Market Scenario

Asia Pacific Marine Battery Market is estimated to make a major leap forward in its revenue from US$ 123.9 Mn in 2021 to US$ 1,017.1 Mn by 2027. The market is registering a CAGR of 51.1% over the forecast period 2022-2027. Marine batteries are designed specifically for use on a boat, with heavier plates and robust construction designed to withstand the vibration and pounding that can occur onboard any powerboat. Marine batteries are used for both commercials as well as defence applications. There are various types of batteries such as lead-acid, lithium, and fuel cell batteries. 

The market is majorly driven by factors such as rising maritime trade in the Asia Pacific, increasing government initiatives to curb marine emissions and a rise in demand for lithium batteries. Maritime transport is the backbone of trade and the global economy. Asia’s predominance in global maritime trade strengthened in 2021, as it maintained a 41% share of total goods loaded, increased its volume of goods discharged, and remained the largest seafarer supply region in the world, according to UNCTAD’s Review of Maritime Transport 2021. Furthermore, rising government initiatives to reduce marine pollution are also propelling market growth. For instance, the International Convention on the Prevention of Pollution from Ships aims to reduce emissions from marine diesel engines and their fuels. Further, rising initiatives by Asia Pacific countries such as the Green Port Project of India, Domestic Emission Control Areas of China, and waiving of port fees for LNG & hydrogen ships by Japan government to reduce emissions among others are accelerating the market growth. Moreover, in recent times the use of lithium batteries in marine application has significantly increased as it provides the highest electrochemical potential, have extremely low resistance, and are much lighter as compared to other batteries. However, the high cost of maintenance of batteries is hindering market growth. On the contrary, the adoption of hybrid and fully electric vessels are expected to present a lucrative opportunity for market expansion over the forecast period. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the Asia Pacific Marine Battery Market for the study period of 2017-2027; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 9 chapters distributed across 120 pages with 13 lists of tables and 35 lists of figures.
• The various segmentations considered to analyze the market are based on propulsion type, battery function, battery design, battery type, application, ship power, ship range, and region.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted based on various economic models such as PESTLE analysis and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, marine battery manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis based on the Concentration Ratio (CR), based on the market size, and the market presence of key companies.

Key Takeaways from the Asia Pacific Marine Battery Market Report:

• Based on propulsion type, hybrid batteries have the major market share in 2021, whereas the fully electric segment holds the highest CAGR over the projection period 2022-2027. The growth of the fully electric segment is attributed to the increasing trend of reduced usage of fuel and rising government support in APAC countries for the electrification of marine vessels.
• In terms of battery type, lead-acid batteries have the highest market share in 2021 and further register the highest CAGR over the projection period. Lead-acid batteries are the maximum in maritime applications due to the longer life span and higher efficiency obtained. Furthermore, these batteries are widely available in a variety of off-the-shelf pack sizes.
• Based on battery function, deep cycle batteries hold the highest share in the marine battery market in 2021. This is due to a key trait of steadiness offered by deep cycle batteries in current flow and their capacity to withstand multiple discharge/recharge cycles. However, dual-purpose batteries have the highest annual growth rate over the projection period.
• In terms of battery design, solid-state batteries lead the Asia Pacific marine battery market in 2021. This is because solid-state batteries facilitate a long cycle life and offers the possibility of employing high-voltage cathodes which increases the practical battery energy density.
• Commercial application dominates the marine battery market of APAC whereas the defence application segment holds the highest CAGR over the projection period. Countries such as China, Japan, Indonesia, and India are contributing to the major growth of defense applications in the region.
• China dominates the Asia Pacific marine battery market in 2021 and registers the highest CAGR for the forecast period. China is the major producer and market for batteries, driven by massive rising output from manufacturing and a rise in consumer spending, with additional positive pressure from government energy regulation.

Competitive Dashboard

The key competitors in the Asia Pacific Marine Battery Market are Akasol AG, Siemens, Spear Power Systems, Furukawa Battery Solutions, Toshiba Corporation, and Exide Technologies among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions to have a grip on emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview

The following are the different segments of the Asia Pacific Marine Battery Market:

By Propulsion Type segment of the Asia Pacific Marine Battery Market is sub-segmented into:

• Fully Electric
• Hybrid
• Conventional

By Battery Function segment of the Asia Pacific Marine Battery Market is sub-segmented into:

• Starting batteries
• Deep-cycle batteries
• Dual-purpose batteries

By Battery Design segment of the Asia Pacific Marine Battery Market is sub-segmented into:

• Solid-state batteries
• Flow batteries

By Application segment of the Asia Pacific Marine Battery Market is sub-segmented into:

• Commercial
• Defense

By Battery Type segment of the Asia Pacific Marine Battery Market is sub-segmented into:

• Lead-acid
• Lithium
• Fuel cell

By Ship Power segment of the Asia Pacific Marine Battery Market is sub-segmented into:

• <75 KW
• 75–150 KW
• 150–745 KW
• 745–7,560 KW
• >7,560 KW

By Ship Range segment of the Asia Pacific Marine Battery Market is sub-segmented into:

• <50 KM
• 50-100 KM
• 100-1,000 KM
• >1,000 KM

By Region/Country segment of the Asia Pacific Marine Battery Market is sub-segmented into:

• China
• India
• Japan
• Korea
• Southeast Asia
• Rest of Asia Pacific