Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "AGM Batteries For Cars Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The AGM batteries for cars market size has grown strongly in recent years. It will grow from $11.36 billion in 2023 to $12.02 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The AGM batteries for cars market size is expected to see strong growth in the next few years. It will grow to $15.1 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
Absorbent glass mat (AGM) batteries for cars are a type of sealed lead-acid battery designed with glass mat separators to absorb and hold electrolyte solutions. They offer superior performance compared to traditional flooded lead-acid batteries, with benefits including maintenance-free operation, enhanced durability, and resistance to vibration and deep discharge.
In the historical period, growth can be attributed to advancements in global supply chains, the rise of hybrid and electric vehicles, shifting consumer preferences, economic factors, and increasing demands for reliability and durability.
Anticipated growth in the forecast period is driven by vehicle electrification, stringent emission regulations, the proliferation of start-stop systems, aftermarket services and upgrades, and government incentives and support. Key trends expected in the forecast period include integration with advanced vehicle electronics, rapid expansion of electric vehicles (EVs) and hybrids, improved performance and efficiency, broader adoption in commercial vehicle applications, and heightened focus on environmental sustainability.
The growth of electric vehicles is expected to drive the expansion of the AGM batteries for cars market in the coming years. Electric vehicles (EVs) utilize electric motors powered by battery-stored energy, offering a cleaner alternative to traditional internal combustion engine vehicles. This growth is spurred by various factors, including increasing environmental concerns, government incentives promoting cleaner transportation, advancements in battery technology making EVs more practical, and a desire for energy independence.
AGM batteries in EVs offer maintenance-free operation and improved safety, although they have lower energy density compared to lithium-ion batteries. In July 2023, the International Energy Agency reported that over 2.3 million electric cars were sold in the first quarter of that year, marking a 25% increase from the previous year. Sales are projected to reach 14 million by the end of 2023, representing a 35% year-on-year increase, with growth accelerating in the latter part of the year. This surge in electric vehicle adoption is a key driver of the AGM batteries for cars market growth.
Leading companies in the AGM batteries for cars market are concentrating on developing technologically advanced products such as AGM deep-cycle batteries. These batteries are designed to enhance cycling performance and longevity, providing sustained power delivery and durability in deep discharge applications through absorbent glass mat technology.
North America was the largest region in the AGM batteries for cars market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The countries covered in the AGM batteries for cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Competitive Landscape And Company Profiles
- Robert Bosch GmbH
- Overview
- Products and Services
- Strategy
- Financial Performance
- GS Yuasa International Ltd.
- EnerSys
- Exide Technologies
- East Penn Manufacturing Company
AGM Batteries For Cars Market Other Major And Innovative Companies
- Camel Group Co. Ltd
- leoch International Technology Limited Inc
- Hollingsworth and Vose
- FIAMM Energy Technology S.p.A
- C and D Technologies Inc.
- Shandong Sacred Sun Power Sources Co. ltd.
- CROWN BATTERY
- Power Sonic Corporation
- Hokuetsu Corporation
- Mutlu Aku
- Guangdong Dynavolt Power Technology
- Universal Power Group
- HOPPECKE Batterien GmbH and Co. KG
- Surrette Battery's
- Fullriver Battery
Key Topics Covered:
1. Executive Summary
2. AGM Batteries For Cars Market Characteristics
3. AGM Batteries For Cars Market Trends And Strategies
4. AGM Batteries For Cars Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global AGM Batteries For Cars Market Size and Growth
5.1. Global AGM Batteries For Cars Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global AGM Batteries For Cars Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global AGM Batteries For Cars Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. AGM Batteries For Cars Market Segmentation
6.1. Global AGM Batteries For Cars Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Stationary
- Motive
6.2. Global AGM Batteries For Cars Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Passenger Cars
- Electric Cars
6.3. Global AGM Batteries For Cars Market, Segmentation By Voltage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Less Than 10 Volts
10 Volts To 12 Volts
- Above 12 Volts
6.4. Global AGM Batteries For Cars Market, Segmentation By Sales Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- OEM (Original Equipment Manufacturer)
- Aftermarket
7. AGM Batteries For Cars Market Regional And Country Analysis
7.1. Global AGM Batteries For Cars Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global AGM Batteries For Cars Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/4yps7y
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