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Marine Battery Market by Application and Geography - Forecast and Analysis 2022-2026

  • Published: Jul 2022
  • Pages: 125
  • SKU: IRTNTR73923
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The marine battery market share is expected to increase to USD 604.14 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 18.19%.

This marine battery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers marine battery market segmentation by application (commercial and defense) and geography (Europe, North America, APAC, Middle East and Africa, and South America). The marine battery market report also offers information on several market vendors, including BorgWarner Inc., Corvus Energy, Echandia Marine AB, EnerSys, EST Floattech BV, EverExceed Industrial Co. Ltd., Exide Industries Ltd., Forsee Power, Freudenberg FST GmbH, HBL Power Systems Ltd., Kokam Co. Ltd., Leclanche SA, Lifeline Batteries Inc., Saft Groupe SAS, Siemens AG, Spear Power Systems, Sterling PlanB Energy Systems, The Furukawa Battery Co. Ltd., Toshiba Corp., and U.S. Battery Manufacturing Co. among others.

What will the Marine Battery Market Size be During the Forecast Period?

Marine Battery Market Size

Download the Free Report Sample to Unlock the Marine Battery Market Size for the Forecast Period and Other Important Statistics

 

Marine Battery Market: Key Drivers, Trends, and Challenges

The rising demand for lithium batteries is notably driving the marine battery market growth, although factors such as the limitation of capacity and range of fully electric ships may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the marine battery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Marine Battery Market Driver

One of the key factors driving the global marine battery market growth is the rising demand for lithium batteries as they are perfect for deployment in vessels to increase their functionality and energy efficiency because of their lightweight and small size. Additionally, a rise in the use of lithium batteries in commercial vessels is fueling the market expansion due to the rising cost-efficiency of these batteries driven by improvements in manufacturing techniques. They are increasingly being used because of their minimal maintenance requirements and quick response times, which are further driving the global marine battery market expansion. Moreover, the demand for passenger ships with little vibration, noise, and pollution to improve the customer experience will drive the demand for entirely electronic propulsions, which will fuel the growth of the market during the forecast period.

Key Marine Battery Market Trend

Growing demand for fully electric ships is one of the key marine battery market trends that is expected to impact the industry positively in the forecast period. This is attributed to the rising establishment of strict restrictions by various international organizations to reduce increasing pollution levels. To manage the rising levels of sulfur dioxide, IMO launched IMO 2020, which restricts emission control from fuels to 0.50% mass by mass. The demand for marine batteries is rising due to the increased use of fully electric ships for short voyages, which is boosting market expansion. The utilization of hybrid vessels is growing along with the cost-effectiveness of marine batteries. Additionally, the simplicity of installation offered by innovative marine batteries is accelerating their adoption, which is driving the market growth. Such factors will boost market growth in the coming years.

Key Marine Battery Market Challenge

One of the key challenges to the global marine battery market growth is the limitation of capacity and range of fully electric ships. On average, these ships can sail 80 kilometers on a single charge. The Ellen ferry, which runs in Denmark, is the largest entirely electric passenger ship and has a roundtrip distance of 22 nautical miles. By incorporating diesel engines that can charge batteries and power the ship when more electricity is needed or when batteries are low, hybrid ships can partially relieve this constraint. The concept of a zero-emission shipping and transport industry is still a challenge. The first entirely electric cargo ship in China has a range of 80 kilometers and a capacity of 2,200 tones. Approximately, 200,000 container loads of cargo can be transported aboard a large container ship. It is estimated that the engine itself weighs 2,300 tones. The amount of cargo that an electric ship can pull is significantly greater than the engine capacity of a diesel ship, which will hinder the growth of the market during the forecast period.

This marine battery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global marine battery market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the marine battery market during the forecast period.

