Marine Battery Market Observe Significant Growth To Reach $1.99 Billion by 2030

Rise in demand for marine freight transportation vessels, advantage of lithium-ion battery over lead-acid batteries, and increase in water sports & leisure activities drive the growth of the global marine battery market. However, limited range and capacity of fully electric ships and maintenance & protection of batteries hinder the market growth. On the other hand, surge in automation in marine transportation and rise in adoption of hybrid & fully electric vessels present new opportunities in the coming years. Surge in demand for marine freight transportation vessels, benefits of lithium-ion battery over lead-acid batteries, and rise in water sports & leisure activities is driving the growth of the global marine battery market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A10029

The prominent factors that drive the growth of the marine battery market include rise in the global trade and increase in adoption of lithium ion battery. Moreover, increase in water sports and leisure activities propels the growth of the marine battery market. The countries such as China, India, and Brazil are growing economies. Thus, the shipbuilding and marine component manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the marine battery market in the region.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global marine battery market. Increase in use of automated technology in marine vessels is propelling the growth of marine battery market in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 22.1% during the forecast period, owing to increasing shipbuilding industry and increasing use of electric ships in the region.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/6d4b57203b9433f23f34f7b4f41726f9

By battery type, the marine battery market is segregated into lithium, lead acid, and others. The lead acid segment accounted for the highest revenue in 2020, as lead acid batteries is widely adopted across various marine vessels due to their cost-effectiveness.

Europe dominates the market, in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. Europe is expected to maintain its dominance in the global market, as the region is one of the largest markets for marine/shipping. Moreover, surge in demand for electric and hybrid ships is driving the growth of this market.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐀𝐤𝐚𝐬𝐨𝐥 𝐀𝐆
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𝐒𝐩𝐞𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐒𝐲𝐬𝐭𝐞𝐦𝐬

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A10029

Based on battery type, the lead acid segment held the highest market share in 2020, accounting for nearly half of the global marine battery market, and is estimated to maintain its leadership status throughout the forecast period. Metal bolts are extensively used in construction & automotive industry, owing to its increasing use in electric and hybrid ships. Moreover, the lithium segment is projected to manifest the highest CAGR of 22.5% from 2021 to 2030, as its widely used across all marine vessels owing to its cost effectiveness

U.S. dominated the global marine battery market share in 2020. The marine industry is the most important sector in the U.S. It is responsible for more than 6,00,000 jobs and generates an annual output of over $150 billion. This huge maritime industry creates demand for the marine battery market across the U.S. Moreover, increase in adoption of innovative technologies for marine vessels is fueling the growth of marine battery market.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Traction Motor Market- https://www.globenewswire.com/news-release/2020/08/03/2071797/0/en/Traction-Motor-Market-to-Reach-30-06-Billion-by-2027-Allied-Market-Research.html

Electric Vehicle Motor Market - https://www.globenewswire.com/en/news-release/2022/11/21/2560019/0/en/Electric-Vehicle-Motor-Market-Size-to-Reach-34-4-Billion-by-2031-Allied-Market-Research.html

Shock Absorber Market - https://www.prnewswire.com/news-releases/shock-absorber-market-to-reach-21-07-billion-globally-by-2030-at-4-7-cagr-allied-market-research-301503990.html

Driving Simulator Market - https://www.prnewswire.com/news-releases/driving-simulator-market-to-reach-4-0-billion-globally-by-2032-at-7-4-cagr-allied-market-research-301917498.html

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