Absorbent glass mat (AGM) batteries are a type of lead-acid batteries used in vehicles. They provide advantages over conventional flooded lead-acid batteries like reduced maintenance, improved corrosion resistance, enhanced safety, and longer shelf-life. AGM batteries are widely used in automotive and motive power applications such as starting, lighting, and ignition in passenger cars and commercial vehicles. The growing sales of electric vehicles globally is driving the demand for high-performance and long-lasting batteries like AGM batteries.
The global absorbent glass mat battery market is estimated to be valued at US$ 14.72 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The growing adoption of electric vehicles worldwide provides lucrative growth opportunities for the absorbent glass mat battery market. According to the International Energy Agency, the global electric car stock passed 10 million in 2020 and is estimated to grow over 12% annually until 2030. Countries like China and India are majorly investing in electric mobility to reduce carbon emissions from the transportation sector. Original equipment manufacturers are also focusing on developing advanced battery technologies to improve the driving range and lifespan of electric vehicles. The demand for high-performance and safe batteries like AGM batteries is increasing from automakers to power new electric vehicle models. This rising shift towards electric mobility is expected to boost the sales of AGM batteries during the forecast period. Porter's Analysis Threat of new entrants: Low due to high cost of investment and technical requirements. The large scale of operations required further makes the entry barriers high. Bargaining power of buyers: High as the buyers can negotiate discounts and there are many suppliers to choose from. Substitute products also provide options to buyers. Bargaining power of suppliers: Moderate as key raw materials like glass mat, lead are supplied by few large players globally. However, availability of substitutes maintains a balance. Threat of new substitutes: Moderate threat as alternatives like VRLA batteries are increasingly replacing AGM batteries in some applications. However, the established use of AGM batteries continues. Competitive rivalry: Intense competition among existing players to gain market share through product innovation, pricing and expanded production capacity. SWOT Analysis Strengths: Established production facilities, recognized product quality and performance, wide applications in automotive and industrial sectors. Weaknesses: High investment needs, price fluctuations of raw materials affect profits, increasing raw material costs can impact prices. Opportunities: Growth in electric vehicle market, increasing use in renewable energy storage, developing regions offer new markets. Threats: Strict environmental regulations around lead usage, substitutes gaining market share, global economic slowdowns affect demand. Key Takeaways The Global Absorbent Glass Mat Battery Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 14.72 Bn in 2023 to US$ 22.98 Bn by 2030, at a CAGR of 5.8%. Regional analysis: North America currently dominates the market owing to widespread use of AGM batteries in automotive and industrial applications. Asia Pacific is expected to be the fastest growing market led by China, Japan and India. Increasing electric vehicle adoption and industrial activity in developing economies will drive the regional demand. Key players operating in the absorbent glass mat battery market include Nippon Steel Corporation, Thyssenkrupp AG, ArcelorMittal, Tata Steel, Outokumpu Oyj, Aperam, VDM Metals GmbH, Jindal Stainless Limited, Allegheny Technologies Incorporated, Ulbrich Stainless Steels & Special Metals, Inc., Carpenter Technology Corporation, Nucor Corporation, Daido Steel Co., Ltd., Sandvik AB, and Elgiloy Specialty Metals. The market is moderately consolidated with these players holding major market share. Innovation and capacity expansions remain key strategies adopted by the leading companies. Get more insights on this topic: https://www.marketwebjournal.com/absorbent-glass-mat-battery-market-share/
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