Asia Pacific AGM Battery Market Size & Share 2024 to 2032
Market Size by Application (Stationary {Telecommunications, UPS, Control & Switchgear}, Motive, SLI), by Sales Channel (OEM, Aftermarket) & Forecast.
Report ID: GMI6616
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Published Date: September 2023
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Report Format: PDF
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Authors:
Ankit Gupta, Vishal Saini
Asia Pacific AGM Battery Market Size
Asia Pacific AGM Battery Market was valued at over USD 8.1 billion in 2023 and is predicted to observe about 3.3% CAGR between 2024 and 2032, driven by rapid urbanization, industrialization, and increasing power consumption, is fostering the adoption of AGM batteries.The escalating deployment of renewable energy sources, such as solar and wind power, coupled with the need for effective energy storage to manage intermittent generation, is further boosting AGM battery demand.
Asia Pacific AGM Battery Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The burgeoning automotive sector is also contributing to market growth, as AGM batteries find applications in advanced start-stop systems and hybrid vehicles, aligning with the growing emphasis on environmentally friendly transportation solutions. Additionally, the expansion of telecommunication networks, UPS systems, and backup power solutions in developing economies amplifies the requirement for dependable energy storage, driving the market expansion.
COVID-19 Impact
The Asia Pacific AGM battery market experienced a notable impact from the COVID-19 pandemic. Disruptions in supply chains, manufacturing operations, and logistics led to delays in production and distribution. Lockdown measures and economic uncertainties also affected consumer spending and industrial activities, resulting in reduced demand for AGM batteries across various sectors.
The automotive industry, a significant consumer of AGM batteries, witnessed a slowdown in production and sales due to factory closures and reduced consumer spending. However, as economies gradually recover and adapt to new norms, the emphasis on reliable power supply, energy storage, and renewable integration is expected to drive the market's resurgence, as AGM batteries continue to play a crucial role in various applications across the region.
Asia Pacific AGM Battery Market Trends
The Asia Pacific AGM battery market is characterized by several notable trends. The increasing adoption of renewable energy sources, such as solar and wind, has stimulated the demand for AGM batteries as efficient energy storage solutions to manage intermittent power generation. Moreover, the growing telecommunications industry is relying on AGM batteries for backup power to maintain network reliability during outages. These trends underscore the pivotal role AGM batteries play in meeting the region's energy storage needs, enhancing grid stability, and supporting the transition towards more sustainable and resilient power systems.
Asia Pacific AGM Battery Market Analysis
The SLI applications captured around 66% share of the Asia Pacific AGM battery market and is poised to grow at a CAGR of 3.1% up to 2032. This growth can be attributed to the compatibility of AGM batteries with start-stop systems, owing to their adeptness in accommodating frequent deep cycling and rapid recharging, positions them as an optimal choice. The mounting embrace of start-stop systems, driven by both regulatory mandates for fuel efficiency and environmental consciousness, acts as a catalyst for AGM battery demand in SLI applications.
Across the Asia Pacific region, AGM batteries are accessible to both Original Equipment Manufacturers (OEMs) for integration within their systems and through distribution networks and aftermarket sales channels. The aftermarket sector, contributing significantly, has commanded a market value surpassing USD 6.2 billion in 2022, with projections exceeding USD 8.6 billion by 2032. The expansive distribution network in the aftermarket encompasses garages, automotive dealerships, spare part retailers, and construction centers, collectively addressing the demand for replacement batteries. In the automotive segment, the surge in aftermarket AGM battery sales is underpinned by the imperative of securing reliable and cost-effective power supply solutions.
China AGM battery market is expected to witness about 3.6% growth rate through 2032, owing to the rapid expansion of the automotive sector along with rising urbanization, increasing disposable incomes, and a growing middle class. China's increasing focus on building smart cities and modernizing infrastructure, including telecommunications and UPS systems, has elevated the need for reliable backup power solutions, thus fueling the market growth. Furthermore, the rising adoption of e-bikes and electric scooters, coupled with government incentives to promote electric mobility, is augmenting the demand for AGM batteries.
Asia Pacific AGM Battery Market Share
Key players operating across the Asia Pacific AGM battery market include:
Asia Pacific AGM Battery Industry News:
This Asia Pacific AGM Battery market research report includes an in-depth coverage of the industry with estimates & forecast in terms of Million Units and USD Million from 2019 to 2032, for the following segments:
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By Application
By Channel
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
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4. Market sizing
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