by The 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:
Boat accumulators are energy storage devices that store and regulate the pressure of engine starting air or hydraulic fluid in boats. They are used to power hydraulic systems, start diesel engines, or operate accessories like power steering and hydraulic trim tabs. Popular boat accumulator designs include piston type, bladder type, and diaphragm type. Recreational activities like fishing, sailing, and motorsports have driven the demand for boats, which in turn is fueling the boat accumulator market.
Market Dynamics:
The growth of the global boat accumulator market is driven by two main factors:
Expanding recreational boating industry: Boating is a popular recreational activity worldwide and boat sales have been increasing steadily over the years. According to National Marine Manufacturers Association, retail boat sales in the US increased by around 15% in 2021 compared to the previous year. This rising number of recreational boats directly influences the demand for boat accumulators.
Need for environment-friendly boats: With growing environmental concerns, boat manufacturers are increasingly focusing on developing electric and hybrid boats. Hydraulic or pneumatic systems play a key role in the functioning of electric boats. This is expected to present lucrative opportunities for boat accumulator manufacturers as these systems require accumulators to store compressed air or hydraulic fluid efficiently.
Segment Analysis
Boat Accumulator market is segmented based on battery type, application, and region. The lead-acid battery segment dominates the boat accumulator market with a share of over 80% due to its low cost, higher power density, low self-discharge rate, high reliability, and sealed maintenance-free operation. Wet cell batteries are generally used as cranking or starting batteries on boats whereas gel batteries are gaining popularity for house and electronics batteries on boats owing to their robust performance in extreme weather conditions.
PEST Analysis
Political: Growing maritime trade activities and government initiatives to promote water sports and recreational boating are positively impacting the boat accumulator market.
Economic: Increasing disposable incomes of people and growing recreational tourism activities involving boats and yachts are fueling market growth.
Social: Rising popularity of water leisure and adventure activities among millennials is creating new demand for boat accumulators.
Technological: Advancements in battery technology such as lithium-ion batteries and fuel cells are enabling longer backup and more efficient charging of electronics on boats.
Key Takeaways
The Global Boat Accumulator Market Size is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period, due to increasing consumer spending on recreational boating activities.
The North America region currently dominates the boat accumulator market attributed to presence of large number of manufacturers and extensive recreational boating activities in the US and Canada. Asia Pacific boat accumulator market is projected to grow at fastest pace during the forecast period led by emerging economies of China and India witnessing rising middle class population and consumer interest in water sports.
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, and Rolls Battery Engineering. These players are focusing on new product launches and partnerships with boat and yacht manufacturers for higher market penetration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
