Research from Future Market Insights predicts that the global electric boats market share will expand at a CAGR of 12.9% over the forecasted time period. The market for electric boats is expected to grow from US$5.65 billion in 2022 to US$19 billion by 2032.
Electric boats are watercraft that run on electric power instead of traditional gasoline or diesel engines. The electric power is stored in batteries and used to drive electric motors that propel the boat.
The demand for electric boats has been increasing in recent years due to growing concerns about the environmental impact of traditional fossil fuel-powered boats. Electric boats offer several benefits over traditional boats, including lower emissions, quieter operation, and reduced fuel costs.
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The growth of the electric boat market is also being supported by government incentives and initiatives aimed at promoting the adoption of clean energy technologies. For example, several countries, including the US, UK, and France, offer financial incentives to encourage the purchase of electric boats.
In addition, the development of new technologies, such as solar-powered boats and hydrogen fuel cell-powered boats, is expected to further boost the growth of the electric boat market in the coming years. Overall, the future looks bright for electric boats as consumers and governments increasingly prioritize sustainable and eco-friendly transportation options.
Increase in sales revenue of electric boats can be attributed to the following key factors:
- Boost in the global recreational boating industry leading to high demand for boats
- Focus on development of lightweight boats fuelled by electric power
- Adoption of small size boats for purposes of maritime security
- Focus on the reduction of emissions and awareness of the need to reduce environmental pollution
North America Undisputed Leader in the Global Market; Western Europe to Stay Second in Line
Needless to say, North America projects the highest demand and adoption of electric boats, given the thrust on boating as a leisure activity among the American population. Western Europe is the second biggest market in terms of sales of electric boats, again given the increasing preference for recreational boating activities in the region. Markets in the Middle East & Africa and India are yet to be fully tapped and are currently witnessing relatively moderate growth in terms of both demand and sales of electric boats.
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Key Players
Among the major international and domestic manufacturers profiled in the report are FRAUSCHER BOOTSWERFT GmbH & Co KG, Duffy Electric Boat Company, RAND Boats ApS, Echandia, Lillebror Marine, Vision Marine Technologies, Quadrofoil d.o.o., NAVAL DC B.V., LTSMARINE., Symphony Boat Company, and Ruban Bleu.
Electric Boats Market by Category
By Type:
- Pure Electric
- Hybrid
By Boat Type:
- Small Size
- Medium Size
- Large Size
By Battery Type:
- Lead Acid
- Lithium Ion
- Nickel based batteries
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By Power Output:
- Below 5KW
- Between 5KE to 30KW
- Above 30KW
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Recommendations for Key Players
Vendors in the global electric boats market need to focus on introducing newer hybrid models that can propel on diesel / petrol as well as electric systems in keeping with the surge in consumer demand. Focusing on certain key markets in developing economies can prove to be beneficial in the long run, given that the populace in these regions is growing financially and is looking for more water based recreational activities. Boating as a leisure activity is fast gaining traction and manufacturers would do well to expand their distribution network in fast growing economies of the SEA & Pacific and countries such as China.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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