The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Absorbed Glass Mat (AGM) Battery Market: Overview
Absorbed glass mat (AGM) battery is an advanced technology battery compared to lead- acid flooded battery. AGM batteries are constructed in such a way that the electrolyte is made to be suspended between the glass mat (primarily made of fiberglass) and battery plates. The amount of electrolyte is minimal in such batteries and it contains only enough electrolyte to keep the mat wets. If we compare traditional lead acid batteries with AGM batteries then AGM batteries are far more efficient because of its design and construction, better lifespan, resistance to vibrations, no spillage or leakage and more capacity. The demand for battery market has been healthy and AGM battery is gaining momentum currently owing to its nature of maintenance free battery and no hassle of topping up with distill water in frequent intervals. The increasing demand for AGM battery is favorable growth indicator for the global market and is projected to register a moderate CAGR during the forecast period.
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Absorbed Glass Mat (AGM) Battery Market: Drivers & Restraints
Stringent CO2 emission norms and start-stop functions in all the cars manufactured by European automobile by 2020 is one of the key driver for Europe AGM battery market. Trucking industry has also now started using AGM battery since it requires minimal maintenance. Renewable energy systems like solar power completely depends on AGM batteries too and these factors are anticipated to strongly driver growth of the global AGM battery market. Higher AGM technology costs as compared to lead-acid battery could be a potential restraint for the global market of AGM battery.
Absorbed Glass Mat (AGM) Battery Market: Segmentation
The global automotive maintenance tools market can be segmented as follows:
Absorbed Glass Mat (AGM) Battery Market, by Distribution channel
Absorbed Glass Mat (AGM) Battery Market, by types
Absorbed Glass Mat (AGM) Battery Market, by output capacity
Absorbed Glass Mat Battery Market: Regional Outlook
Based on the geographic regions, global AGM market segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (APEJ), Japan and Middle East & Africa (MEA). Western Europe is leading in terms of value in the AGM market, since the demand is driven by the various upscale automobile companies and renewable energy systems established in the region followed by North. The demand for AGM battery is gaining momentum in countries of Eastern Europe, APEJ as well as Japan and during the forecast period, the demand will be augmented by the automobile, trucking and renewable energy industry.
Absorbed Glass Mat Battery: Key Players
Some of the key players identified in the absorbed glass mat battery global market are
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