Marine Powerboats Batteries Market Analysis North America,Europe,APAC,South America,Middle East and Africa - US,China,Japan,Germany,Norway - Size and Forecast 2023-2027

Marine Powerboats Batteries Market Forecast 2023-2027

The Marine Powerboats Batteries Market size is estimated to grow by USD 1.83 billion at a CAGR of 8.6% between 2022 and 2027. The market is poised for substantial growth, driven by several key factors. Firstly, the escalating demand for recreational boating activities worldwide underscores the need for reliable power sources, propelling market expansion. Furthermore, the increasing disposable household incomes enable consumers to invest in high-quality marine batteries for enhanced performance. Additionally, advancements in battery technology, characterized by improved energy density and longevity, further bolster the market's growth trajectory. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Marine Powerboats Batteries Market During the Forecast Period?

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In the market, batteries play a crucial role in powering various onboard systems, including starting, lighting, and trim control systems. The demand for Marine Powerboats Batteries is on the rise due to the increasing popularity of recreational boating and the growing need for efficient and reliable power sources. The European Union and other regions have implemented stringent regulations on marine emissions, leading to the adoption of electric and hybrid powerboats. As a result, the demand for lithium-ion batteries, which offer high energy density and long cycle life, is expected to surge in the Marine Powerboats Batteries market. Moreover, the increasing trend of marine tourism and the growing preference for eco-friendly boating options are expected to fuel the market growth. Overall, the Marine Powerboats Batteries market is poised for significant growth in the coming years, driven by regulatory requirements, technological advancements, and changing consumer preferences.

Market Dynamics

In the marine industry, the use of powerboats is widespread for various applications such as recreation, commercial fishing, and transportation. The efficient operation of these powerboats relies heavily on the performance of their batteries. The market caters to the demand for high-quality batteries designed specifically for marine applications. These batteries are crucial for starting the engine, providing power for onboard electronics, and ensuring safe navigation. The market is driven by factors such as increasing demand for recreational boats, growing commercial fishing industry, and advancements in battery technology. Corrosion-resistant materials, long cycle life, and high power density are some of the essential features. Lead-acid, lithium-ion, and absorbed glass mats (AGM) are the most common types of batteries used in marine applications. The market is competitive, with major players including Johnson Controls, Exide Technologies, and Sonnenschein. These companies focus on innovation, quality, and customer service to meet the unique demands of the marine industry. In conclusion, the Marine Powerboats Batteries Market plays a vital role in ensuring the reliable and efficient operation of powerboats in various applications. The market is driven by factors such as increasing demand, advancements in technology, and the unique requirements of the industry. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The rising disposable household incomes are driving growth in the market. In the US, yacht ownership represents an important fraction of the inboard engine powerboat market. The luxury yachts are fitted with about five high-power capacity batteries and are primarily used for providing power to start the engines and power the internal electrical and electronic components in the yacht.

Moreover, lithium-ion batteries are mainly used in luxury yachts as these are highly reliable power sources and can be used for long periods. The cost of installing these is justified by the cost of a luxury yacht. Sales are directly related to the sales of yachts, as the former cannot operate without the latter.

Significant Market Trends

The emergence of marine batteries for methanol-fueled powerboats is a key trend in the market. New technologies for designing the propulsion of marine powerboats are being used by the maritime industry, driven by increasing demand for alternative fuels. These are specifically built for maritime tours wherein they are designed to hold a charge through extended periods of idle time. Either diesel engines or petrol engine powerboats power the majority of the powerboats.

Hence, boat owners often are known to use truck batteries or large automotive batteries to crank up their petrol/diesel boat engines. In terms of emissions, the engine reduces them considerably and offers alternatives with ease and efficiency. Thus, the emergence of these for methanol-fueled powerboats will boost the market in focus during the forecast period.

Major Market Challenge

The increasing sales of pre-owned boats is a major challenge faced by the market. Pre-owned boats are preferred by young customers as new boats are expensive. Every year, the sales of used ships increase. The engines have become outdated with respect to the new emission standards or the availability of a much more powerful version. This will ultimately translate into less demand for yachts and OEM-fixed yacht batteries.

A major share of the purchases done through these sites was for pre-owned boats. Preowned ships are also in demand due to the growing number of boat shows. Boat shows make available pre-owned boats at discounted rates, allowing a wider income group to purchase these boats. Thus, the increasing sales of pre-owned boats will decline the growth of the market in focus during the forecast period.

Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Market Segmentation

In the battery type segment of the market, diverse factors influence the choice of marine battery, including its ability to convert chemical energy into electrical energy. Given the demanding conditions at sea, batteries must withstand vibrations, shocks, tilts, and sways while maintaining optimal performance across a wide range of ambient temperatures. Core manufacturers like Corvus Energy specialize in advanced solutions such as lithium iron phosphate batteries, renowned for their reliability and longevity. Quantitative and qualitative analyses, alongside data from sources like Eurostat, shed light on maritime trade volumes and market trends. Key players like Saft and Electric Fuel contribute to the market's growth, driven by the increasing adoption of electric and hybrid vessels in both leisure and commercial segments. This trend reflects a broader shift towards sustainable marine transportation, emphasizing electric propulsion systems for marine powerboats.

By Battery Type

The lithium-ion segment is estimated to witness significant growth during the forecast period. They have a high energy density, which means they can store a significant amount of energy in a relatively small and lightweight package. Powerboats can utilize smaller and lighter battery banks due to their high energy density, reducing overall weight and improving performance.