Who are the Major Marine Battery Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • BorgWarner Inc.
  • Corvus Energy
  • Echandia Marine AB
  • EnerSys
  • EST Floattech BV
  • EverExceed Industrial Co. Ltd.
  • Exide Industries Ltd.
  • Forsee Power
  • Freudenberg FST GmbH
  • HBL Power Systems Ltd.
  • Kokam Co. Ltd.
  • Leclanche SA
  • Lifeline Batteries Inc.
  • Saft Groupe SAS
  • Siemens AG
  • Spear Power Systems
  • Sterling PlanB Energy Systems
  • The Furukawa Battery Co. Ltd.
  • Toshiba Corp.
  • U.S. Battery Manufacturing Co.

 

This statistical study of the marine battery market encompasses successful business strategies deployed by the key vendors. The marine battery market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.

Product Insights and News

  • BorgWarner Inc. - The company offers marine batteries under the subsidiary Akasol AG.
  • Corvus Energy - Under the unified segment, the company offers zero-emission solutions for all segments in the maritime industry.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The marine battery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Marine Battery Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the marine battery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Marine Battery Market?

Marine Battery Market Market segmentation by region

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52% of the market's growth will originate from Europe during the forecast period. Norway and Germany are the key markets for marine batteries in Europe. Market growth in this region will be faster than the growth of the market in other regions.

The significant advancements in fuel cell-powered autonomous electric vessels and remotely operated electric boats will facilitate the marine battery market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic had an adverse impact on the region in 2020. However, with progressing vaccination drives in the first half of 2021, there has been a rise in tourism and recreational sporting activities in the region. The demand for marine batteries from the commercial segment also increased as operations resumed. Such factors are expected to further foster the growth of the regional marine battery market during the forecast period.

What are the Revenue-generating Application Segments in the Marine Battery Market?

Marine Battery Market Segmentation

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The marine battery market share growth in the commercial segment will be significant during the forecast period. Lithium batteries are getting more affordable due to improvements in manufacturing techniques, which are leading to an increase in their use in commercial vessels. The increase in maritime tourism, modifications in government policies to enhance the seaborne economy, and the replacement of the existing fleet's propulsion system with electric propulsion drive the segment growth. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the marine battery market size and actionable market insights on post COVID-19 impact on each segment.

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Marine Battery Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 18.19%

Market growth 2022-2026

$ 604.14 million

Market structure

Fragmented

YoY growth (%)

12.78

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 52%

Key consumer countries

US, China, Japan, Norway, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

BorgWarner Inc., Corvus Energy, Echandia Marine AB, EnerSys, EST Floattech BV, EverExceed Industrial Co. Ltd., Exide Industries Ltd., Forsee Power, Freudenberg FST GmbH, HBL Power Systems Ltd., Kokam Co. Ltd., Leclanche SA, Lifeline Batteries Inc., Saft Groupe SAS, Siemens AG, Spear Power Systems, Sterling PlanB Energy Systems, The Furukawa Battery Co. Ltd., Toshiba Corp., and U.S. Battery Manufacturing Co.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

