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, 2022 | 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
  • Symphony Boat Company
  • Ruban Bleu
  • Mechatronik und Yachtbau
  • Soel Yachts B.V.
  • Torqeedo GmbH

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

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