Boat accumulators or marine batteries are indispensable for smooth functioning of various onboard systems in boats and ships. They provide back-up power during engine downtimes and aid operation of navigation lights, bilge pumps, electronics etc. Accumulators offer advantages like maintenance-free operation, deep cycling ability and prolonged life even in tough marine conditions. With increasing marine trade and rise in recreational boating activities globally, the need for reliable accumulators to power boat essentials has surged tremendously.
The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing maritime industry has greatly propelled the Global Boat Accumulator Market Size over the recent years. International marine trade has expanded robustly with increasing globalization. Various countries have also significantly boosted investments in domestic passenger and cargo vessel fleet to encourage water transportation. Similarly, recreational boating has gained widespread popularity as a leisure activity. This has driven up sales of a diverse range of boats like yachts, fishing boats, speed boats etc. requiring reliable battery back-up. With higher boat production and expanding fleet size, demand for marine accumulators has witnessed a noteworthy surge to power the growing number of onboard boat systems. Innovation in accumulator technology has also improved the cycle life, storage capacity and safety of boat batteries thereby finding wider acceptance among boat owners.
SWOT Analysis
Strength: Boat accumulators provide backup power and improve performance and safety in boats. They offer sealed, low maintenance power.
Weakness: Limited battery life and higher costs compared to traditional lead-acid batteries. Frequent charging needs during extended trips reduces convenience.
Opportunity: Growing popularity of water sports and recreational boating is increasing demand for accessories that enhance the boating experience. Developments in battery technology can help overcome limitations.
Threats: Strict environmental regulations around battery disposal could increase compliance costs. Economic downturns may temporarily reduce discretionary boating and watersports spending.
Key Takeaways
The global boat accumulator market is expected to witness steady growth. Regional analysis comprises
The boat accumulator market is dominating in North America and Europe due to high consumer spending and large fleet size in countries like the US, Canada, Germany, and Italy. Asia Pacific is also witnessing fast growth with rising incomes in China, Japan, and India driving boat sales.
Key players operating in the boat accumulator market are East Penn Manufacturing Co. Inc., Exide Technologies, Johnson Controls International plc, MasterVolt BV, Optima Batteries Inc., Saft Groupe SA, Trojan Battery Company, VARTA AG, Vetus BV, Victron Energy BV, Yuasa Battery Inc., Leoch Battery Corporation, MK Battery, NorthStar Battery Company, Rolls Battery Engineering. Key players are focusing on new product launches catering to evolving requirements of recreational boats and commercial vessels. For example, Exide launched AGM-X line of advanced sealed batteries with enhanced performance and life.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it