Market Size of Global Marine Battery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 18.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Marine Battery Market Analysis
The marine battery market is expected to register a CAGR of more than 18% during the forecast period.
- The global marine sector witnessed the mild impact of the COVID-19 pandemic. According to the United Nations Conference on Trade and Development (UNCTAD) Review of Maritime Transport Report 2021, the impact of the COVID-19 pandemic on maritime trade volumes in 2020 was less severe than initially expected. The report stated that maritime trade contracted by 3.8% in 2020, but it recovered later in 2020 and is projected to increase by 4.3% in 2021.
- Growing demand for marine freight transportation, an increase in water sports and leisure activities, and rising investments in vessel modernization programs drive the growth of the market. Furthermore, growing automation in marine transportation and rising demand for electric and hybrid vessels will drive market growth in the coming years. According to the Organisation for Economic Co-operation and Development (OECD), ocean shipping is the major transport mode for global trade, around 90% of traded goods are carried by sea, which is likely to supplement the growth curve of the market over the forecast period.
