Marine Battery Market Growth Analysis | 2022-2027

Marine Battery Market Growth Analysis | 2022-2027

Marine Battery Market Growth Analysis | 2022-2027
Report code - SR2154 Published On : Oct,2022 No. of Pages: 120
Marine Battery Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2022 See more...

Market Insights

“The marine battery market is likely to grow at a modest CAGR of 3.4% during 2022-2027 to reach USD 0.5 billion in 2027.”

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Market Dynamics

Introduction

A marine battery is a specific type of battery packed mainly for use in marine and boating environments. It is designed to be resistant to marine conditions such as humidity, vibration, and temperature changes within a short period. Marine batteries specifically are utilized to provide power to different electric systems/equipment in boats like the lights of navigation, radio, fish finders, bilge pump, and trolling motors.

These batteries are usually deep cycle batteries because such batteries can deliver power for a long time without frying. They are made with hard-wearing materials and techniques to enable them to perform the intended duty and provide continuous power on water. Marine batteries are necessary for the supply of marine vessels and for providing adequate comfort and safety during marine uses.

COVID-19 Impact

The sudden emergence of the pandemic in 2020 dampened the market demand. As a result, there was an enormous decline in the demand for batteries across industries. Marine battery, a sizeable market, could not escape from such trends and witnessed a colossal decline (-10%+ in 2020) amid the pandemic. 

However, the market rebounded with a healthy growth of 7.6% YoY in the year 2021 with the revival of consumer confidence. Furthermore, the urgent need to electrify all types of boats and marine transport is creating ample opportunities for both lead-acid and lithium-ion batteries.

Market Drivers

Marine business is one of the significant sources of CO2 emissions and pollution global index. Now, it is in the middle of a transition; it is shifting from fossil fuels through various technologies/fuels to becoming a zero-emitting industry. Marine electrical power is of tremendous importance in addressing the issues that concern water channels. Electrical motors can decrease water pollution from generally utilized internal combustion engines, as well as emissions and energy output. Once again, the industry needs fully reliable, very efficient, and safe batteries that are at the same time economical and cheap.

The battery industry has noted one of the most disruptive experiences for the last few years in the supply chain crisis. Now, battery production in the USA is quite low and cannot meet the current demand. Besides, specialization in lithium battery production, North America lacks the production of cathode and anode materials which are still imported by the USA from producers.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the marine battery market (arranged alphabetically).

  • Banner Batteries
  • Camel Group Co., Ltd.
  • East Penn Manufacturing Co.
  • EnerSys
  • Exide Technologies, LLC
  • GS Yuasa Corporation
  • Leoch International Technology Ltd.
  • Shandong Sacred Sun Power Sources Co., Ltd.
  • Toshiba Corporation
  • Trojan Battery Company, LLC

Most of the major players are producing advanced, compact, weight-saving lithium-ion batteries that are well-suited for work boats, ferries, cruise liners, cargo vessels, and offshore vessels.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Segments Analysis

Segmentations

List of Sub-Segments

Dominant and Fastest-Growing Segments

Battery Type

Lead-acid Batteries [Flooded, VRLA-Gel, and VRLA-AGM], Lithium-ion Batteries, and Nickel-cadmium Batteries

The lead-acid battery is likely to remain dominant in the market, whereas lithium-ion is expected to be the fastest-growing battery type.

Application Type

Cargo & Offshore Vessels, Work Boats & Ferries, and Others

Cargo & offshore vessels remain the biggest demand generator for marine batteries. Workboats & ferries, in the post-pandemic market developments, are likely to make the fastest recovery.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific to remain the biggest market for marine batteries in the years to come.

By Battery Type

“Lithium-ion is the fastest growing in the market during the forecast period.”

The marine battery market is segmented into lead-acid batteries, lithium-ion batteries, and nickel-cadmium batteries. Despite a major setback (decline of >9%) in 2019-20, lithium-ion is expected to remain the fastest-growing battery type in the market during the forecast period due to the numerous benefits offered by li-ion technology such as high energy density, low self-discharge, and low to minimal maintenance. 

