May 22, 2024
Boat Accumulator Market

Boat Accumulator Market is Estimated to Witness High Growth Owing to Increasing Demand For Power Boats

The boat accumulator market focuses on the manufacture and distribution of accumulators that are used in almost every power boat globally. Boat accumulators or boat batteries are sealed lead acid batteries that are specifically designed to efficiently store and discharge electrical power to start engines and power various onboard electronics and accessories in boats. The accumulators offer advantages like robustness, vibration resistance, deep discharge recovery and long service life even in challenging marine environments. With the rising popularity of power boating as a recreational activity, the need for high-performance boat accumulators to power modern boats has increased substantially.

The Global boat accumulator market is estimated to be valued at US$ 307.2 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the boat accumulator market are 5N Plus Inc., Nyrstar NV, Met-Mex PeƱoles, Hunan Jinwang Bismuth Industry Co., Ltd., Bismuth Recycling Ltd. The manufacturers are focusing on introducing modular and customizable accumulators to suit various boat sizes and engine configurations.

The growing marine tourism and water sports industries are opening up opportunities for accumulator manufacturers to target different boat categories like fishing boats, luxury yachts and personal watercrafts.

Many accumulator companies are expanding their geographical presence in emerging economies of Asia Pacific and Latin America to tap the increasing demand from boat builders in these regions. Population and economic growth in coastal areas is positively impacting the boat and accumulator sales.

Market Drivers

The rising number of high-net-worth individuals participating in boating as a leisure activity is a key driver for the Boat Accumulator Market Growth . Modern boats come equipped with complex electrical systems which drives the demand for reliable and high performance accumulators.

Stringent maritime regulations regarding safety equipment onboard boats also encourage upgrades of old lead-acid batteries to sealed and maintenance-free accumulators. Improved standards of living is enabling more people to purchase boats for recreational use globally.

PEST Analysis

Political: Government regulations regarding recreational boating can impact demand for boat accumulators. Regulations around environmental protection and safety also apply.

Economic: Economic growth and disposable income levels affect discretionary consumer spending on recreational boating which drives demand for boat accumulators.

Social: Increasing marine leisure activities and growth of water sports have positively impacted the recreational boating market and demand for boat accumulators.

Technological: Advances in accumulator materials and designs have improved performance, lifecycle and lowered costs. Use of new battery technologies in boat applications will impact accumulator requirements.

The North American region currently holds the largest share of the global boat accumulator market in terms of value. This can be attributed to high consumer spending on recreational marine activities and boating in the United States and Canada. Developed European countries like Germany, UK, Spain and Italy also account for major shares of the boat accumulator market due to their large maritime economies and developed marine infrastructure.

The Asia Pacific region has displayed impressive growth over the past few years and is expected to be the fastest growing regional market during the forecast period. Rising living standards, growing marine tourism and investments in port infrastructure in countries like China, Japan, South Korea and Australia are fueling demand for new boats which necessitate accumulators.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it