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AGM Batteries in Automotive Applications: Global Market Report 2024
AGM batteries for cars market size
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According to The Business Research Company's, 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 growth in the historic period can be attributed to global supply chain developments, hybrid and electric vehicles, consumer preferences, economic factors, reliability, and durability requirements.
The AGM batteries for cars market size is expected to see strong growth in the next few years. It will grow to $15.10 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the electrification of vehicles, stringent emission regulations, expansion of start-stop systems, aftermarket services and upgrades, and government incentives and support. Major trends in the forecast period include integration with advanced vehicle electronics, rapid growth in electric vehicles (EVs) and hybrids, enhanced performance and efficiency, expansion in commercial vehicle applications, and increased focus on environmental sustainability.
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Market Drivers and Trends:
Growth in electric vehicles is expected to propel the growth of the AGM batteries for cars market going forward. An electric vehicle (EV) is a car powered by an electric motor using energy stored in batteries, offering a cleaner alternative to traditional internal combustion engine vehicles. Growth in electric vehicles is due to several factors, such as growing environmental concerns, government incentives for cleaner transportation, advancements in battery technology making electric vehicles more practical, and a desire for energy independence. AGM batteries in electric vehicles provide maintenance-free operation and enhanced safety, though they have a lower energy density compared to lithium-ion batteries. For instance, in July 2023, according to the Internal Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of that year, a 25% increase from the same period last year. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. Therefore, growth in electric vehicles is driving the growth of the AGM batteries for cars market.
Major companies operating in the AGM batteries for cars market are focused on developing technologically advanced products such as AGM deep-cycle batteries with features that improve cycling performance and longevity to gain a competitive advantage in the market. AGM deep-cycle batteries are advanced energy storage solutions designed for sustained power delivery and durability in deep discharge applications, utilizing absorbent glass mat technology. For instance, in March 2021, U.S. Battery Mfg Co., a US-based manufacturer of batteries, launched new AGM Deep-Cycle batteries. This update aims to enhance the performance and efficiency of batteries, especially for applications requiring frequent deep cycling. The new design uses advanced materials and manufacturing techniques to improve the battery's capability to endure frequent deep discharges and recharges, essential for deep-cycle applications such as renewable energy systems and electric vehicles.
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Major Key Players of the Market:
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
AGM Batteries For Cars Market 2024 Key Insights:
• The AGM batteries for cars market size is expected to see strong growth in the next few years. It will grow to $15.10 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Growth In Vehicle Boost AGM Batteries For Cars Market
• Advancement In AGM Deep-Cycle Batteries With Enhanced Performance And Durability
• North America was the largest region in the AGM batteries for cars market in 2023
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