Marine Powerboat Battery Market

Marine Powerboat Battery Market Size (2023-2028):

The Marine Powerboat Battery Market is estimated to expand from USD 260 million in 2022 to reach USD 812 million by 2028, registering a CAGR of about 48.1% over the outlook period 2023-2028

The growing preference for water sports globally is a major growth driver in the market. Global initiatives to reduce harmful emissions have forced market players to improve designs and technologies for these batteries that contribute to sustainability. In addition, the increasing demand from SMEs and several verticals provides enough cushion for market growth.

Marine Powerboat Battery Market Drivers:

Governments around the world promote maritime tourism. Countries with rich natural resources, such as vast coasts and large bodies of inland water, are undertaking initiatives to promote recreational boating activities. North America and Europe have extensive coastlines, along with a highly developed infrastructure. As a result, these regions can attract large numbers of tourists for boating activities. Therefore, increased spending on leisure and leisure activities is expected to boost the motorboat market, thereby driving the demand for motorboat batteries in the near future and increasing demand for leisure activities. Household income and consumer disposable income have increased significantly around the world due to rapid industrialization and urbanization. Tourism, recreation, and leisure activities have increased significantly in North America and Europe. The global tourism industry has been transformed, by the increasing popularity of maritime and coastal tourism activities. The number of boat demonstrations has improved in the last two years. These shows are sponsored by boat manufacturers, major beverage makers, and adventure sports clubs. A large number of tourists participate in luxury sailing activities, especially in Europe and North America. According to the National Marine Manufacturers Association of the United States, unit sales of motorboats increased 4.0% to approximately 280,000 units in 2019. Additionally, the boating industry contributes significantly to economic growth in the United States.

Market Restraints:

The main factor impeding the growth of this market is the fall in the prices of lithium-ion batteries. The market for lithium-ion batteries is growing rapidly. For this reason, there has been a decrease in demand for other types of batteries. The factor that distinguishes lithium-ion batteries from other battery technologies, such as fuel cells, is price. However, the main suppliers of lithium-ion battery manufacturers are working on technological advances and trying to reduce the price of lithium-ion batteries.

MARINE POWERBOAT BATTERY MARKET REPORT COVERAGE:

Market Segmentation:

Marine Powerboat Battery Market Based On Battery Type:

The absorbent glass mat segment held a significant share of the global marine motor boat battery market in 2021 as absorbent glass batteries tend to charge faster and last longer than lead acid batteries.

Marine Powerboat Battery Market Based On Engine Type:

The marine motorboat battery market can be divided into internal and external motors. Inboard engines are generally installed in the hull of a motor boat. This is different from outboard motors, which are mounted on the outside of the hull of a power boat.

Marine Powerboat Battery Market Based On Power Rating:

The 20V segment above accounted for a significant portion of the global marine motorboat battery market in 2020. Batteries above 20V are widely used in marine motorboats to power electronic devices.

Marine Powerboat Battery Market Based On Vessel Type:

The cruise segment accounted for a significant part of the global marine motor boat battery market in 2020. Demand for cruise motor boats is high as it offers a variety of activities on board and are available in different types of sizes and shapes.

Marine Powerboat Battery Regional Analysis:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

Competitive Landscape:

The global market for marine powerboat batteries is highly competitive in nature and the market has a limited number of established suppliers. The main suppliers in the market are expanding their customer base and increasing their investments in R&D. The competitive environment in the market is expected to intensify with advances in technology, government regulations, and the arrival of new competitors.

Impact of Covid-19 on the Marine Powerboat Battery market:

The rapid outbreak of COVID-19 has sparked an economic crisis that the whole world is grappling with. Most businesses have been adversely affected by total foreclosure imposed by the governments of various countries. The marine powerboat batteries used to power ships have seen a sharp decline in demand globally. The energy and electricity sectors are the industries affected by the coronavirus pandemic. The rapid outbreak of COVID-19 generated an economic crisis that the whole world is grappling with, as most companies have been negatively affected by the total blockade imposed by the governments of several countries.

Major Key Players:

The key players in the marine powerboat battery market include Corvus Energy (Canada), Akasol AG (Germany), EST-Floattech (Netherlands), Siemens (Germany), Spear Power Systems (US), Echandia Marine (Sweden), Sterling PBES Energy Solutions (Canada), Furukawa Battery Solutions (Japan), Lithium Werks (Netherlands), Exide Technologies (US), Craftsman Marine (Netherlands), PowerTech Systems (France), Kokam Co. Ltd. (South Korea), Toshiba Corporation (Japan), XALT Energy (US), EverExceed Industrial Co. Ltd. (China), U.S. Battery (US), Lifeline Batteries (US), Saft (France), Forsee Power (France), and Leclanché (Switzerland).