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The lithium-ion segment was the largest segment and was valued at  USD 1.34 billion in 2017. They are more compact and have a smaller footprint compared to lead-acid batteries, allowing for more flexible installation options on the boat. Compared to lead-acid batteries, they have a lower self-discharge rate. This means they can hold their charge for longer periods when not in use, reducing the need for frequent recharging. 

The market is experiencing significant growth due to advancements in battery technology. Lithium-ion batteries offer less maintenance, longer lifecycle, and increased storage capacity, making them an attractive option for powerboat owners. These batteries' reduced weight and size contribute to improved boat performance, including increased speed, fuel efficiency, and handling characteristics. Disposable incomes and the desire for high-quality service drive the demand for advanced battery technology in the industry. Hybrid SIMs and IoT technologies enable real-time monitoring and optimization of battery usage, enhancing privacy protection and overall boat performance. Smartphone advancements, such as 5G SIM cards, facilitate seamless integration between boats and mobile devices, allowing for remote control and monitoring capabilities. The market for pre-owned boats and yachts is also adopting these battery technologies, further expanding their reach and impact on the industry.

Which are the Key Regions for the Market?

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North America is estimated to contribute 59% to the growth of the global market during the forecast period. The market encompasses electrical devices that convert chemical energy into electrical energy for powerboats. In the US, this market experiences significant growth due to rising disposable income, consumer confidence, and the popularity of water sports, boat races, and sailing activities. Powerboats, primarily outfitted with outboard engines, cater to the leisure needs of the middle-income group. Market expansion is influenced by macro-environmental factors, such as increasing maritime trade volumes, and micro-environmental elements, including harsh conditions like vibration, shock, tilt, sway, and ambient temperature. Core manufacturers, including Corvus Energy, Saft, and Vision Marine, produce marine batteries for various applications, such as ocean freighters, port tugboats, and commercial vessels. Quantitative and qualitative analysis indicate remarkable growth in the maritime trade and the use of electric propulsion in marine freight transportation. OEMs like Eurostat, RELiON Battery, and others offer lightweight, longer-lasting, and safer alternatives to traditional lead-acid batteries, enabling higher discharge rates and improved safety. Key industries driving demand include water sports, leisure activities, ocean shipping, and traded goods.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Brunswick Corp.- The company offers RELiONs legacy series batteries and lithium portable power station, under the subsidiary of RELiON Battery LLC.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• C and D Technologies Inc.
• CLARIOS LLC
• Corvus Energy
• East Penn Manufacturing Co. Inc.
• Electric Fuel
• Energy Solutions UK Ltd.
• EnerSys
• Exide Technologies
• GS Yuasa International Ltd.
• Guang Dong Fullriver Industry Co. Ltd.
• Johnson Controls International Plc
• JYC Battery Manufacturer Co. Ltd.
• Kabra Extrusiontechnik Ltd.
• Lifeline Batteries Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market is a significant segment within the larger industry. This market caters to the demand for batteries used in powering various marine applications, particularly in powerboats. The batteries used in marine powerboats must be durable, resilient, and capable of withstanding harsh marine conditions. They must also provide reliable power for starting engines, as well as for operating onboard systems and appliances. Corvus Energy, Energysys, EnerSys, and Volumes are some of the key players in the market. These companies offer a range of battery solutions, including lithium-ion batteries, which are gaining popularity due to their high energy density, long cycle life, and low self-discharge rate.

The market is driven by several factors, including the increasing demand for electric and hybrid marine vessels, the growing popularity of recreational boating, and the need for reliable and efficient power sources for marine applications. Additionally, advancements in battery technology, such as the development of longer-lasting and more powerful batteries, are expected to further fuel market growth. The market is expected to grow significantly in the coming years, driven by these factors and the increasing focus on sustainable and eco-friendly solutions. The market is also expected to be influenced by regulatory initiatives aimed at reducing emissions from marine vessels and promoting the use of renewable energy sources.

The market is witnessing significant growth driven by the increasing demand for marine battery solutions to power various electrical device onboard vessels. Among these, the lithium iron phosphate battery stands out for its efficiency and reliability, particularly in applications such as ocean freighters and port tugboats. As the maritime industry transitions towards greener alternatives, there's a growing adoption of electric and hybrid vessels, propelled by advancements in battery technology. These innovations enable longer durations of operation and enhance the quality of service provided by marine vessels. Additionally, the market is influenced by macro-environmental elements such as regulatory policies and environmental concerns, shaping the trajectory of the industry.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Battery Type Outlook 
  • Lithium-ion
  • Absorbent glass mat
  • Lead-acid

• Application Outlook 
  • Outboard
  • Sterndrive
  • Inboard

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Argentina
    • Brazil

Market Scope
Report Coverage	Details
Page number	171
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 8.6%
Market growth 2023-2027	USD 1.82 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	7.07
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 59%
Key countries	US, China, Japan, Germany, and Norway
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Brunswick Corp., C and D Technologies Inc., CLARIOS LLC, Corvus Energy, East Penn Manufacturing Co. Inc., Electric Fuel, Energy Solutions UK Ltd., EnerSys, Exide Technologies, GS Yuasa International Ltd., Guang Dong Fullriver Industry Co. Ltd., Johnson Controls International Plc, JYC Battery Manufacturer Co. Ltd., Kabra Extrusiontechnik Ltd., Lifeline Batteries Inc., SEC Group, Staab Battery Manufacturing Co. Inc., Surrette Battery Co. Ltd., TotalEnergies SE, and Victron Energy BV
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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