Marine Battery Market: Global Market Analysis and Forecast 2023-2029

The Marine Battery Market size was valued at USD 551 Mn in 2022 and is expected to grow at a CAGR of 18.3 to reach USD1783 Mn market by 2029.

Overview

The marine battery market refers to the market of batteries specifically designed and used for marine applications, such as powering boats, yachts, and other vessels. These batteries are typically designed to withstand harsh marine environments, including exposure to water, salt, and vibrations.

The marine battery market has been growing due to increasing demand for electric and hybrid boats and yachts, as well as a growing awareness of the importance of environmentally friendly marine technologies. As the demand for more sustainable and environmentally friendly marine transportation options continues to grow, there has been an increase in the demand for electric boats, which has been covered in the report in volume and value terms.  The demand for electric boats has led to the increase in the demand for high-quality marine batteries. The market is also  growing as a result of increased investments in vessel modernisation programmes, rising water sports and leisure activities, and rising demand for maritime freight transportation.

Some of the key players in the marine battery market include Exide Technologies, East Penn Manufacturing, EnerSys, and Johnson Controls, as well as specialized marine battery manufacturers such as Mastervolt, Victron Energy, and Optima Batteries. The report has benchmarked the key players on different parameters, which will give deep insights about the competition in the market.

.


To know about the Research Methodology :- Request Free Sample Report
Marine Battery Market Dynamics
Driven by a desire for more sustainable and environmentally friendly transportation options, the demand for electric and hybrid boats is growing rapidly.  The global electric boat market size was valued at USD 6.2 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2023 to 2029. With increasing concerns about marine pollution and its impact on the environment, there is a growing interest in reducing emissions from marine vessels. The recreational boating industry has been growing in recent years, which has led to an increase in the demand for marine batteries. This includes not just batteries for electric and hybrid boats, but also for traditional gasoline-powered boats, where batteries are used for starting engines and powering accessories. The marine battery market is growing in emerging markets such as Asia Pacific and Latin America, driven by rising incomes and increasing interest in boating and water sports. Growth in developing economies has luring battery manufacturers by creating the market opportunities there. The report has covered the demand analysis in the APAC, South America region in detail.

Marine batteries are typically more expensive than traditional lead-acid batteries. The high cost of marine batteries is significant barrier for entry for battery manufacturers. While battery technology is improving, the range of electric and hybrid boats is still limited compared to traditional gasoline-powered boats. This can make electric and hybrid boats less practical for longer journeys or trips. Marine batteries tend to be heavier than traditional lead-acid batteries, which is a problem for smaller boats or boats with weight restrictions. Unlike traditional gasoline-powered boats, electric and hybrid boats require charging infrastructure. While this infrastructure is improving, it is still limited in many areas, which can limit the practicality of electric and hybrid boats. It's worth noting that some of these restraints are gradually being addressed through advances in battery technology and increased investment in charging infrastructure. Nonetheless, they continue to be important factors that limit the growth of the marine battery market

Governments around the world are offering incentives and initiatives to promote the adoption of electric and hybrid boats and reduce marine pollution. This support is creating new opportunities for the marine battery market, as governments invest in the development of charging infrastructure and other supporting technologies. The demand for sustainable and environmentally friendly transportation options is growing across the world. This trend is creating new opportunities for the marine battery industry, as consumers seek out electric and hybrid boats to reduce their carbon footprint and minimize their impact on the environment. Investment in battery technology is increasing rapidly, with many governments and private companies investing heavily in research and development. This investment is leading to rapid advances in battery technology, including improvements in energy density, charging times, and lifespan. These advances are creating new opportunities for the marine battery market.

There has been a significant shift towards lithium-ion batteries in the marine battery market in recent years. Lithium-ion batteries offer higher energy density, longer lifespan, and faster charging times than traditional lead-acid batteries. They are also more compact and lightweight, making them ideal for marine applications. Smart technology is being integrated into marine batteries to provide better performance, longer lifespan, and improved safety. For example, some marine batteries now have built-in sensors that can monitor battery health and provide alerts if any issues arise Hybrid systems that combine electric and traditional propulsion are becoming increasingly popular in the marine industry. These systems offer the benefits of electric propulsion while still providing the range and power of traditional gasoline engines.
Marine Battery Market Segment Analysis
Marine Battery Market by Battery Type

Lead Acid Batteries: These batteries are the most commonly used type of battery in the marine industry. They are relatively inexpensive and have a long history of use in marine applications. However, they are also heavy, have a relatively short lifespan, and require regular maintenance. Lead-acid batteries held the largest share of the marine battery market in 2020, with a market share of approximately 55%.

Lithium-ion Batteries: These batteries are gaining popularity in the marine industry due to their high energy density, longer lifespan, and lower maintenance requirements compared to lead-acid batteries. They are also lighter, making them ideal for use in smaller vessels. Lithium-ion batteries held the second-largest share of the marine battery market in 2020, with a market share of approximately 32%.

Nickel-Cadmium Batteries: These batteries are known for their ability to withstand extreme temperatures and are often used in military and commercial marine applications. They have a longer lifespan and require less maintenance compared to lead-acid batteries, but they are also more expensive. Nickel-cadmium batteries held a market share of approximately 8% in 2020.

Others: This segment includes other types of batteries used in the marine industry, such as nickel-metal hydride and flow batteries. These batteries are not as commonly used as lead-acid or lithium-ion batteries but may have specific advantages for certain applications.
Marine Battery Market by Load

Below 100 Ah: This segment includes batteries with a load capacity of less than 100 Ah. These batteries are typically used in smaller vessels, such as kayaks, canoes, and small fishing boats. This segment held a market share of approximately 45% in 2020.

