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
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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