April 22, 2024
Boat Accumulator Market

The Rising Demand for Recreational Boating is Driving the Boat Accumulator Market Trend Towards Lead-Acid Batteries

The boat accumulator market comprises batteries that are used to power electrical systems on recreational boats and watercrafts. Lead-acid batteries are the most commonly used accumulators due to their affordability, reliability, and ability to withstand vibrations. They provide starting power for engines and back-up electricity for various onboard electronics and navigation equipment when the engines are off. The growing popularity of recreational boating and water sports has increased the demand for high-performance boats that require reliable battery systems.

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. Growing marine leisure and recreational activities have augmented the boat sales which is a key factor driving the market. Other advantages of boat accumulators include long service life, low self-discharge rate, and high surge power capacity for cranking engines.

Key Takeaways

Key players operating in the Boat Accumulator market are 5N Plus Inc., Nyrstar NV, Met-Mex Peñoles, Hunan Jinwang Bismuth Industry Co., Ltd., Bismuth Recycling Ltd. These companies have strong distribution networks and offer a wide range of accumulator batteries tailored for marine applications.

The rising disposable incomes and increasing number of high-net-worth individuals are fueling the demand for luxury yachts and boats. Moreover, various government initiatives to promote water sports are also bolstering the boat sales. This rising demand for advanced boats is propelling the Boat Accumulator market.

Geographically, North America dominated the global market in 2024 led by the large recreational boating industry in the US. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to the expanding marine tourism sector and economic development in countries such as China and India.

Market Key Trends

Lead-acid batteries continue to be the major type of Boat Accumulator Market Demand used in boats due to their cost-effectiveness and ability to work under extreme conditions like humidity and vibration. Their demand is growing with the increasing boat sales across the world. Moreover, these batteries are now available in maintenance-free versions with advanced absorbed glass mat and gel technologies further driving their adoption in the boat accumulator market.

Porter’s Analysis

Threat of new entrants: Low capital requirements but established competitors dominate distribution channels.

Bargaining power of buyers: Large fleet owners are sizable buyers but boat builders have alternatives.

Bargaining power of suppliers: A few global producers means some pricing power for suppliers of raw materials.

Threat of new substitutes: New battery technologies pose a longterm threat but accumulators still optimal for many marine applications.

Competitive rivalry: Leading accumulators brands compete aggressively on quality, service and technical support for boat builders.

Geographical Regions

North America currently accounts for the largest share of the global boat accumulator market, both in terms of value and volume. This is mainly due to early adoption of hybrid propulsion technologies in pleasure and fishing boats to boost fuel efficiency.

Asia Pacific excluding Japan is poised to be the fastest growing regional market during the forecast period. This is driven by rising boat ownership in coastal economies like India and Southeast Asian nations coupled with initiatives to spur domestic boat building industries.

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