efficient vehicles. The influx of environmental regulations for promoting the use of cleaner energy along with the reduction of carbon emissions is driving the demand for AGM batteries in the region. The push for sustainable energy solutions and the subsequent surge in residential and commercial installations of solar panels will also contribute to the regional market growth.
Some of the prominent companies operating in the AGM battery market include Clarios, East Penn Manufacturing Company, ENERSYS, Exide Technologies, C&D Technologies, Inc., GS Yuasa International Ltd., leoch International Technology Limited Inc, HOPPECKE Batterien GmbH & Co. KG, FIRST NATIONAL BATTERY, THE FURUKAWA BATTERY CO., LTD., Shandong Sacred Sun Power Sources Co., ltd., Mutlu Battery, Amara Raja Batteries Ltd., and CROWN BATTERY. These industry players are focusing on capacity expansion and investment strategies to meet to the escalating end-user requirements. For instance, in November 2022, Clarios invested nearly $550 million for expanding its global production capacity of AGM batteries.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 AGM battery industry 360° synopsis, 2019 - 2032
Chapter 3 AGM Battery Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's Analysis
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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