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What are the Key Data Covered in this Marine Battery Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive marine battery market growth during the next five years
  • Precise estimation of the marine battery market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the marine battery industry across Europe, North America, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of marine battery market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 24: Chart on Application - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
    • 5.2 Comparison by Application
      • Exhibit 26: Chart on Comparison by Application
      • Exhibit 27: Data Table on Comparison by Application
    • 5.3 Commercial - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Commercial - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Commercial - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Commercial - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Commercial - Year-over-year growth 2021-2026 (%)
    • 5.4 Defense - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Defense - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Defense - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Defense - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Defense - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Application
      • Exhibit 36: Market opportunity by Application ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 Europe - Market size and forecast 2021-2026
      • Exhibit 42: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 Norway - Market size and forecast 2021-2026
      • Exhibit 62: Chart on Norway - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on Norway - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on Norway - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on Norway - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 China - Market size and forecast 2021-2026
      • Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.11 Germany - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.12 Japan - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 BorgWarner Inc.
              • Exhibit 89: BorgWarner Inc. - Overview
              • Exhibit 90: BorgWarner Inc. - Business segments
              • Exhibit 91: BorgWarner Inc. - Key news
              • Exhibit 92: BorgWarner Inc. - Key offerings
              • Exhibit 93: BorgWarner Inc. - Segment focus
            • 10.4 Echandia Marine AB
              • Exhibit 94: Echandia Marine AB - Overview
              • Exhibit 95: Echandia Marine AB - Product / Service
              • Exhibit 96: Echandia Marine AB - Key offerings
            • 10.5 EnerSys
              • Exhibit 97: EnerSys - Overview
              • Exhibit 98: EnerSys - Business segments
              • Exhibit 99: EnerSys - Key news
              • Exhibit 100: EnerSys - Key offerings
              • Exhibit 101: EnerSys - Segment focus
            • 10.6 EverExceed Industrial Co. Ltd.
              • Exhibit 102: EverExceed Industrial Co. Ltd. - Overview
              • Exhibit 103: EverExceed Industrial Co. Ltd. - Product / Service
              • Exhibit 104: EverExceed Industrial Co. Ltd. - Key offerings
            • 10.7 Leclanche SA
              • Exhibit 105: Leclanche SA - Overview
              • Exhibit 106: Leclanche SA - Business segments
              • Exhibit 107: Leclanche SA - Key offerings
              • Exhibit 108: Leclanche SA - Segment focus
            • 10.8 Lifeline Batteries Inc.
              • Exhibit 109: Lifeline Batteries Inc. - Overview
              • Exhibit 110: Lifeline Batteries Inc. - Product / Service
              • Exhibit 111: Lifeline Batteries Inc. - Key offerings
            • 10.9 Saft Groupe SAS
              • Exhibit 112: Saft Groupe SAS - Overview
              • Exhibit 113: Saft Groupe SAS - Product / Service
              • Exhibit 114: Saft Groupe SAS - Key offerings
            • 10.10 Siemens AG
              • Exhibit 115: Siemens AG - Overview
              • Exhibit 116: Siemens AG - Business segments
              • Exhibit 117: Siemens AG - Key news
              • Exhibit 118: Siemens AG - Key offerings
              • Exhibit 119: Siemens AG - Segment focus
            • 10.11 Spear Power Systems
              • Exhibit 120: Spear Power Systems - Overview
              • Exhibit 121: Spear Power Systems - Product / Service
              • Exhibit 122: Spear Power Systems - Key offerings
            • 10.12 Toshiba Corp.
              • Exhibit 123: Toshiba Corp. - Overview
              • Exhibit 124: Toshiba Corp. - Business segments
              • Exhibit 125: Toshiba Corp. - Key news
              • Exhibit 126: Toshiba Corp. - Key offerings
              • Exhibit 127: Toshiba Corp. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 128: Inclusions checklist
                • Exhibit 129: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 130: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 131: Research methodology
                • Exhibit 132: Validation techniques employed for market sizing
                • Exhibit 133: Information sources
              • 11.5 List of abbreviations
                • Exhibit 134: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Marine Battery Market market growth will increase by $604.14 mn during 2022-2026.
              The marine battery market market is expected to grow at a CAGR of 18.19% during 2022-2026.
              Technavio has segmented the marine battery market market by application (Commercial and Defense) and geography (Europe, North America, APAC, Middle East and Africa, and South America).
              BorgWarner Inc., Corvus Energy, Echandia Marine AB, EnerSys, EST Floattech BV, EverExceed Industrial Co. Ltd., Exide Industries Ltd., Forsee Power, Freudenberg FST GmbH, HBL Power Systems Ltd., Kokam Co. Ltd., Leclanche SA, Lifeline Batteries Inc., Saft Groupe SAS, Siemens AG, Spear Power Systems, Sterling PlanB Energy Systems, The Furukawa Battery Co. Ltd., Toshiba Corp., U.S. Battery Manufacturing Co. are a few of the key vendors in the marine battery market market.
              Europe will register the highest growth rate of 52% among the other regions. Therefore, the marine battery market market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the marine battery market market growth are:
              • Rising demand for lithium batteries
              • Growing demand for fully electric ships
              The marine battery market market vendors should focus on grabbing business opportunities from the commercial segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
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              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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