Electric Boats Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

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Electric Boats Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

Status : February, 2021 | Automotive

Report Digest


Global Electric Boats Market: Overview

Electric Boats are seafaring vehicles that make use of solar and/or battery power for propulsion. Over the period of 2019 to 2029, the global electric boats market is set o chart steady growth, notes TMRR. The market would primarily be driven by a surge in water-related recreational activities across well-developed nations in North America and Europe. Increase in disposable income, higher standards of living, growing inclination towards a variety of recreational activities and greater income stability among people are propelling demand for recreational boating services, driving electric boats market on a high growth trajectory.

Global Electric Boats Market: Competitive Landscape

The electric boats market has a number of major players, vying for higher market share and consumers. The fragmented vendor landscape is witnessing varied growth strategies leading to higher investments and higher returns. Major players operating in the global Electric Boats Market include:

  • Frauscher
  • Duffy Electric Boat Company
  • RAND Boats ApS
  • Echandia Marine AB
  • GardaSolar s.r.l.
  • Lillebror Marine
  • Canadian Electric Boat Company
  • Quadrofoil d.o.o. 
  • NavAlt boats
  • LTSMARINE
  • Symphony Boat Company
  • Ruban Bleu
  • Mechatronik und Yachtbau
  • Soel Yachts B.V.
  • Torqeedo GmbH
  • LEAR ELECTRIC BOATS

These manufacturers plan to expand production, increase geographic reach and engagement, and improve product portfolio. It is quite significant to note here that technology plays a key role in this market.

Global Electric Boats Market: Key Trends and Drivers

  • Extensive use of marine fuels and marine diesel has led to pollution in our environment. This is a major cause of concern for millennial populace – aware and responsible of its choices. It is leading to increase in demand for electric boats. Government initiatives towards reducing use of fossil fuels is driving growth in the global Electric Boats Market. Strict norms in maritime transportation, along with production of lighter and more powerful batteries for electric boat engines are expected to encourage the shipping industry to develop these products.
  • Advancement in technology has led to development of better and more effective products that come with many advantages such as longer range, increased fuel efficiency and consequent reduction of operational costs. Additionally, significant backup in times of low wattage output from the electric engine is a notable growth factor. This, along with innovation, is set to drive the global electric boats market forward in a major way.

Global Electric Boats Market: Regional Analysis

Countries across North America and Europe are witnessing a surge in demand for recreational boating services. Stable income and a preference for water-based activities are fueling demand for electric boats in these regions. Governing bodies are primarily focused on minimizing emissions in order to reduce environmental impact. Therefore, governments are promoting clean and emission-less power sources by bringing about stringent emission norms. This is set to offer lucrative opportunities for the electric boats market in the stated regions.

Currently, the Asia Pacific (APAC) region shows promising outlook. It is set to expand at a notable rate over the forecast period owing to increase in disposable incomes – result of rapid industrialization, urbanization, and robust economic growth. Since electric boats are majorly used for recreational boating, consumers may, in this region take cognizance of the natural beauty of this region and lead to increased demand in the electric boats market.

Market Segmentation:

By Product Type:

  • Hybrid
  • Pure Electric

By Battery Type:

  • Lead-acid
  • Lithium-ion
  • Nickel-based Batteries

By Carriage Type:

  • Passenger
  • Cargo

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?