Enjoy complimentary customisation on priority with our Enterprise License!
The marine powerboats batteries market size is forecast to increase by USD 1.82 billion, at a CAGR of 8.09% between 2023 and 2028. The growth of the market depends on several factors, including rising demand for recreational boating fueled by increasing disposable household incomes. Additionally, advancements in battery technology play a crucial role, providing more efficient and reliable power sources for marine applications. As consumers seek enhanced experiences on the water, they are drawn to boats equipped with modern battery systems that offer improved performance and longer operating times. This convergence of factors drives the expansion of the market, catering to the evolving needs and preferences of boating enthusiasts worldwide.
To learn more about this report, View Report Sample
The market encompasses a range of electrical devices designed to store and deliver chemical energy as electrical energy for marine applications. These batteries are subjected to various conditions, including vibration, shock, tilt, sway, and ambient temperature, which require them to be robust and durable. Core manufacturers, such as Corvus Energy, Saft, Electric Fuel, RELiON Battery, and others, produce these batteries for marine freight transportation, water sports, leisure activities, maritime trade, commercial vessels, and electric propulsion. Quantitative analysis reveals a growing demand for lightweight due to the increasing focus on reducing fuel consumption and improving overall efficiency in marine applications. Qualitative analysis indicates that the market is driven by the harsh conditions of the maritime environment and the need for reliable electrical power sources. Eurostat reports show a steady increase in maritime trade volumes, further boosting the demand. OEMs and equipment manufacturers are also integrating electric propulsion systems into their offerings, increasing the demand. Our researchers analyzed the market research and growth data with 2023 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.
Rising demand for recreational boating is notably driving the market growth. The market caters to the diverse needs of recreational powerboaters, who utilize electrical devices powered by chemical energy for engine start-up, onboard electronics, and comfort. Marine batteries face unique challenges, including vibration, shock, tilt, sway, and ambient temperature fluctuations in harsh conditions. Core manufacturers, such as Corvus Energy, Saft, Electric Fuel, Vision Marine, RELiON Battery, and OEMs, produce to meet these demands. Marine batteries power various accessories, including trolling motors, fish finders, navigation equipment, and entertainment systems.
Moreover, the market's growth is driven by increasing boat ownership, maritime trade volumes, water sports, and leisure activities. Commercial vessels, including ocean freighters and port tugboats, also adopt electric propulsion for improved safety, longer durations, and higher discharge rates. Quantitative and qualitative analyses consider macro-environmental elements, such as Maritime trade and ocean shipping, and micro-environmental elements, like product design and manufacturing processes. Key players in the market include Corvus Energy, Saft, and Electric Fuel, among others. Lightweight, lead-acid batteries offer longer durations and improved safety, making them a popular choice for marine applications. Such factors are expected to drive the market growth forecast period.
The emergence of AGM batteries is an emerging trend shaping market growth. In the industry, the selection of an appropriate battery is crucial for powering electrical devices and providing chemical energy for starting engines. Two primary types of marine batteries are lead-acid and lithium-ion. Lead-acid batteries, while less expensive, require frequent maintenance due to their shorter life span and quicker power-retaining capacity deterioration. In contrast, lithium-ion batteries offer longer durations, improved safety, and higher discharge rates. Core manufacturers, such as Corvus Energy, Saft, Electric Fuel, Vision Marine, RELiON Battery, and others, produce batteries designed to withstand harsh conditions, including vibration, shock, tilt, sway, and ambient temperature extremes. These are essential for various marine applications, including ocean freighters, port tugboats, water sports, leisure activities, ocean shipping, and commercial vessels utilizing electric propulsion.
Further, quantitative and qualitative analyses of the market consider macro-environmental elements, such as maritime trade volumes, and micro-environmental factors, like technological advancements and competitive landscape. Key players in the market include OEMs and battery manufacturers, such as Saft, Corvus Energy, and RELiON Battery. The market is experiencing remarkable growth due to increasing maritime trade, the shift towards electric propulsion, and the demand for lightweight, longer-lasting batteries. Marine freight transportation and traded goods are significant contributors to the growth of the market. As the demand for electric propulsion and sustainable energy sources continues to rise, the market is expected to expand further. Such factors are expected to drive the market growth forecast period.
