Marine Powerboat Battery Market Emerging Trends, Opportunit...| MENAFN.COM

Monday, 05 December 2022 06:44 GMT

Marine Powerboat Battery Market Emerging Trends, Opportunities, Market Size, Share, Technological Innovation And Forecast: 2022-2031


(MENAFN- America News Hour)

“The report on
Marine Powerboat Battery Market
was recently published by SDKI, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues. Moreover, the report also contains identification and investigation of the market structure, in-depth qualitative analysis, restraints & challenges, growth drivers, emerging product trends & market opportunities and Porter's five forces.

Download Sample of This Strategic Report:

Marine Powerboat Battery Market: Overview

  • Marine powerboat battery is primarily used for powerboat engine ignition and powering electrical parts such as control panel, powerboat lights, and marine fuse blocks. Electrical power is required to power fuel injector and starter motor. This, in turn, starts up the powerboat. This electrical power is supplied by marine powerboat battery during the initial ignition phase. Generally, boating-related activities are seasonal; hence, marine powerboat battery is made in a way that helps it withstand long durations of inactivity.

Rise in Demand for Powerboats in Developing Countries to Drive Marine Powerboat Battery Market

  • Global population has increased significantly over the past two decades. Rapid industrialization and urbanization has led to the rise in household income. This, in turn, has boosted the demand for powerboats across the world. Furthermore, a change in buying pattern of consumers has been observed over the past few years. Spending on sea tourism and other related activities has increased.
  • Developing countries such as China, Brazil, India, Indonesia, and Singapore have witnessed rise in tourism, especially that related to sea over the past few years. This can be ascribed to governments' initiatives to attract tourists. Governments of these countries are developing cities located near seashores to promote tourism. Increase in tourist activities has augmented the demand for powerboats such as jet skis, small cruise ships, yachts, and other small boats. This trend is expected to continue in the near future. Rise in demand for powerboats in developing countries is anticipated to drive the marine powerboat battery market during the forecast period.

Short Lifespan and Adverse Environmental Impact of Lead-acid Battery to Hamper Marine Powerboat Battery Market

  • Lead-acid batteries are primarily used in powerboat batteries, as they provide cost-effective and reliable power supply. However, lead-acid batteries have short lifespan. According to battery manufacturers, the standard
    lifespan of lead acid batteries is three to five years.
  • Manufacturers rate the output of their batteries based on an ambient operating temperature of 25°C. Any variation outside this is estimated to alter the performance and life of the battery.
  • Lead mining extensively releases toxic smoke, including sulfur dioxide, dioxins, and dibenzofuran, into the environment. This is hazardous to life, as it contaminates soil and water.
  • Various countries have enacted stringent regulations governing the disposal of batteries. Lead-acid batteries are largely composed of
    60%

    to
    75%
    [by weight] lead [Pb], lead-dioxide [PbO2], and sulfuric acid solution electrolyte.
  • Improper and illegal disposal of lead-acid batteries results in pollution of drinking water and food that is produced from ingredients exposed to small and moderate levels of lead content
  • Thus, short lifespan and hazardous environmental impact of lead-acid battery are estimated to hamper the global marine powerboat battery market during the forecast period

High Focus on R&D for Development of Energy-efficient Marine Powerboat Batteries to Offer Lucrative Opportunities

  • Marine powerboat battery is an essential component of a powerboat. It is primarily used for powerboat engine ignition. Marine powerboat battery also provides power to electrical parts such as control panels, lights, and marine fuse blocks.
  • Currently, powerboat batteries have shorter lifespan and long charging time. As a result, companies are focusing on improving battery capacities and lifespan, and reducing the battery size. This can be beneficial for the powerboat industry, as dead weight of batteries would reduce. Companies are also focusing on increasing the number of charging cycles of batteries. This would benefit the powerboat industry, as the cost of replacement of batteries is high and frequent replacement increases operational costs. Companies also aim to carry out advancements in charging systems in order to provide rapid charging.
  • Companies are increasingly investing in lithium-ion batteries, as these batteries possess higher lifespan than lead-acid batteries. However, the cost of these batteries is high. Hence, companies are focusing on lowering the cost of lithium-ion batteries.
  • Thus, increase in focus on R&D for the development of energy-efficient marine powerboat battery is likely to offer lucrative opportunities to the global marine powerboat battery market during the forecast period

Recent Developments, Expansions, Acquisitions, and New Contracts

  • On
    January 29, 2020,
    GS Yuasa International Ltd. announced plans to expand its production capacity of lithium-ion batteries used in hybrid vehicles
  • In
    December 2019 , East Penn Manufacturing Company started offering the complete line of lead and lithium material handling battery products for class I, II, and III operations

Europe to Dominate Marine Powerboat Battery Market

  • Europe dominated the global marine powerboat battery market in
    2019,
    owing to the rise in numbers of tourists in the region, especially for sea tourism. The number of tourists increased considerably in Germany in
    2019 . This increase in tourism led to high demand for powerboats in the region. This, in turn, boosted the demand for marine powerboat battery. Thus, Germany accounted for high share of the demand for marine powerboat battery in
    2019
    . This trend is likely to continue during the forecast period.
  • North America is estimated to be a highly attractive region of the global marine powerboat battery market during the forecast period. Its share is likely to rise significantly in the global marine powerboat battery market during the forecast period. This can be primarily ascribed to the increase in sales of powerboat in the region.
  • The marine powerboat battery market in Asia Pacific is estimated to witness steady growth during the forecast period, due to governments' initiative to promote sea tourism in the region. Increase in recreational activities, especially sea sports, led by a rise in disposable income of consumers and changes in buying patterns of local population, is estimated to drive the marine powerboat battery market in the region during the forecast period.

Download Sample of This Strategic Report:

Highly Competitive Marine Powerboat Battery Market

  • The global marine powerboat battery market is moderately fragmented, with the presence of small numbers of players operating at local, regional, and international levels
  • Key players operating in the global marine powerboat battery market include
    • Clarios
    • Saft
    • Trojan Battery
    • Exide Technologies
    • GS Yuasa International Ltd
    • Victron Energy B.V.
    • Power Sonic Corporation
    • Fullriver Battery

Marine Powerboat Battery Market – Scope of the Report

The latest study collated and published analyzes the historical and present-day scenario of the global marine powerboat battery market to accurately gauge its potential development. The study presents a detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the marine powerboat battery market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the marine powerboat battery market will progress during the forecast period of 2022
to 2031.

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