The AGM batteries for cars market has exhibited strong growth, projected to rise from $11.36 billion in 2023 to $12.02 billion in 2024, reflecting a CAGR of 5.8%. This growth is driven by developments in global supply chains, the rise of hybrid and electric vehicles, evolving consumer preferences, and the need for reliability and durability. By 2028, the market is expected to reach $15.10 billion, growing at a CAGR of 5.9%. Key factors supporting this growth include vehicle electrification, stringent emission regulations, the expansion of start-stop systems, aftermarket services, and government incentives. Major trends expected to impact the market involve integration with advanced vehicle electronics, rapid growth in electric vehicles (EVs) and hybrids, enhanced performance and efficiency, expansion in commercial vehicle applications, and a focus on environmental sustainability.
Major Driver In The AGM Batteries For Cars Market
The growing prevalence of electric vehicles is expected to significantly boost the AGM batteries for cars market. With environmental concerns, government incentives, and advancements in battery technology driving the popularity of electric vehicles, AGM batteries are recognized for their maintenance-free operation and enhanced safety features. The International Energy Agency reported over 2.3 million electric cars sold in Q1 2023, marking a 25% increase from the prior year, with total sales anticipated to hit 14 million by the end of 2023. This upward trajectory in electric vehicle sales is propelling the AGM batteries for cars market.
Request A Free Sample Of The AGM Batteries For Cars Market Report
AGM Batteries For Cars Market Competitive Landscape
Robert Bosch GmbH, GS Yuasa International Ltd., EnerSys, Exide Technologies, East Penn Manufacturing Company, 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 Akü, Guangdong Dynavolt Power Technology, Universal Power Group, HOPPECKE Batterien GmbH and Co. KG, Surrette Battery's, Fullriver Battery, Vision Group SpA, Banner Batterien, Deltra Global Private
Key AGM Batteries For Cars Market Trend
Leading players in the AGM batteries for cars market are developing advanced products such as AGM deep-cycle batteries that improve cycling performance and longevity. These batteries are designed for deep discharge applications using absorbent glass mat technology. In March 2021, U.S. Battery Mfg Co. launched new AGM Deep-Cycle batteries, enhancing their efficiency and performance for applications requiring frequent deep cycling, such as renewable energy systems and electric vehicles.
Purchase The Global AGM Batteries For Cars Market Report Directly And Get A Swift Delivery
AGM Batteries For Cars Market Segmentation
The AGM batteries for cars market covered in this report is segmented –
1) By Type: Stationary, Motive
2) By Vehicle Type: Passenger Cars, Electric Cars
3) By Voltage: Less Than 10 Volts, 10 Volts To 12 Volts, Above 12 Volts
4) By Sales Channel: OEM (Original Equipment Manufacturer), Aftermarket
By Geography:The regions 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.
North America was the largest region in the AGM batteries for cars market in 2023.
The AGM Batteries For Cars Global Market Report 2024 furnishes information about the global agm batteries for cars market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