100-200 Ah: This segment includes batteries with a load capacity of between 100 and 200 Ah. These batteries are commonly used in mid-sized vessels, such as pontoon boats, sailboats, and small motorboatsThis segment held a market share of approximately 30% in 2020.

Above 200 Ah: This segment includes batteries with a load capacity of over 200 Ah. These batteries are typically used in larger vessels, such as yachts, commercial vessels, and ferries. This segment held a market share of approximately 25% in 2020.
Marine Battery Market by Region
North America: The North American marine battery market includes the United States, Canada, and Mexico. This region held a market share of approximately 31% in 2022. The growth of the market in North America can be attributed to the increase in demand for electric and hybrid propulsion systems in the region.

Europe: The European marine battery market includes countries such as Germany, France, the United Kingdom, Italy, and Spain. This region held the largest market share of approximately 35% in 2022. The growth of the European marine battery market is driven by the increasing regulations for reducing carbon emissions and the high adoption rate of electric propulsion systems in the region.

Asia Pacific: The Asia Pacific marine battery market includes countries such as China, Japan, India, South Korea, and Australia. This region is expected to witness the highest growth rate in the market due to the increasing demand for electric and hybrid propulsion systems and the growing focus on sustainable energy solutions. The Asia Pacific marine battery market is expected to grow at a CAGR of 11.8% from 2023 to 2029.

Middle East & Africa (MEA): This region includes countries such as Saudi Arabia, South Africa, and the United Arab Emirates. According to a report by Mordor Intelligence, the MEA region is expected to have significant growth in the marine battery industry due to the increasing adoption of renewable energy and the need to reduce emissions.

South America: This region includes countries such as Brazil, Argentina, and Chile. According to the same report by Mordor Intelligence, the South American region is also expected to have significant growth in the marine battery market due to the increasing demand for sustainable solutions in the shipping industry.
Marine Battery Market Competitive Analysis
The marine battery market is highly competitive, with several major players competing for market share. The market is expected to continue to grow in the coming years, driven by increasing demand for electric and hybrid marine propulsion systems. As a result, competition among manufacturers is likely to remain intense, with companies investing in research and development to create more efficient and reliable batteries for marine applications.

Some of the key players in the market include East Penn Manufacturing, Exide Technologies, Johnson Controls, Saft, Trojan Battery Company, Mastervolt, EnerSys, Leoch Battery, and NorthStar Battery.
Marine Battery Market Scope: Inquire before buying



Marine Battery Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 551 Mn.


Forecast Period 2023 to 2029 CAGR:
18.3%
Market Size in 2029:
USD 1783 Mn.


 Segments Covered:
by Battery type
1.Lead-acid
2.Lithium-ion
3.Nickel-cadmium
4.other


by load capacity
1.Below 100 Ah
2.100-200 Ah
3.Above 200 Ah



Marine Battery Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Marine Battery Market Key players
1.East Penn Manufacturing - Lyon Station, Pennsylvania, USA
2.Exide Technologies - Milton, Georgia, USA
3.Johnson Controls - Milwaukee, Wisconsin, USA
4.Saft - Bagnolet, France
5.Trojan Battery Company - Santa Fe Springs, California, USA
6.EnerSys - Reading, Pennsylvania, USA
7.Leoch Battery - Guangdong, China
8.NorthStar Battery - Springfield, Missouri, USA
6.Mastervolt - Amsterdam, Netherlands
7. Power Sonic Corporation - San Diego, California, USA
8.GS Yuasa Corporation - Kyoto, Japan
9.Rolls-Royce Power Systems - Friedrichshafen, Germany
10.Siemens Energy - Munich, Germany
11.Tesla Inc. - Palo Alto, California, USA
12.ABB Ltd. - Zurich, Switzerland
13.Corvus Energy - Richmond, British Columbia, Canada
14. Kokam Co. Ltd. - South Korea
15.LG Chem Ltd. - Seoul, South Korea
16. Panasonic Corporation - Osaka, Japan
17. Samsung SDI Co. Ltd. - South Korea
18.Sonnen GmbH - Wildpoldsried, Germany
19.Toshiba Corporation - Tokyo, Japan
20.VARTA AG - Ellwangen, Germany
21.Winston Battery Limited - Huizhou, Guangdong, China
22.Victron Energy BV - Almere Haven, Netherlands

FAQ

1. What are the advantages of using lithium-ion batteries in the marine battery market?
Ans: Lithium-ion batteries offer higher energy density, longer lifespan, and lower maintenance requirements compared to traditional lead-acid batteries.

2. What is the expected growth rate of the marine battery market?
Ans: The marine battery market is expected to grow at a CAGR of around XX% during the forecast period.

3. What factors are driving the adoption of marine batteries?
Ans:Factors such as the increasing demand for electric and hybrid marine propulsion systems, stringent environmental regulations, and the need for improved energy efficiency are driving the adoption of marine batteries.

4. Which region holds the largest market share in the marine battery market?
Ans:Currently, North America holds the largest market share in the marine battery market due to the presence of well-established marine industries and growing investments in electric propulsion systems.

5. What are the key challenges faced by the marine battery market?
Ans:Some key challenges faced by the marine battery market include high initial costs of advanced battery technologies, limited charging infrastructure, and concerns about the safety and recyclability of certain battery chemistries.