Boat accumulators are pressure storage tanks used for pneumatic or hydraulic applications to store and regulate compressed air or fluids. They are used extensively in boat mechanical systems such as engine control, steering, trim tabs, and throttle applications. The increasing participation in water sports such as boating, yachting, and jet skiing has driven the demand for high-performance boats that utilize boat accumulator systems.
The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing participation in water sports has been a major factor driving the growth of the boat accumulator market. According to recent surveys, over 116 million Americans participate in recreational boating each year. Further, boating has seen increased popularity among the young demographic, with nearly 50% of new boaters between the ages of 18 to 35 years old. As newer boaters opt for advanced high-performance boats that utilize boat accumulator systems, the market is expected to witness strong growth over the forecast period. focus on developing innovative accumulator designs capable ofWithstanding marine environments will also promote market growth.
Segment Analysis
The global boat accumulator market can be segmented based on product type, pressure rating, accumulator type, boat type, and geography. Power-driven boats dominated the boat accumulator market in 2023 and are expected to continue their dominance during the forecast period. Their high adoption for recreational activities, such as fishing, leisure trips, and adventure sports, is driving the growth of this segment.
Key Takeaways
The global boat accumulator market demand is expected to witness high growth. The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
The North America boat accumulator market accounted for the largest revenue share in 2023 and is projected to maintain its dominance over the forecast period. This can be attributed to high boat ownership and high consumer spending on recreational activities across the US and Canada. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to the growing middle-class population and increasing consumer spending on recreational boating.
Key players related content comprises
Key players operating in the boat accumulator market are Atlassian Corporation Plc, Microsoft Corporation, Monday.com Ltd., Wrike, Inc., Asana, Inc., Jira Software (part of Atlassian), Smartsheet Inc., Trello, Inc., Basecamp LLC, Teamwork.com Ltd., Zoho Corporation Pvt. Ltd., Pivotal Software, Inc., VersionOne Inc., Clarizen Ltd., Targetprocess Inc.
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