Marine Powerboats Batteries Market Size to grow by USD 1819.2 million between 2024-2028
According to a research report “ Marine Powerboats Batteries Market” by Battery Type (Lithium-ion, Absorbent glass mat, Lead-acid) Application (Outboard, Sterndrive, Inboard) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1819.2 million, at a CAGR of 8.09% during the forecast period. In the dynamic recreational boating industry, the demand for marine powerboats continues to rise, fueled by an increasing number of individuals seeking leisurely water experiences. These powerboats come in various sizes, from compact motorboats to luxurious yachts, each requiring distinct battery solutions to cater to their unique features. Powerboats necessitate robust and efficient battery systems to initiate engine functions, power onboard electronics, and ensure a pleasurable boating experience. Moreover, an array of battery-operated accessories, including trolling motors, fish finders, navigation systems, and entertainment devices, further amplify the demand for diverse marine batteries..
Browse market data tables, figures, and in-depth TOC on “Marine Powerboats Batteries Market” by Battery Type (Lithium-ion, Absorbent glass mat, Lead-acid) Application (Outboard, Sterndrive, Inboard) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Battery Type, the Lithium-ion segment is projected to dominate the market size in 2024
In the marine powerboats industry, lithium-ion batteries have emerged as a preferred choice for power storage due to their superior energy density. This attribute enables boats to carry lighter and more compact battery banks, leading to reduced overall weight and enhanced performance. Lithium-ion batteries boast a lighter weight than traditional lead-acid batteries, contributing to improved speed, fuel efficiency, and handling characteristics. Furthermore, these batteries can be charged at a faster rate and offer a longer cycle life, ensuring fewer replacements over the boat's lifespan. With their ability to withstand a higher number of charge and discharge cycles, lithium-ion batteries represent a cost-effective and efficient solution for marine powerboats.
By Application, Outboard segment is expected to hold the largest market size for the year 2024
The summer season is a peak time for sales in the marine powerboats market, particularly for outboard engine powerboats. This is due to the increased demand for leisure activities and water sports during warmer months. Outboard engines, which are the primary power source for these boats, offer cost-effectiveness and convenience with their accessible mounting at the rear end of the boat. The mounting option enables boat owners to easily lift and store the engine units during off-season, making them a popular choice.
North America is forecasted to hold the largest market size by region in 2024
The Marine Powerboats Battery Market represents a significant business opportunity for manufacturers, driven by the increasing demand for powerboats and the need for reliable on-board power sources. Key market trends include the adoption of advanced battery technologies, such as lithium-ion, and the growing popularity of solar charging systems. Players in this market must focus on innovation, cost-effectiveness, and high performance to meet customer expectations and gain a competitive edge.
The Marine Powerboats Batteries Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Marine Powerboats Batteries market is witnessing significant growth due to the increasing popularity of electric propulsion systems in commercial vessels and leisure activities. Lightweight batteries are in high demand as they help improve the overall performance and efficiency of marine vessels. The market is driven by the growing maritime trade volumes and the shift towards sustainable energy sources in water sports and marine freight transportation. Core manufacturers like RELiON Battery, Saft, Corvus Energy, and OEMs such as Vision Marine are leading the market with innovative solutions. These batteries are designed to withstand harsh conditions, including ambient temperature, sway, tilt, shock, and vibration. They convert electrical energy from the grid or onboard generators into chemical energy, which is later released to power electrical devices on marine vessels. According to Eurostat, the statistical office of the European Union, the maritime transport sector accounted for approximately 3% of the EU's total energy consumption in 2019. The shift towards electric fuel is expected to reduce this number significantly. Quantitative analysis suggests that the Marine Powerboats Batteries market is projected to grow at a CAGR of over 10% between 2021 and 2026.
Market Research Overview
The Marine Powerboats Batteries Market is witnessing remarkable growth due to the increasing popularity of yachts and pre-owned boats, driven by the rising disposable incomes and the trend towards leisure activities such as water sports. The market is also being influenced by the mobile penetration rates and smartphone adoption, with IoT technologies, 5G SIM cards, and smartphone advancements enabling remote monitoring and control of boats. Battery technology advancements, including lighter and more efficient Lead-acid batteries and the adoption of Electric propulsion, are key factors driving market growth. Core manufacturers like RELiON Battery, Saft, Corvus Energy, and OEMs such as Vision Marine are leading the charge. The market is also being impacted by macro-environmental elements, including the growth of maritime trade volumes and ocean shipping, as well as micro-environmental elements such as the size, reduced weight, and longer durations required for marine batteries. The harsh conditions of the marine environment, including ambient temperature, sway, tilt, shock, and vibration, necessitate the use of high-quality batteries with improved safety and higher discharge rates. Hybrid SIMs and Electric Fuel are also gaining traction in the market, offering the benefits of both electrical and chemical energy sources. The market is expected to continue growing, driven by the increasing demand for marine batteries in commercial vessels, maritime trade, and ocean shipping. Quantitative analysis of the market indicates a positive outlook, with increasing demand for larger batteries with higher storage capacity and longer lifecycles, as well as a trend towards less maintenance and improved privacy protection and quality of service.
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