Europe Marine Battery Market revenue is projected to grow at a CAGR of 8.4% during 2024-30F

Lithium-ion batteries by battery technologies attained the highest revenue share in Europe Marine Battery Market – 6Wresearch

In 2023, lithium-ion batteries dominated Europe’s marine battery market, thanks to their efficiency and lightweight design. Companies such as Jeanneau and Sunseeker are adopting this technology in motorboats and yachts, exemplified by the Sunseeker 65 Sport Yacht, which employs lithium-ion batteries for hybrid propulsion and enhanced fuel efficiency. Furthermore, the increasing use of fully electric ferries in Norway showcases the practical benefits of lithium-ion technology in marine applications.

According to 6Wresearch, Europe Marine Battery Market revenue is projected to grow at a CAGR of 8.4% during 2024-30F.  Marine battery market in Europe witnessed significant investment and growth between 2020 and 2023, driven by rising demand for sustainable marine solutions and stricter environmental regulations. The European Green Deal (EGD) and the 2023 IMO Strategy on the reduction of greenhouse gas (GHG) emissions are central to this growth.

Moreover, countries like France and Italy are at the forefront of market growth, prioritizing the decarbonization of maritime operations through the implementation of electric and hybrid propulsion systems. For example, France experienced a significant boost in demand, driven by a revival in recreational boating, with sailboat sales increasing by 44% and motorboat sales by 47% between 2020 and 2021.

During the forecast period, Europe’s marine battery market is expected to experience significant growth, driven by ongoing investments in sustainable maritime technologies, such as fully electric ferries and hybrid cargo ships, which will continue to fuel the demand for marine batteries. Moreover, key initiatives like the BATT4EU partnership under Horizon Europe, which is mobilizing over $1 billion for battery research and innovation, with additional funding calls planned for 2025, would propel the demand for marine batteries in the region.

According to Vasudha, Senior Research Analyst, 6Wresearch, leisure marine applications lead the revenue share of the marine battery market in Europe, which reflects the strong demand for electric as well as hybrid-powered recreational boats.

Europe Marine Battery Market (2024-2030) report provides an in-depth analysis with 11 figures and  6 tables, covered in 75 pages. The report comprehensively covers the market by battery technologies, applications and countries. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.