by 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 Overview:
A boat accumulator allows a boat to store energy from its charging system or alternator and then provide that energy to the starter motor to start the engine. It reduces wear and tear on engines batteries and provides a reliable start source even for boats that sit idle for long periods.
Market key trends:
One of the key trends in the boat accumulator market is the growing popularity of lithium-ion batteries. Lithium-ion batteries have higher energy density and longer lifecycle compared to conventional lead-acid batteries. Their lesser self-discharge rate makes them ideal for applications where the equipment may remain unused for longer periods. Moreover, lithium-ion batteries are lighter in weight, which is another important consideration for marine applications. These advantages are contributing to the higher adoption of lithium-ion batteries as accumulators in boats.
SWOT Analysis
Strength: Boat accumulators provide backup power solutions for boats which enhances reliability and safety of the vessel. They offer long service life and maintenance-free operations.
Weakness: Higher costs compared to conventional lead-acid batteries limits adoption. Stringent environmental regulations around lead contentadd to production challenges.
Opportunity: Growing marine tourism and recreational boating industries droveminenthe demand for energy storage solutions. Developing niche applications like electric boats provide new growth prospects.
Threats: Availability of substitute battery technologies like lithium ion poses competition. Economic downturns impact discretionaryconsumer boat purchases affecting the replacement cycle.
Key Takeaways
The Global Boat Accumulator Market Size is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing demand for reliable backup power solutions inmarine vessels. Recreational boating has gained popularity as a leisure activity favoringmarket expansion.
Regional analysis
North America dominates the global boat accumulator market accounting for over 30% share, led by the United States. Presence of large consumer base and manufacturers drives regional demand. Asia Pacific exhibits high growthpotential supported by developing boating industries in China and Southeast Asian countries.
Key players
Key players operating in the boat accumulator market includeEast 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, and Rolls Battery Engineering. Major players focus on new product development and geographic expansion strategies to solidify their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
