Global Yacht Battery Market 2017-2021
About Yacht Battery
Yachts are recreational boats designed with luxury amenities, and are purchased by individuals belonging to the high-income group. Yachts with a length greater than 24 feet are known as luxury yachts, superyachts, mega yachts, or large yachts. They are segmented based on size and propulsion, and are largely used for recreational purposes. The global yacht battery market is mainly driven by the increase in sales of leisure boats due to the rising popularity of boat shows in the US, Europe, and ROW. Leisure boat sales in the US is estimated to increase with the recovering economy. With the increase in disposable income in households, customers in the US are replacing their leisure boats.
Technavio’s analysts forecast the global yacht battery market to grow at a CAGR of 2.54% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global yacht battery market for 2017-2021. To calculate the market size, the report considers the number of yachts sold.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Yacht Battery Market 2017-2021
Technavio recognizes the following companies as the key players in the global yacht battery market: Saft, Exide Technologies, and GS Yuasa.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is AGM batteries replacing lead-acid batteries. Batteries provide the necessary power for starting the boat engine and power the internal electrical components. The main types of batteries used are lead-acid batteries and lithium-ion batteries. Lead-acid batteries are less expensive and are preferred by OEMs for installing in most of the non-luxury yachts.”
According to the report, one of the major drivers for this market is growth of boating industry. Increase in the number of boat shows in the US and the rise in the number of participants are driving the boating industry in the country. Sales of powerboats in the US has increased about 80% in 2014. Wakeboard or ski boats, personal watercraft, aluminum fishing boats, pontoon boats, and fiberglass runabouts accounted for the majority of the powerboat sales in the US. About 97 million participants registered for water sports and events in the US in 2014. The boating industry in the US has been positively impacted by the recovery of the US economy, stronger job market, and decrease in fuel prices.
Further, the report states that one of the major factors hindering the growth of this market is increasing sales of pre-owned boats. Pre-owned boats are preferred by young customers as new boats are costly and expensive. In 2014, the number of new powerboats sold was 171,500, whereas 940,500 pre-owned boats passed from one owner to another. This was approximately five times that of new boats. Since powerboats have an average life span of 10-12 years, their second owners generally go for an engine upgrade. The engines become outdated with respect to the new emission standards or due to their desire to upgrade their boats to a much powerful version. This will ultimately translate into less demand for yachts and OEM-fixed yacht batteries.
Saft, Exide Technologies, and GS Yuasa.
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