Marine Battery Market Growth Analysis | 2024-2030

Market Insights

“The marine battery market was estimated at USD 481 million in 2023 and is likely to grow at a CAGR of 3.3% during 2024-2030 to reach USD 615 million in 2030.”

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Market Dynamics

Introduction

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.

Market Drivers

The marine industry significantly contributes to global CO2 emissions and pollution. It’s currently undergoing a shift away from fossil fuels towards alternative technologies and fuels to become a zero-emission industry in the long run. Electric power is crucial for addressing pollution in waterways, as electric motors can minimize water contamination and reduce emissions and energy use compared to traditional internal combustion engines. The industry now demands fully reliable, efficient, and safe batteries that are also cost-effective and accessible.

Recent Market JVs and Acquisitions:

A huge number of strategic alliances including M&As, JVs, etc., have been performed over the past few years:

• 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.

Recent Product Development:

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

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Key Players

The market is highly populated with several local, regional, and global players. Most of the major players produce advanced, compact, weight-saving lithium-ion batteries that are well-suited for work boats, ferries, cruise liners, cargo vessels, and offshore vessels. The following are the key players in the marine battery market. 

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

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

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Segments Analysis

By Battery Type

“Lead-acid battery is expected to maintain their dominance in the market, while lithium-ion battery is projected to experience the fastest growth among all battery types.”

• The marine battery market is segmented into lead-acid, lithium-ion, and nickel-cadmium batteries.
• Lithium-ion batteries excel in the market owing to their numerous advantages, including high energy density, low self-discharge rates, and minimal maintenance requirements. Meanwhile, lead-acid batteries stood out as the best-selling segment in 2021. These batteries are particularly well-suited for applications like onboard auxiliary services and cranking diesel engines, where their reliability and cost-effectiveness make them a preferred choice.

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By Application Type

“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.”

• The market is segmented into cargo & offshore vessels, work boats & ferries, and other application types.
• Cargo and offshore vessels are projected to remain key drivers of demand in the marine battery market during the forecast period. Offshore supply and drilling vessels require specialized high-power batteries to meet the challenges of demanding operations and strict regulatory standards. These factors create opportunities for battery suppliers to innovate and deliver advanced solutions tailored to this segment.
• Additionally, the growing number of global trade agreements is anticipated to increase demand for cargo vessels, further boosting the need for reliable and efficient batteries in this market. As performance expectations and environmental requirements continue to rise, battery suppliers have a significant opportunity to capture market share with sustainable and high-performing technologies.

Regional Insights

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

• The market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World.
• 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 regional player, producing over 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)

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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.