February 25, 2024
Boat Accumulator Market

Boat Accumulator Market Helped In Providing A Clean Source Of Energy Storage

Boat accumulators are maintenance-free rechargeable batteries used for starting engines and powering electrical systems onboard boats. Boat accumulators are used as a power source for various marine applications such as navigation lights, bilge pumps, marine radios, refrigerators, and emergency systems. The sealed lead-acid batteries provide reliable and long-lasting deep cycle power for onboard marine devices.

The use of boat accumulators help in eliminating the need for heavy lead-acid batteries and provide a clean source of energy storage. 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 key trends:

One of the key trend witnessed in the Global Boat Accumulator Market Size is the shift towards lithium-ion batteries. Lithium-ion batteries have emerged as an attractive alternative to conventional lead-acid batteries due to their high energy density, longer lifecycle, and less maintenance. Compared to lead-acid batteries, lithium batteries can last 3 to 5 times longer and improve the efficiency of boats by reducing weight and providing improved performance. Major accumulator manufacturers are focusing on developing advanced lithium-ion batteries specifically designed for marine applications. For instance, Exide Technologies offers Absolyte and Elite lithium-ion batteries targeted towards commercial and leisure boats.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as manufacturing batteries requires significant investment in manufacturing facilities, R&D, brand building and distribution network. However, threat increases due to declining entry barriers.

Bargaining power of buyers: The bargaining power of buyers is high as the market has several large players providing substitutable products to buyers. Buyers can also choose batteries from other OEMs thereby forcing down prices.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials. However, suppliers of specialty inputs like battery separators have some pricing power.

Threat of new substitutes: Threat of substitutes is moderate as flooded and AGM batteries can be replaced by lithium-ion batteries in certain applications increasing competitive pressure.

Competitive rivalry: The competitive rivalry is high due to presence of several global and regional players competing on pricing, innovation and brand positioning.

Key Takeaways

The global boat accumulator market is expected to witness high growth over the forecast period supported by rising demand for recreational marine activities and expansion of fleet size. Regionally, North America accounts for the largest share currently due to high boat ownership and popularity of recreational boating. Europe is also a major market driven by ocean cruising and ferry transportation.

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.

Key players focus on new product development and expansion into growing regional markets to strengthen market position. For instance, Trojan Battery expanded production capacity in US and Europe to meet rising demand from marine industry. Acquisitions are another key strategy adopted by major players to diversify product portfolio and geographical presence.

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