The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A boat accumulator is a pressurized tank that stores high-pressure compressed gas. It is used to power hydraulic systems on boats. Hydraulic systems on boats often require power to power boat accessories such as electric windlasses, bow thrusters, hydraulic trim tabs and drive systems. Accumulators efficiently store and supply hydraulic power on demand. They allow hydraulic systems to operate smoothly without any interruptions even during power failures. Accumulators provide reliable power storage, precise pressure control, low maintenance and long service life.
Market key trends:
One of the key trends in the boat accumulator market is the growing popularity of hybrid boats. Hybrid boats utilize both electricity and fossil fuels for power. They utilize accumulators to efficiently store and supply power from batteries to electric motors. This improves fuel efficiency and reduces emissions. Another major trend is the increasing demand for luxury and recreational boats. Accumulators play a crucial role in powering comfort features such as fishing rod holders, bait wells, downriggers and hydraulic seat functions on luxury boats. Technological advances are also allowing accumulators to deliver higher pressure ratings, discharge flows and charge rates. This is improving their performance and suitability for various marine applications.
Porter’s Analysis
Threat of new entrants: Low capital requirements and absence of economies of scale in boat accumulator manufacturing makes the threat of new entrants moderate.
Bargaining power of buyers: Presence of numerous accumulator suppliers gives buyers higher bargaining power in the market.
Bargaining power of suppliers: Accumulator is an essential component of boats. Moderate differentiation of accumulators limits suppliers’ bargaining power.
Threat of new substitutes: No substitute presently exists for lead-acid accumulators used extensively in boats. Threat from new substitutes is low.
Competitive rivalry: Numerous accumulator manufacturers operate globally. Intense competition leads to pricing pressures and forces companies to invest in product innovations.
Key Takeaways
The Global Boat Accumulator Market Size is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing sea-borne trade and recreational boating activities. The Asia Pacific region dominated the global market in 2023, accounting for around 35% of the global market share. Growing seaborne trade between China and other Asia Pacific countries is driving the demand for accumulators in commercial vessels.
Key players operating in the boat accumulator market are East Penn Manufacturing Co. Inc., Exide Technologies, Johnson Controls International plc, MasterVolt BV, Optima Batteries Inc., Saft Groupe SA, Trojan Battery Company, VARTA AG, Vetus BV, Victron Energy BV, Yuasa Battery Inc., Leoch Battery Corporation, MK Battery, NorthStar Battery Company, Rolls Battery Engineering. East Penn Manufacturing is one of the leading accumulator manufacturers, with a global footprint and a wide range of products. Exide Technologies specializes in lead-acid batteries for marine and RV applications.
The global boat accumulator market size for 2023 is US$ 266.66 Mn. With growth in boating industry and ongoing technological advancements, the accumulators market is poised to witness sustained growth over the forecast period. The demand from commercial shipping and increasing recreational boating in developed economies will remain key growth drivers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
