The global marine battery market size was valued at US$ 0.37 billion in 2021 and is projected to reach US$ 1.99 billion in 2030 registering a CAGR (compound annual growth rate) of 20.5%.
Key drivers of the marine battery market include the rapid expansion and penetration of marine freight transport vessels and rising leisure activities related to water sports.
Further, the boom in usage of lithium-ion batteries in marine vessels and their various benefits over lead-acid batteries is expected to propel the growth of the marine battery market during the forecast period.
On the other hand, the hassles related to the proper maintenance of batteries will restrict the market growth. However, the growing acceptance of hybrid and electric vessels for eco-friendly transportation will accelerate the market in the coming years.