Press release
Marine Battery Market With a value of USD 551 million in 2022, the market is projected to reach USD 1,783 million by 2029, growing at an impressive CAGR of 18.3%.
Marine Battery Market
The report highlights the growing demand for electric and hybrid boats and yachts as a driving factor for the marine battery market. Increasing awareness about environmentally friendly marine technologies and the rising demand for sustainable marine transportation options have contributed to the surge in electric boat demand. Consequently, there is a growing need for high-quality marine batteries, as discussed in the report in terms of volume and value. The market also benefits from increased investments in vessel modernization programs, the popularity of water sports and leisure activities, and the growing demand for maritime freight transportation.
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The research methodology employed for this report follows a systematic and comprehensive approach. It includes data collection from primary and secondary sources, analysis, validation, and triangulation of data to derive accurate and reliable insights. The detailed methodology ensures the integrity and quality of the research findings.
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What are Marine Battery Market Dynamics?
The report identifies the desire for sustainable transportation options as a significant driver for the marine battery market. The increasing demand for electric and hybrid boats, valued at USD 6.2 billion in 2020 and projected to grow at a CAGR of 9.2% from 2023 to 2029, is indicative of the shift towards eco-friendly marine technologies. Governments worldwide are offering incentives and initiatives to promote electric and hybrid boats, resulting in the development of charging infrastructure and supporting technologies.
While the marine battery market shows tremendous growth potential, certain restraints need to be addressed. The high cost of marine batteries poses a significant barrier for battery manufacturers. Additionally, the limited range of electric and hybrid boats compared to traditional gasoline-powered boats hinders their practicality for longer journeys. The weight of marine batteries is also a concern for smaller boats or those with weight restrictions. Furthermore, the availability of charging infrastructure remains limited in some areas, restricting the widespread adoption of electric and hybrid boats. However, advancements in battery technology and increased investments in charging infrastructure are gradually mitigating these restraints.
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What is Marine Battery Market Regional Insight?
The marine battery market showcases regional variations in growth and demand. The report provides detailed insights into the market dynamics and trends in North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Notably, Europe held the largest market share of approximately 35% in 2022, driven by stringent carbon emission reduction regulations and the high adoption rate of electric propulsion systems. The Asia Pacific region is expected to witness the highest growth rate, with a projected CAGR of 11.8% from 2023 to 2029, fueled by the increasing demand for electric and hybrid propulsion systems and a focus on sustainable energy solutions.
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What is Marine Battery Market Segmentation?
by Battery type
• Lead-acid
• Lithium-ion
• Nickel-cadmium
• other
by load capacity
• Below 100 Ah
• 100-200 Ah
• Above 200 Ah
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Who are Marine Battery Market Key Players?
• East Penn Manufacturing - Lyon Station, Pennsylvania, USA
• Exide Technologies - Milton, Georgia, USA
• Johnson Controls - Milwaukee, Wisconsin, USA
• Saft - Bagnolet, France
• Trojan Battery Company - Santa Fe Springs, California, USA
• EnerSys - Reading, Pennsylvania, USA
• Leoch Battery - Guangdong, China
• NorthStar Battery - Springfield, Missouri, USA
• Mastervolt - Amsterdam, Netherlands
• Power Sonic Corporation - San Diego, California, USA
• GS Yuasa Corporation - Kyoto, Japan
• Rolls-Royce Power Systems - Friedrichshafen, Germany
• Siemens Energy - Munich, Germany
• Tesla Inc. - Palo Alto, California, USA
• ABB Ltd. - Zurich, Switzerland
• Corvus Energy - Richmond, British Columbia, Canada
• Kokam Co. Ltd. - South Korea
• LG Chem Ltd. - Seoul, South Korea
• Panasonic Corporation - Osaka, Japan
• Samsung SDI Co. Ltd. - South Korea
• Sonnen GmbH - Wildpoldsried, Germany
• Toshiba Corporation - Tokyo, Japan
• VARTA AG - Ellwangen, Germany
• Winston Battery Limited - Huizhou, Guangdong, China
• Victron Energy BV - Almere Haven, Netherlands
Table of content for the Marine Battery Market includes:
1. Global Marine Battery Market: Research Methodology
2. Global Marine Battery Market: Executive Summary
• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry
3. Global Marine Battery Market: Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact
4. Global Marine Battery Market Segmentation
• Global Market, by Battery type(2021-2029)
• Global Market, by load capacity(2021-2029)
5. Regional Marine Battery Market(2021-2029)
• Regional Market, by Battery type(2021-2029)
• Regional Market, by load capacity(2021-2029)
• Regional Market, by Country (2021-2029)
6. Company Profile: Key players
• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments
Key Offerings:
• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by Product
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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