Marine Powerboat Battery Market
Marine Powerboat Battery Market (Battery Type: Lithium-ion, Absorbent Glass Mat, and Lead-acid; Power Rating: Below 10V, 11V-20V, and Above 20V; and Vessel Type: Bass Boat, Cruiser, Yacht, Defense Vessel, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Emphasis on Reducing Air Pollution and Environmental Protection to Accelerate Innovations
Mounting environmental concerns coupled with regulatory pressure continue to influence the course of several core industrial sectors. The narrative across the marine sector remains the same due to which, environment-friendly solutions that minimize carbon emissions are currently gaining considerable traction. Cutting down the operational costs coupled with regulating carbon emissions are some of the leading factors that are driving innovations in the marine industry. As environment-friendly solutions continue to be in vogue, the demand for energy-efficient, durable, and eco-friendly marine powerboat batteries has witnessed a noteworthy growth in the past few years– a trend that is expected to continue during the forecast period.
Full electric and hybrid passenger and vehicle ferries are growing in numbers around the globe due to which, innovations in marine powerboat batteries have accelerated at a rapid pace. Several governments across the world have offered lucrative incentives for participants involved in the current marine powerboat battery market landscape due to which, the prospects of the market look bright in the upcoming years. Several market players are increasingly investing in new technologies and research activities to launch high quality and energy-efficient marine powerboat batteries. At the back of these factors, along with the expanding maritime sector, the global marine powerboat battery market is expected to reach market value of ~US$ 350 Mn by the end of 2030.
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Adoption of Aluminum Batteries to Increase During Forecast Period
Aluminum-air batteries are projected to gain considerable popularity in the marine powerboat battery market during the assessment period, due to their lightweight components and relatively lower costs compared with lithium-ion batteries. In addition, apart from offering cost-benefits, aluminum batteries have also emerged as a safer alternative, as there are no chances of thermal runaway in various weather conditions. Aluminum-air marine powerboat batteries are expected to gradually replace lithium-ion batteries during the forecast period, due to shortcomings of Li-ion systems. Although technological advancements continue to improve the overall properties of lithium-ion batteries, the relatively higher weight and high cost are major factors due to which, the demand for other alternative marine powerboat batteries has witnessed a gradual growth.
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As concerns related to environmental degradation and global warming continue to grow, the marine sector in various regions of the world, such as Europe and North America, is increasingly exploring the potential of deploying all-electric batteries. Electrified passenger and car ferries are projected to play a key role in decarbonizing marine transport in the upcoming years due to which, the demand for marine powerboat batteries is likely to witness a consistent growth. In addition, in their bid to minimize reliance on fuel oil and diesel, a large number of ships and vessel makers are primarily focusing on manufacturing electric and hybrid-ships.
Several projects initiated in the European region are also expected to play a pivotal role in fueling the adoption of electric marine powerboat batteries in the forthcoming decade. For instance, the E-ferry project that is largely funded by the European Union is on the course to launch a fully electric 100% emission-free, electric, medium-sized ferry. Apart from minimizing the overall carbon emission, electric ferries are also expected to decrease the travel time for passengers in comparison with the current conventional diesel ferries.
Market Participants Focus on Designing Battery Technologies In Line with Evolving Marine Environments
Electric-powered vessels are set to gain considerable adoption during the assessment period, as curbing air-pollution gradually emerges as a top priority in the marine sector. The U.S. and several other nations across the European region are at the forefront in designing battery technologies that are environment-friendly and curb air pollution, particularly in regions with residential communities that are close to the shore.
In the current scenario, research & development, along with testing new technologies have shifted gears. Battery manufacturers are required to comply with regulatory requirements and continue to invest in research activities to improve the efficiency of new technologies, while simultaneously focusing on improving vessel design. Over the next few years, players operating in the marine powerboat battery market are expected to launch battery technologies in line with the evolving marine and regulatory environment wherein green batteries are expected to gain considerable popularity.
Impact of COVID-19 Pandemic on Cross-border Trade to Hinder Market Growth
The advent of the novel COVID-19 pandemic has played a critical role in reducing cross-border trade of services and commodities. Downtime across the industrial sector in several nations, including China and India due to stringent lockdown measures, is expected to hamper the growth of the global marine powerboat battery market particularly in 2020. Delays in the shipment of raw materials, hurdles in manufacturing processes, and barriers in project development are some of the factors that are likely to hinder the expansion of the global marine powerboat battery market during the COVID-19 pandemic. Stakeholders operating in the supply chain are likely to face several challenges due to various restrictions on trade and transportation. The marine powerboat battery market is expected to witness sluggish growth during the forecast period and show signs of recovery toward the end of 2020 or the first quarter of 2021.
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The global marine powerboat battery market is expected to grow at a steady CAGR of ~8% during the forecast period. The market growth can be primarily attributed to the expanding marine sector around the world, particularly in North America, Europe, and Asia Pacific, among others. In addition, due to the growing pressure from regulatory authorities, marine powerboat battery manufacturers should focus on the development of environment-friendly marine powerboat batteries that have a low carbon footprint. In terms of technology, Europe and North America are anticipated to stay at the forefront, due to the presence of leading battery manufacturers and growing investments. Electric-powered ferries and marine vessels will gain fast-paced adoption during the forecast period.
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.
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
- 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 by Transparency Market Research (TMR) 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 2020 to 2030.
The report offers intricate dynamics about the different aspects of the marine powerboat battery market that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the marine powerboat battery market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the marine powerboat battery market, and estimate statistics related to the market progress in terms of value (US$ Mn).
This study covers a detailed segmentation of the marine powerboat battery market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the marine powerboat battery market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Marine Powerboat Battery Market
The report provides detailed information about the marine powerboat battery market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the marine powerboat battery, so as to help them make successful strategies and take target-driven decisions.
- Which battery type of marine powerboat battery market will emerge as a major revenue generator for the market during the forecast period?
- How are key market players successfully earning revenue out of the advantages of marine powerboat battery?
- What will be the Y-o-Y growth of the marine powerboat battery market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the marine powerboat battery market?
- Which vessel type is expected to have maximum potential for marine powerboat battery during the foreseeing period?
Research Methodology – Marine Powerboat Battery Market
The research methodology adopted by analysts for combining the marine powerboat battery market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the marine powerboat battery market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the marine powerboat battery market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the marine powerboat battery market.
Marine Powerboat Battery Market – Segmentation
TMR’s research study assesses the global marine powerboat battery market based on battery type, power rating, vessel type, and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the marine powerboat battery market.