Global Recreational Vessel Battery Market: Introduction
- The global tourism industry has been expanding significantly since the last few decades. Economic development and per capita income have also increased significantly across the globe over the last few years. This has boosted the demand for recreational boating.
- Demand for recreational vessel battery has been increasing across the globe. This trend is expected to rise in the near future, due to the growth in usage of watercraft for commerce, transportation of cargo and passengers, military, and recreation or leisure activities.
Key Drivers of Global Recreational Vessel Battery Market
- Rise in recreational water activities such as swimming, snorkeling, scuba diving, sailing, fishing, and surfing, primarily in developing nations such as India, China, Brazil, and Mexico, is anticipated to drive the global recreational vessel battery market during the forecast period
- Growth in cruise fleet due to the rise in passenger traffic is also expected to boost the market. According to the Florida Caribbean Cruise Association, global cruise passenger traffic increased by 4.5% in 2017 vis-à-vis that in 2016
- Increase in ocean-based tourism activities, primarily in developing and developed economies, due to the rise in the per capita income and strong economic growth is anticipated to drive the demand for recreational vessel battery during the forecast period
- Growth in investments in coastal areas for tourism and expansion of existing ports are estimated to propel the global recreational battery market
COVID-19 Impact Analysis
- Governments of various countries have enforced nationwide lockdowns as part of measures to limit the spread of the COVID-19 pandemic. During these lockdowns, several restrictions have been placed on movement of individuals. Furthermore, several industries such as tourism have had to halt their services.
- Vessel such as yacht are the major end-users of recreational vessel batteries. Therefore, restriction on manufacturing as well as tourism activities has negatively impacted the demand for recreational vessel batteries. This, in turn, is estimated to hamper the global recreational vessel battery market.
- In March 2020, Corvus Energy secured a contract to supply lithium-ion battery based energy storage system from Westcon Power & Automation for building new hybrid coastal cargo vessels
- In June 2019, Akasol announced plans to open a production facility in the U.S. The inclusion of the new production facility is anticipated to strengthen the company’s footprint in North America.
Global Recreational Vessel Battery Market: Key Segments
- The global recreational vessel battery market can be segmented based on type, end-user, and region
- Based on type, the global market can be classified into lithium-ion, absorbent glass mat, and lead-acid. Flooded Lead Acid (FLA) batteries are extensively used in recreational vessels for starting engines and deep cycle applications due to their robust design. They are also economical.
- Based on end-user, the global recreational vessel battery market can be segregated into outboard boats, inboard boats, personal watercraft, yachts, and others. Increase in demand for recreational activities such as fishing, cruising, and watersports is anticipated to propel the demand for outboard boats. Thus, the segment is estimated to expand significantly in the near future
Europe Expected to Constitute Major Share of Global Recreational Vessel Battery Market
- Based on region, the global recreational vessel battery market can be classified into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America
- Europe is expected to hold vital share of the global recreational vessel battery market during the forecast period due to rise in investment in designing of boats in the region. Recreational vessel batteries are used in boats to ensure their proper functioning while sailing.
- North America is also projected to hold large share of the global recreational vessel battery market during the forecast period, owing to the increase in demand for recreational vessels for watersport activities in Canada
- The recreational vessel battery market in Asia Pacific is likely to expand at a stable pace, owing to the increase in tourism activities across the developing countries in the region
- The recreational vessel battery market in Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period
Key Players Operating in Global Market
Leading companies operating in the global recreational vessel battery market are:
- Saft Batteries
- Craftsman Marine
- Exide Technologies
- Forsee Power
- Victron Energy
Global Recreational Vessel Battery Market: Research Scope
Global Recreational Vessel Battery Market, by Type
- Absorbent Glass Mat
Global Recreational Vessel Battery Market, by End-user
- Outboard Boats
- Inboard Boats
- Personal Watercrafts
- Others (Watersports and Fishing)
Global Recreational Vessel Battery Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.