Hazards of lithium-ion-powered batteries are a significant challenge hindering market growth. Lithium-ion batteries, a key product in this market, offer weight reduction and longer durations compared to traditional lead-acid batteries. However, they are subject to vibration, shock, tilt, sway, and ambient temperature in harsh marine conditions, which can impact their safety. Core manufacturers like Corvus Energy, Saft, Electric Fuel, Vision Marine, RELiON Battery, and others are addressing these challenges through product innovations. The market is influenced by macro-environmental factors such as maritime trade volumes and micro-environmental elements like water sports and leisure activities.
Moreover, quantitative analysis indicates remarkable growth in the use in ocean shipping, port tugboats, and commercial vessels, particularly those adopting electric propulsion. Despite safety concerns, lithium-ion batteries' lighter weight and improved safety features, including longer discharge rates and higher durability, make them attractive for marine applications. OEMs like Eurostat are also investing in this market, offering product recalls and safety measures for lithium-ion batteries used in marine applications. Such factors are expected to limit the market growth forecast period.
The market forecasting 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 market growth and forecasting strategies.
Market Customer Landscape
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 marine powerboats batteries such as 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 20 market companies, including:
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.
The lithium-ion segment is estimated to witness significant growth during the forecast period. In the marine industry, the shift from traditional lead-acid batteries to lithium-ion batteries for powerboats is a significant trend. Lithium-ion batteries serve as electrical energy storage devices, converting chemical energy into electrical energy. They offer several advantages over lead-acid batteries, including lighter weight, faster charging times, and longer cycle life. Marine batteries are subjected to harsh conditions, including vibration, shock, tilt, sway, and ambient temperature variations
Get a glance at the market contribution of various segments View the PDF Sample
The lithium-ion segment was the largest and was valued at USD 1.39 billion in 2018. Lithium-ion batteries, with their robust design, can withstand these macro-environmental elements, making them ideal for marine applications. Core manufacturers like Corvus Energy, Saft, Electric Fuel, Vision Marine, RELiON Battery, and others are leading this transition. Lithium-ion batteries are finding applications in various marine sectors, including ocean freighters, port tugboats, and leisure activities like water sports. Quantitative analysis reveals a remarkable growth in maritime trade volumes, leading to increased demand. The maritime trade sector, including marine freight transportation and traded goods, is embracing electric propulsion for improved safety, longer durations, and higher discharge rates. OEMs are integrating lithium-ion batteries into their designs to cater to this growing demand. The macro-environmental elements, such as maritime trade volumes, and micro-environmental factors, like the specific requirements of each application, influence the market dynamics. In conclusion, the market is experiencing significant growth, driven by the need for lightweight, reliable, and efficient energy storage solutions in the face of harsh marine conditions.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The use of marine powerboat batteries is mostly found in countries with longer shorelines such as the US. The marine powerboat batteries market in the region is heavily dependent on rising levels of disposable income and consumer confidence. The growing popularity of water sports, boat races, and other sailing activities in the US has positively affected the sales of powerboats in the US. The powerboats market in the region is dominated by powerboats equipped with outboard engines. These boats, being less expensive than yachts, mainly cater to the leisure needs of the middle-income group.
Additionally, the market growth in the region is influenced by the growing investments in the marine sector. For instance, in January 2020, the US Department of Transportations Maritime Administration announced an investment of around USD 7.5 million in nine Marine Highway projects to make the movement of cargo and people more efficient at sea. In January 2019, the Government of Canada announced investments to monitor Canada's marine environments. These factors can increase the demand for marine powerboat batteries in the region during the forecast period.
Segment Overview
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also interested in below market reports:
The market is witnessing a significant shift driven by advancements in battery technology, particularly the adoption of lithium iron phosphate batteries. As electric and hybrid vessels gain traction, the demand for efficient energy storage solutions rises, enabling ocean freighters and port tugboats to operate with less maintenance and reduced weight. With increased storage capacity, these batteries cater to the needs of disposable incomes and ensure quality of service while prioritizing privacy protection. Hybrid SIMs facilitate seamless connectivity, enhancing smartphone advancements and supporting IoT technologies.
Further, the market is fueled by the rollout of 5G SIM cards, driving smartphone adoption and boosting mobile penetration rates globally. Amidst these developments, pre-owned boats are also integrating modern battery systems, contributing to the growth of the global SIM card market. Overall, the market is poised for expansion, fueled by technological innovations and the quest for sustainable marine transportation solutions.
Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market Growth 2024-2028 |
USD 1.82 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 57% |
Key countries |
US, China, Germany, Japan, 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 growth analysis, Market Forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Battery Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.