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:
The boat accumulator market involves manufacturing and sales of accumulators that are specially designed to meet the needs of marine applications. Accumulators are energy storage devices that store compressed air or other compressed gas and are used as a backup power source for marine applications. They find widespread usage in various vessel systems like sanitation systems, hydraulic systems, pneumatic equipment, and ventilation equipment. Accumulators help store energy when the engine or generator is running and release it for use when needed.
Market Dynamics:
The boat accumulator market is primarily driven by the increasing participation in leisure boating activities. According to the National Marine Manufacturers Association, registered recreational boats have increased from over 12 million in 2020 to over 13 million in 2021 in the US alone, indicating rising interest in boating as a leisure activity. Accumulators play a vital role in ensuring comfortable and reliable operation of various vessel systems even when the main engines are switched off. Further, strict emission regulations imposed on marine diesel engines have prompted ship owners and operators to replace old engines with new low-emission engines, driving the replacement demand for accumulators compatible with new engines. However, availability of substitute energy storage technologies can hamper the growth of this market to some extent.
SWOT Analysis
Strength: Boat Accumulator Market has a large customer base as boat owners require accumulators for backup power supply. The accumulators offer smooth and continuous power supply in boats. Accumulators are maintenance-free and have long lifecycles compared to lead-acid batteries.
Weakness: High initial investment is required for installing accumulators in boats. Accumulators have high replacement costs. Lack of standard regulations in some regions poses technical challenges.
Opportunity: Growing marine tourism and recreational boating activities will boost demand. Advancements in lithium-ion technology will provide better performance accumulators. Developing regions offer untapped growth opportunities.
Threats: Economic slowdowns can reduce discretionary spending on boating. Strict environmental laws increase compliance costs. Supply chain disruptions due to pandemic and geopolitical tensions pose risks.
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 leisure boating activities. Growth in marine tourism and economic development in emerging regions will fuel the market.
Regional analysis
North America dominates the global market and is expected to maintain its position over the forecast period, owing to high consumer spending power and large fleet size. Asia Pacific is projected to grow at the fastest pace due to rising marine tourism and economic development in countries such as China and India. Countries along the coastline witness higher adoption of boats and accumulators.
Key players
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. These players are focusing on developing advanced lithium-ion accumulators to gain competitive edge.
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