Asia Pacific Marine Battery Market Is Booming Worldwide 2022 to 2027 | Akasol AG, Siemens, Spear Power Systems, Furukawa Battery Solutions, Toshiba Corporation

Astute Analytica published a new report on the Asia Pacific Marine Battery Market. The global markets report analysis of the growth momentum and revenue inflows in this industry, including the impact of COVID-19.

The Asia Pacific Marine Battery Market is estimated to make a major leap forward in its revenue from US$ 123.9 Mn in 2021 to US$ 1,017.1 Mn by 2027. The market is registering a CAGR of 51.1% over the forecast period 2022-2027.

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The market study report presents important factors that positively and negatively affect the growth of this vertical in order to suggest stakeholders in making decisions. In addition, the report offers data on the past, present, and future companies' scenarios. The report also contains key segments and leading players.

The automotive sector is continuously working to develop an integrated approach to a cleaner environment and lower carbon emissions. In order to minimize fuel consumption, automakers are creating more efficient engines and drive trains, and a wide range of sophisticated emissions-control equipment is placing cleaner cars on the road globally.

It is forecast that clear improvements in air quality can notice when more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace the new ones. Thus, this trend will continue to lead to the growth of the automotive sector.

Impact Analysis of COVID-19

The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. Chinese parts shipments halted, large-scale manufacturing disruptions were occurring across Europe, and assembly factories in the United States had to close.

This has put a lot of pressure on a sector already dealing with a worldwide demand downturn due to decreased consumer needs. According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.

Regional Insights
By Propulsion Type segment of the Asia Pacific Marine Battery Market is sub-segmented into:
Fully Electric
Hybrid
Conventional

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By Battery Function segment of the Asia Pacific Marine Battery Market is sub-segmented into:
Starting batteries
Deep-cycle batteries
Dual-purpose batteries

By Battery Design segment of the Asia Pacific Marine Battery Market is sub-segmented into:
Solid-state batteries
Flow batteries

By Application segment of the Asia Pacific Marine Battery Market is sub-segmented into:
Commercial
Defense

By Battery Type segment of the Asia Pacific Marine Battery Market is sub-segmented into:
Lead-acid
Lithium
Fuel cell

By Ship Power segment of the Asia Pacific Marine Battery Market is sub-segmented into:
7,560 KW
By Ship Range segment of the Asia Pacific Marine Battery Market is sub-segmented into:

1,000 KM

By Region/Country segment of the Asia Pacific Marine Battery Market is sub-segmented into:
China
India
Japan
Korea
Southeast Asia
Rest of Asia Pacific

Key Players Insights:
The key competitors in the Asia Pacific Marine Battery Market are Akasol AG, Siemens, Spear Power Systems, Furukawa Battery Solutions, Toshiba Corporation, and Exide Technologies among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

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This release was published on openPR.