Electric boat market size worth $11.35 billion globally by 2028 at 13.7% CAGR

Electric boat market, by geography, 2021 and 2028 © The Insight Partners

The global electric boat market growth is driven by rising inclination toward solar-electric boats, increasing network for charging points in marine infrastructure for small boats and installation of superchargers at smaller ports.

The Insight Partners published latest research study on "Electric Boat Market Size, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028 - Covid Impact and Global Analysis - Boat Type, Battery Type, Application, and Geography" the electric boat market is expected to grow from USD 5.26 billion in 2022 to USD 11.35 billion by 2028; it is expected to grow at a CAGR of 13.7% from 2022 to 2028.

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Global Electric boat market report scope, segmentations, regional and country scope:

• Market Size Value in: US$ 5.26 Billion in 2022
• Market Size Value by: US$ 11.35 Billion by 2028
• Growth rate: CAGR of 13.7% from 2022 to 2028
• Forecast Period: 2022-2028
• Base Year: 2022
• No. of Pages: 153
• No. of Tables: 89
• No. of Charts and Figures: 82
• Historical data available: Yes
• Segments covered: Boat Type, Battery Type, and Application
• Regional scope: North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
• Country scope: US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
• Report coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends
• Companies Covered: Frauscher Bootswerft GmbH & Co KG,Duffy Electric Boat Co,Rand Boats A/S,Vision Marine Technologies Inc.,Quadrofoil d.o.o,Budsin Wood Craft,Candela Technology AB,aquawatt,LTS Marine,Ruban Bleu
• Key Research Capabilities: Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development

Browse key market insights spread across 153 pages with 89 list of tables & 82 list of figures from the report, "Electric Boat Market Forecast to 2028 - Covid Impact and Global Analysis By Boat Type (Pure Electric and Hybrid), Battery Type (Nickel Based, Lead Acid, and Lithium-ion), and Application (Fishing, Recreational, and Others)" in detail along with the table of contents: theinsightpartners.com/reports/electric-boat-market

Global Electric Boat Market: Competitive Landscape and Key Developments

Frauscher, Duffy Electric Boat Company, Rand Boats APS, Vision Marine Technologies, Quadrofoil D.O.O, Ruban Bleu, Aquawatt Mechatronik and Yachtbau, Candela, and Budsin Wood Craft are a few of the key players profiled during the study of the global electric boat market. In addition, several other essential market players were studied and analyzed to get a holistic view of the electric boat market and its ecosystem.

In July 2022: Groupe Beneteau and Vision Marine Technologies partnered for the development of full electric outboard-equipped boats.
In March 2021: Frauscher introduced the TimeSquare 20, a catamaran measuring 8.30m and 2.50m wide new electric boat.

Growing concerns about greenhouse gas (GHG) emissions, supportive government initiatives for controlling GHG emissions, and rising inclination toward recreational boating in the tourism sector are expected to drive the demand for electric boats over the forecast period. For instance, in Europe, the UK became the first G7 country to target net-zero greenhouse gas emissions by 2050, including adopting electric boats and vehicles.

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In Europe, there is a huge opportunity for the growth of the electric boat market. European countries such as Spain, Italy, the UK, Portugal, Norway, Sweden, and Germany have large coastal boundaries. Thus, the larger coastal line is attracting foreign tourists to the region, which is anticipated to boost the demand for electric boats. Governments of various countries are undertaking initiatives to support the electric boat industry. In recent years, organizations such as International Maritime Organization (IMO) and European Commission (EC) have taken actions to reduce airborne emissions from the shipping sector. These include establishing Emission Control Areas (ECAs), setting sulfur content limits in marine fuels, and adopting the International Convention for the Prevention of Pollution from Ships (MARPOL).

Solar-Electric Boats to Drive Global Electric Boat Market:

Solar-electric boats have numerous benefits, including less maintenance requirement due to no oil change, impeller change, or diesel filter change; fewer vibrations; good fuel economy; avoiding local contamination; and a decrease in the boats' overall weight. Solar energy helps control the flow of electricity to rechargeable batteries such as Lithium-ion. Further, solar-electric boats can run at low operational costs, making them the most preferred option for users compared to fuel-based boats with a high need for regular maintenance. These benefits are expected to bolster the demand for solar-electric boats in the coming years.

A diesel boat purchase cost is approximately US$ 2,500 for fishing activities; it is lower compared to the cost of electric boats. However, the operational diesel-based boat costs them ~US$ 3,000-4,000 annually, due to the rising fuel prices. The solar-electric boat would cost a user ~US$ 21,000-25,000, which is the price without any government subsidy that can be recovered in 4-5 years, with lower operational costs. Furthermore, the rising product development in solar boat manufacturing is supporting the electric boat market growth. For instance, NavAlt, a boat manufacturer in India, is pushing to make the country's fastest solar electric catamaran boat that can travel at 12 knots, reducing travel time from 90 minutes to only 30 minutes. NavAlt is also planning to launch solar fishing boats with Shell Foundation in the next few years to achieve green energy sustainability goals. Thus, the manufacturers growing inclination toward developing solar-electric boats is anticipated to provide new growth opportunities for the market growth.

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Impact of Covid Pandemic on Global Electric Boat Market:

The Covid pandemic caused the ceasing of all normal routine activities, such as getting outdoors, visiting foreign destinations, going to work, etc. Recreational activities such as leisure boats and water sports were also banned during the pandemic as a part of social distancing. The imposition of lockdown restrictions to control the spread of SARS-CoV-2 significantly impacted the supply chains, raw materials availability (wood and metal), and manufacturing facilities. Electric boat manufacturers faced the immediate consequences of the Covid pandemic and could not meet the high demand for electric boats due to supply chain disruption in production processes. Import duties on raw materials such as steel, plastics, metal components, and machinery equipment also affected the electric boat manufacturing and the export of parts, including battery-powered systems, such as lead-acid, lithium-ion, and nickel-based products. Thus, the supply chain disruption in electric motors and battery systems hampered the electric boat market during the Covid pandemic.

In 2021 and 2022, relaxations in government restrictions in lockdown led to the resumption of manufacturing businesses, with upgraded and improved supply chains. This further propelled the manufacturing of electric boats. In 2022, the demand for electric boats has been growing due to their increasing tourism and water sports activities. Therefore, the resumption of business activities boosted the electric boat market.

Global Electric Boat Market: Type segment

Based on boat type, the electric boat market is bifurcated into pure electric and hybrid. The pure electric segment is dominating the market due to strong technological development in the product offering. However, the electric boat market in the hybrid segment will witness growth in the forecast period.

Key findings of this study:

The global electric boat market includes companies operating in a wide range of product portfolios. Each category has some well-established key players. Due to the different markets in which they operate and compete, it is not feasible to determine the key five players in the overall electric boat market. However, based on parameters, such as overall revenue, current electric boat product portfolio, brand image, geographic reach, technology adoption and integration, customer base, new product/service/feature launches, mergers and acquisitions, partnerships, and other market-related activities, which have listed above five key players operating at a global level.

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