Latest News- Marine Powerboats Batteries Market: Lithium-ion is expected to lead the Battery Type segment during 2024-2028

The Marine Powerboats Batteries Market is being driven by Rising demand for recreational boating

The Marine Powerboats Batteries Market is expected to grow at a CAGR of 8.09% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1819.2 million. In the marine powerboats industry, batteries play a crucial role in powering engines and electrical systems. Two primary types of batteries are utilized: lead-acid and lithium-ion. Lead-acid batteries, which are cost-effective, are commonly installed in non-luxury yachts by Original Equipment Manufacturers (OEMs). However, these batteries have a limited lifespan and their power-retaining capacity deteriorates more rapidly than lithium-ion batteries. Regular maintenance, including engine operation every two weeks to ensure charging, is essential for lead-acid batteries. Lithium-ion batteries, while more expensive, offer longer life spans and superior power retention, making them a preferred choice for high-end powerboats. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Battery Type
  • Lithium-ion
  • Absorbent glass mat
  • Lead-acid
• Application
  • Outboard
  • Sterndrive
  • Inboard
• Geography
  • North America
    • US
  • Europe
    • Germany
    • Norway
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for recreational boating
• Rising disposable household incomes
• Advancements in battery technology

However, the market also witnesses some limitations, which are as follows:

• Hazards of lithium-ion-powered batteries
• Increasing sales of pre-owned boats
• Highly volatile and unpredictable demand for powerboats

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Market Scope in Marine Powerboats Batteries Market Research Report

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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 global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in the automotive components and equipment industry include the escalating demand for electronic control units (ECUs) and other electrical components due to the rising sales of EVs, motorcycles, and PCs over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/