Deep Cycle Batteries Market Size is valued at USD 2.45 Bn in 2023 and is predicted to reach USD 4.39 Bn by the year 2031 at a 7.5% CAGR during the forecast period for 2024-2031.
Deep-cycle batteries are engineered to be recharged and discharged multiple times. Golf carts, recreational vehicles, and solar power systems are some of the most typical use cases for them. A deep-cycle battery can only last as long as the owner takes the time to maintain it regularly. These batteries are engineered to endure the extreme vibration and impact that any boat is bound to encounter. They are thus ideal for use on ships and other vessels. The deep-cycle battery market is anticipated to see expansion because of factors such as the increasing need for maritime freight transportation vessels, the advantages of lithium-ion batteries over lead-acid batteries, and the growing popularity of water sports as well as leisure activities. Furthermore, the growing popularity of renewable energy sources is propelling the need for efficient energy storage solutions, which in turn is fueling the deep-cycle battery industry.
However, the market growth is hampered by the restricted storage capacity and energy density criteria for the safety and health of the deep cycle batteries market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high deep cycle batteries because of the current limitations in battery technology, including their poor energy density and storage capacity, some marine applications have power requirements that are hard to meet. The long-range and energy density that large commercial vessels and long-range vessels often need may not be fully provided by the current battery technology. The COVID-19 pandemic has impacted markets around the world and shut down several industries to prevent the spread of the virus. This could slow down the industry's progress.
The deep cycle batteries market is segmented based on battery type, application, and organization size. The battery type segment is segmented into flooded deep-cycle batteries (Absorbed Glass Mat (AGM) batteries, Gel batteries), sealed deep-cycle batteries, and lithium-ion batteries. As per the to the application segment, the market is segmented into solar energy storage, off-grid power, electric vehicles, marine equipment, telecom backup, and others.
The off-grid power deep-cycle batteries market is expected to hold a major global market share in 2022. The use of off-grid electricity systems is on the rise in developing countries, hilly regions, rural agricultural communities, and island states. Having deep-cycle batteries on hand is crucial for maintaining energy availability in situations where primary renewable sources are not accessible.
Sealed deep-cycle batteries make up the bulk of acrylic acid ester usage because they are superior to flooded batteries in design. Sealed batteries are far easier for users than flooded ones because they don't need water maintenance. There is no longer any need to monitor the battery fluid levels because the sealed design stops gas and electrolytes from escaping, especially in countries like the US, Germany, the UK, China, and India.
The Asia Pacific deep-cycle batteries market is expected to record the maximum market revenue share in revenue in the near future. This can be attributed to the fact that electric vehicles, renewable energy systems, and options for powering off-grid are becoming more popular. It is also projected to grow rapidly in the global Deep Cycle Batteries Market due to growing environmental concerns, stricter regulations, and a greater focus on sustainable shipping operations.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 2.45 Bn |
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Revenue Forecast In 2031 |
USD 4.39 Bn |
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Growth Rate CAGR |
CAGR of 7.5 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Battery Type, Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
C&D Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, EverExceed Industrial Co. Ltd., Exide Technologies, GS Yuasa Corp., HBL Power Systems Ltd., Johnson Controls, Microtex Energy Private Limited, Midac S.p.A, Navitas System LLC., Rolls Battery, S. Battery Manufacturing Company, Su-Kam Power Systems, Trojan Battery, U.S. Battery Manufacturing Company, West Marine Inc., and Yokohama Trading N.V. (Suriname) |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Deep Cycle Battery Market Snapshot
Chapter 4. Global Deep Cycle Battery Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Battery Type Estimates & Trend Analysis
5.1. by Battery Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Battery Type:
5.2.1.1. Flooded deep-cycle batteries
5.2.1.2. Sealed deep-cycle batteries
5.2.1.2.1. Absorbed Glass Mat (AGM) batteries
5.2.1.2.2. Gel batteries
5.2.1.3. Lithium-ion batteries
Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:
6.2.1. Solar Energy Storage
6.2.2. Off-Grid Power
6.2.3. Electric Vehicles
6.2.4. Marine Equipment
6.2.5. Telecom Backup
6.2.6. Others
Chapter 7. Deep Cycle Battery Market Segmentation 6: Regional Estimates & Trend Analysis
7.1. North America
7.1.1. North America Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Battery Type, 2019-2031
7.1.2. North America Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
7.1.3. North America Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
7.2. Europe
7.2.1. Europe Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Battery Type, 2019-2031
7.2.2. Europe Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
7.2.3. Europe Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
7.3. Asia Pacific
7.3.1. Asia Pacific Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Battery Type, 2019-2031
7.3.2. Asia-Pacific Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
7.3.3. Asia Pacific Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
7.4. Latin America
7.4.1. Latin America Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Battery Type, 2019-2031
7.4.2. Latin America Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
7.4.3. Latin America Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
7.5. Middle East & Africa
7.5.1. Middle East & Africa Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Battery Type, 2019-2031
7.5.2. Middle East & Africa Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
7.5.3. Middle East & Africa Deep Cycle Battery Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
Chapter 8. Competitive Landscape
8.1. Major Mergers and Acquisitions/Strategic Alliances
8.2. Company Profiles
8.2.1. C&D Technologies Inc.
8.2.2. Crown Battery Manufacturing Co.
8.2.3. East Penn Manufacturing Co. Inc.
8.2.4. EnerSys
8.2.5. Ever Exceed Industrial Co. Ltd.
8.2.6. Exide Technologies
8.2.7. GS Yuasa Corp.
8.2.8. HBL Power Systems Ltd.
8.2.9. Johnson Controls
8.2.10. Microtex Energy Private Limited
8.2.11. Midac S.p.A
8.2.12. Navitas System LLC.
8.2.13. Rolls Battery
8.2.14. S. Battery Manufacturing Company
8.2.15. Su-Kam Power Systems
8.2.16. Trojan Battery
8.2.17. U.S. Battery Manufacturing Company
8.2.18. West Marine Inc.
8.2.19. Yokohama Trading N.V. (Suriname)
Deep Cycle Batteries Market By Battery Type-
Deep Cycle Batteries Market By Application-
Deep Cycle Batteries Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
