Published on : May 22, 2017
Albany, New York, May 22, 2017: The report delves into various factors such as economic indices and demographics that will have an impact on the growth of the yacht battery market over the forecast period between 2017 and 2021. The report looks into the current market landscape and revenue generated in the recent past to present market size estimates over the aforementioned forecast period.
Yachts are recreational boats that are mostly purchased by high-income group individuals. Yachts that are of length greater than 24 feet are classified as luxury yachts, mega yachts, super yachts, or large yachts. The report says that the global yacht battery market is expected to rise at a CAGR of 2.54% between 2017 and 2021.
According to the report, growth of the boating industry is the key factor driving the yacht battery market. With increasing spending on water recreational activities and increasing yacht ownership by high net worth individuals the yacht battery market is benefitted. This is because increasing disposable incomes is leading individuals to spend considerable money on expensive recreation activities.
Strong economic recovery in the U.S. is also having a positive influence on this market. Consumers are increasingly spending high amount of money on recreational activities which includes yachting and kayaking.
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However, factors such as sale of pre-owned boats is challenging the market’s growth. The high prices of new yachts make them affordable only for few, which is why the sale of pre-owned yachts is gaining pace. In addition, highly volatile prices and unpredictable demand for yachts is also having a negative impact on the market’s growth. Moreover, high operational cost of motor-operated luxury yachts is also restraining the market’s growth.
Nevertheless, with absorbent glass mat (AGM) batteries replacing lead-acid batteries, the growth of this market is expected to reach new heights, adds the report. The increased emphasis from ecological agencies for R&D for the introduction of marine batteries is also expected to have a positive bearing on this market’s growth. Moreover, increasing focus of yacht builders on emerging markets will present new opportunities to the growth of the yacht battery market, adds the report.
The report analyzes the vendor landscape of the global yacht battery market as well. Some of the key vendors in this market are Saft, GS Yuasa, and Exide Technologies. Each of these companies is profiled for their key business attributes.
The report studies the global yacht battery market in terms of product type and geography. On the basis of product type, lithium-ion batteries and lead-acid batteries are the segments of this market. The regional markets of the U.S., Europe, and Rest of the World are examined to present the growth behavior of the global yacht battery market for the forecast period.
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