Report Overview
This report provides in depth study of “Boat Batteries Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Boat Batteries Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
Boat batteries help a boat getting started or stay in continuous motion by supplying the required power. Unlike other batteries, such as a car battery, boat batteries contain thick plates and hence, generate less cranking power and maximum reserve capacity. The intriguing part is that a boat battery with highest power capacity is of the same size as a boat battery with lowest power capacity. Additionally, there are some batteries which are even thicker than a typical boat battery and are referred to as hybrid boat batteries or deep-cycle boat batteries. Boat batteries are of three types — starting boat batteries, deep cycle boat batteries and dual-purpose boat batteries. Starting boat batteries, also known as cranking boat batteries, are specially designed for starting the main engine of the boat. These type of batteries are made from thicker lead plates, which allow maximum surface area. Also, the number of plates are higher than usual.
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Boat Batteries Market: Dynamics
Growth in tourism and rising disposable income, growing promotional tourist sports activities and rising waterborne tourism are some of the factors which will contribute to the growth of Boat Batteries market in near future. Also, higher consumer confidence, high-tech features and advanced technology are some of the major driving factors for the market of boat batteries.
Another primary factor responsible for driving the Boat Batteries market is the growth witnessed in maritime transport or seaborne trade wherein large volume of goods are taken to the sea for transportation purposes.
However, high prices of these products and adoption of low-cost counterfeit products might act as a restraint for this market. Though the manufacturers of boat batteries do not fall under the category of large revenue generating players, they are keen on continuously developing their product to improve its lifespan, passenger holding capacity and reliability.
Shortcomings noticed in product differentiation between the major players has led to the development of various innovations, such as large capacity, self-propelled life rafts. Many notable opportunities exist in the boat battery market through the inclusion of technological advancements and enhanced features that offer better performance.
Boat Batteries Market: Segmentation
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Boat Batteries Market: Regional Outlook
In terms of geographical extent of the market of boat batteries, the economies with longer coastlines are anticipated to hold a comparatively large market share. The markets in non-coastal economies will have a small market share, but can depend on marine transport within the inner waterways, such as rivers.
The North America region is expected to be responsible for a major market share in the global boat batteries market and is expected to be followed by the Asia Pacific and Europe. The Asia Pacific region is also anticipated to record significant growth during the forecast period.
This significant growth rate can be attributed to the rise in disposable income and spending in this region. On the other hand, Latin America is expected to hold a vital market share in the Boat Batteries market due to the growth in watercraft events. The Middle East and Africa region is expected to witness a relatively small share in the boat batteries market.
Boat Batteries Market: Key Players
Examples of some of the market participants identified across the value chain of the Boat Batteries market are Century Yuasa Batteries Pty Ltd., Lifeline Batteries, Interstate Batteries, Trojan Battery Company, EXIDE INDUSTRIES LIMITED, ExpertPower, Chrome Battery, MIGHTY MAX BATTERY, Universal Power Group, VMAX USA, Johnson Controls, Inc., EnerSys, etc.
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