LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global yacht battery market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global yacht battery market for 2017-2021 provides a detailed industry analysis based on the battery type (lithium-ion batteries and lead-acid batteries) and geography (the US, Europe, and ROW).
Yachts are recreational boats designed with luxury amenities and are mostly purchased by individuals belonging to the high-income group. Technavio analysts forecast the global yacht battery market to grow to 187.3 thousand units by 2021, at a CAGR of nearly 3% over the forecast period.
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The top three emerging trends driving the global yacht battery market according to Technavio automotive research analysts are:
- Increasing popularity of absorbed glass mat (AGM) batteries
- Increasing emphasis on R&D for developing marine batteries
- Growing focus on emerging markets by yacht builders
Increasing popularity of absorbed glass mat (AGM) batteries
“Batteries are required in yachts to provide the necessary power for starting the boat engine and power the internal electrical components. AGM batteries are increasingly used in yachts since they use a mesh composed of glass fibers for absorbing electrolytes,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
The glass fiber electrolytes of AGM batteries system avoid spillage, leakage, and evaporation issues. Other advantages driving the popularity of AGM batteries include its capability to be deep cycle batteries that can be recharged by most chargers, the absence of electronic components, and cheaper installation costs.
Increasing emphasis on R&D for developing marine batteries
Manufacturers of yacht batteries are increasing their R&D budgets to produce an advanced form of marine batteries that can hold a higher percentage of power while reducing discharge. Samsung Electronics funded an R&D project in association with Massachusetts Institute of Technology to develop an advanced lithium-ion marine battery capable of offering large amounts of the charge cycle. Such investments are adding significant revenue to the market, thereby impacting its growth.
Growing focus on emerging markets by yacht builders
“Yacht makers are shifting their focus to swiftly growing economies such as China and Latin America to establish an early foothold in the unsaturated markets. Vendors are updating their product portfolios to include elegant and sporty yachts to appeal to the new consumer base,” says Praveen.
Vendors catering to the Chinese market offered customizations to include premium business ambiance features since the country’s customers use yachts mostly for business purposes. Sanlorenzo Spa, Ferretti, Sunseeker, Snapdeal.com, and Mahindra & Mahindra are some of the key vendors entering the emerging markets for yachts.
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