Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by Infinium Global Research on marine
battery market provides an in-depth analysis of segments and sub-segments in the
global as well as regional marine battery market. The study also highlights the
impact of drivers, restraints, and macro indicators on the global and regional
marine battery market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast, and dollar values of the global
marine battery market. According to the report, the global marine battery
market is projected to grow at a CAGR of 40.6% over the forecast period of
2020-2026.
Marine batteries are designed particularly for use on a boat, with
heavier plates and robust construction designed to withstand the vibration and
pounding that can occur onboard any powerboat. However, the recreational boating
industry is one of the most affected sectors by the
COVID-19 economic lockdowns, the profitability of the marine battery
manufacturers and suppliers will fall sharply over the short term. Further, as
both businesses and consumers take a longer time to restart and return to normal
activity due to the lockdown orders, the market recovery will be slow.
Additionally, as marine batteries are usually more expensive than automobile
batteries, several boat owners tend to purchase an auto battery instead of a
marine battery, which in turn will lower the profitability of the manufacturers.
Nevertheless, as the boating and tourism industry recuperates from the impact
of the pandemic, the demand for marine batteries will gradually improve over
the forecast period.
Presently, the ongoing advancements in battery charger
technologies are showing exceptional growth in the market. The marine batteries
are specially designed to meet the energy requirements of modern boats to start
an engine and other appliances on the boat. Thus, the growing preference of
marine batteries over the other batteries to meet the unique need of the
inboard or outboard motors of the boat is driving the growth of the market.
Additionally, the rapid expansion in marine tourism is promoting the adoption
of advanced products in the marine battery market. Furthermore, the vast
development in lithium-ion batteries and their adoption in various sectors have
a positive impact on the growth of the marine battery market. On the other
hand, the relative difficult maintenance and repair as compared to other
batteries such as car batteries is expected to hinder the growth of the marine
battery market. Moreover, the growing production of duel-purpose batteries is
propelling the growth of the market. In addition, the major key players in the
market are primarily focusing on new product launches, partnerships, and
agreements as major expansion strategies. Accordingly, these adoptions of major
strategies are projected to create various growth opportunities in the near
future.
Among the region, North America is accounted to hold the maximum share
in the global marine battery market due to the increasing adoption of electric
propulsion naval vessels in this region. Additionally, presences of leading
players such as East Penn Manufacturing Co., EnerSys, Exide Technologies, and
many others drive the growth of the marine battery market. Factor such as
growing demand for ships with hybrid propulsion is boosting the demand for the
European marine battery market in the forecast period. The increasing demand
for new and advanced naval vessels in developing countries such as China and
India is escalating the demand of the market in the Asia Pacific region. The
Middle East and Africa and Latin America are expected to grow at a healthy CAGR
owing to the increase in defense expenditure.
The report on the global marine battery market covers segments such as
battery type, and application. On the basis of battery type, the sub-markets
include lithium, fuel cell, and lead-acid. On the basis of application, the
sub-markets include inland vessels, seafaring vessels, frigate, corvettes,
submarines, and other applications.
The report provides profiles of the companies in the market such
as Corvus Energy, Exide Technologies, Lithium Werks B.V., Furukawa Battery
Solutions, Echandia Marine AB, Spear Power Systems, Siemens AG, EST-Floattech,
Akasol AG., and Other companies.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the marine battery
market. Moreover, the study highlights current market trends and provides
forecasts from 2020-2026. We also have highlighted future trends in the market
that will affect the demand during the forecast period. Moreover, the competitive
analysis given in each regional market brings an insight into the market share
of the leading players.
Please Choose One of them.