by Absorbent Glass Mat Batteries are frequently used for emergency lighting, security systems, and backup power applications. Absorbent glass mat batteries offer advantages like low maintenance, leak proof properties and long shelf life making them suitable for stationary applications and motive applications in vehicles.
The global Absorbent Glass Mat Battery Market is estimated to be valued at US$ 14.72 billion in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The growing demand for motive applications is one of the key trends in absorbent glass mat battery market. Absorbent glass mat batteries are increasingly being used in electric vehicles due to their inherent advantages over traditional lead-acid batteries like leak proof properties, maintenance free operations and higher reserve capacity making them suitable for continuous power requirements in EVs. The automotive industry is expected to drive significant demand for absorbent glass mat batteries as manufacturers focus on developing affordable electric vehicles.
SWOT Analysis
Strength: Absorbent Glass Mat batteries provide high power density and low maintenance compared to lead-acid batteries. They have excellent cycling capabilities and partial state-of-charge operation.
Weakness: The initial manufacturing cost of Absorbent Glass Mat batteries is relatively high compared to lead-acid batteries. These batteries also have shorter lifetime when operated at high temperatures.
Opportunity: Rising demand for hybrid electric vehicles and electric vehicles is expected to boost the adoption of Absorbent Glass Mat batteries due to their high energy density and cycling capabilities. Growing renewable energy industry will also create new opportunities.
Threats: Fluctuations in raw material prices can increase the overall costs. Strong competition from lithium-ion batteries limits the market share of Absorbent Glass Mat batteries.
Key Takeaways
The global Absorbent Glass Mat Battery Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: Asia Pacific is currently the largest and fastest growing regional market. Rising adoption of electric vehicles and increasing investments in renewable energy sector are driving the demand for Absorbent Glass Mat batteries in the region.
Key players operating in the Absorbent Glass Mat battery market are Procter & Gamble Co., Henkel AG & Co. KGaA, Unilever PLC, Reckitt Benckiser Group PLC, Church & Dwight Co., Inc., Colgate-Palmolive Company, Kao Corporation, Lion Corporation, The Clorox Company, McBride plc, S. C. Johnson & Son, Inc., Seventh Generation, Inc. (Unilever), Nice Group, Nirma Limited, Liby Enterprise Group Co., Ltd. These players are focusing on new product development and capacity expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