Lead-acid battery, on the other hand, was the segment with the highest sales in 2021. Lead-acid batteries are best suited for onboard auxiliary services and cranking diesel engines.

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By Application Type

“Cargo & offshore vessels are the demand generator in the market during the forecast period.”

The market is segmented into cargo & offshore vessels, work boats & ferries, and others. Cargo & offshore vessels are expected to remain the key demand generator of the market during the forecast period. Offshore supply and drilling vessels necessitate special high-power batteries, and all customers face stringent regulations and increasing performance expectations. This is an opportunity for battery suppliers to enter the market with innovative solutions.

Furthermore, an increase in global trade agreements is expected to drive the cargo vessel demand, ultimately driving the demand for batteries in this segment.

Regional Insights

“Asia-Pacific is expected to remain the largest and fastest-growing market for marine batteries during the forecast period.”

This region has a dominant presence in the cargo and offshore vessel segments. China is a dominant player in the region, and it alone produces more than 90% of the world’s shipping containers.

North America is also likely to create sizeable opportunities in the coming five years, driven by an expected increase in shipbuilding and a growing vessel fleet in the USA.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s marine battery market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The marine battery market is segmented into the following categories:

By Battery Type

  • Lead-acid Battery [Flooded, VRLA-Gel, and VRLA-AGM]
  • Lithium-ion Battery
  • Nickel-cadmium Battery

By Application Type

  • Cargo & Offshore Vessels
  • Work Boats & Ferries
  • Others

By Region

  • North America (Country Analysis: the USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
  • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
  • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players).
  • SWOT analysis of key players (up to three players).

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Recent Market News

Recent Product Developments: Long service life, low maintenance cost, and reduced cost are the indispensable focus areas of the leading players. Some of the recent product developments are -

  • EnerSys’ NexSys PURE Thin Plate Pure Lead (TPPL) batteries help in reducing the unexpected operating costs associated with conventional lead-acid batteries.
  • EnerSys’ PowerSafe® SBS batteries deliver long life, high-energy density, and superior shelf life for a wide range of applications.
  • Hawker Maintenance-free batteries by EnerSys.

Recent Market JVs and Acquisitions: Some companies in the marine battery market are performing mergers & acquisitions to quickly gain the leading position and tap growing opportunities in this rapidly expanding market. For instance.

  • C&D Technologies, Inc. acquired Trojan Battery Company, LLC in 2018. This acquisition provided the former with marine capabilities and the combination created a powerful new leader in the energy storage and transmission industry.

A Bird's Eye View of the Market

A marine battery is a specialized battery designed for use in marine and boating applications. It is specifically engineered to withstand the harsh conditions of marine environments, including constant exposure to moisture, vibrations, and fluctuations in temperature. Marine batteries are used to power various electrical systems and equipment on boats, such as navigation lights, radios, fish finders, bilge pumps, and trolling motors. These batteries are typically deep-cycle batteries, which means they can provide a steady flow of power over an extended period. They are constructed with durable materials and advanced technologies to ensure reliable performance and long-lasting power supply on the water.

The marine battery market is estimated to grow at a CAGR of 3.4% by 2027, driven by the ongoing transition in the marine industry from fossil fuels to electric power to eliminate pollution and become a zero-emission industry.

Exide Technologies, LLC, Toshiba Corporation, EnerSys, Leoch International Technology Ltd., Camel Group Co., Ltd., Banner Batterien, Shandong Sacred Sun Power Sources Co., ltd., East Penn Manufacturing Co., Trojan Battery Company, LLC, and GS Yuasa Corporation are the leading players in the market.

The marine battery market is likely to reach USD 0.5 billion in 2027.

Asia-Pacific is estimated to remain dominant in the market in the foreseeable future. With China producing more than 90% of the world's shipping containers, the region has a stronghold in the market.

Lithium-ion is estimated to be the fastest-growing battery type in the market in the coming years, owing to many advantages offered by the technology, such as higher energy densities and cycle life, which are well-suited to the needs of marine propulsion.

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