DUBLIN, Sept. 8, 2023 /PRNewswire/ — The “Electric Boats Market by End Use (Recreational Boats, Commercial Boats, Military & Law Enforcements Boats), Boat Power (< 5kW, 5-30kW, >30kW), Boat Size (< 20ft, 20-50ft, >50ft), Power Source, Hull Design and Region – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global Electric Boats Market is on the cusp of significant growth, with projections indicating a rise from USD 3.3 billion in 2023 to USD 7.7 billion by 2030.
This remarkable expansion is set to soar at a Compound Annual Growth Rate (CAGR) of 13.0% from 2023 to 2030. The driving force behind this surge is the escalating demand for advanced electrical systems in electric boats.
The electric boats market is poised for transformation, driven by the increasing demand for sustainable transportation solutions, mounting environmental concerns, and the evolution of electric propulsion technologies. Electric boats, also referred to as e-boats or electrically powered vessels, replace traditional internal combustion engines with electric motors and batteries, delivering advantages in terms of efficiency, emissions reduction, and operational cost savings.
This comprehensive report equips stakeholders with valuable insights to navigate the competitive landscape and develop effective go-to-market strategies. It offers a deep understanding of market dynamics, including key drivers, restraints, challenges, and opportunities, enabling businesses to make informed decisions.
North America is poised to dominate the market during the forecast period. Notably, Norway stands out as one of the fastest-growing countries in the Electric Boats Market. The region as a whole boasts major contributions to the overall North American market, bolstered by supportive regulations favoring electrification and the development of supporting infrastructure.
Leading companies in the electric boats market include Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela (Sweden), and Silent Yachts (Austria), among others. These industry leaders are at the forefront of shaping the future of electric boats and sustainable maritime transportation.
As the electric boats market gains momentum, it is poised to revolutionize the maritime industry, offering eco-friendly, efficient, and economically viable solutions. This transformation aligns with global efforts to reduce environmental impact and embrace sustainable transportation alternatives.
The Recreational Boating segment is expected to have the largest market share during the forecast period.
One of the primary reasons for the growth of electric boats in the recreational boating market is the increasing emphasis on environmental sustainability. Electric boats produce zero emissions during operation, which is appealing to environmentally conscious consumers who want to reduce their carbon footprint and minimize the impact on water ecosystems.
The <5 kW range is projected to lead the market during the forecast period.
Many low-power electric boats are designed for use on calm waters, such as urban lakes, rivers, and inland waterways. These boats are well-suited for leisurely cruising, sightseeing, and recreational activities in areas where high speeds and long ranges are not necessary.
Low-power electric boats tend to have shorter ranges compared to high-power boats. However, for activities like short tours, fishing trips, or simple relaxation on the water, the range of a low-power electric boat is often sufficient. Users may not require long-distance travel capabilities.
The <20 ft is projected to lead the Electric Boats Market during the forecast period.
Smaller electric boats are often well-suited for urban and recreational use, such as cruising on calm lakes, rivers, and canals. They are ideal for short trips, leisurely sightseeing, and enjoying time on the water close to urban centers.
Electric boats under 20 feet align with the growing emphasis on sustainable transportation options. They emit zero emissions and have a lower environmental impact compared to boats powered by fossil fuels, making them appealing to environmentally conscious consumers.
Premium Insights
- Increasing Usage of Electric Boats for Recreation to Drive Market Growth During Forecast Period
- Recreational Boats to Lead Market During Forecast Period
- <20 Feet Segment to Lead Market During Forecast Period
- Market in Norway to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Emergence of Green Boating Solutions
- Development of Innovative Electric Boat Technologies
- Booming Maritime Tourism and Surface Water Sport Industry
- Improved Electric Boat Range and Performance
- Cost Efficiency of Electric and Hybrid Boats
Restraints
- Shortage of Raw Materials
- Limited Availability and High Cost of Batteries
Opportunities
- Development of High-Powered Batteries
- Potential for Battery Charging Via Renewable Energy Sources
- Advancements in Marine Electronics and Control
Challenges
- Inadequate Charging Infrastructure
- Technological Limitations
Value Chain Analysis
- Raw Materials
- Research and Development
- Component Manufacturing
- OEMs
- End-users
- After-Sales Services
Technology Analysis
- Lithium-Sulfur Batteries (Li-S)
- Hydrogen Fuel Cells
- High Energy Density Electrochemical Storage
Industry Trends
Technology Advancements in Electric Boats Market
- Battery Technology
- Electric Propulsion Systems
- Charging Infrastructure
- Smart Technologies and Connectivity
Emerging Technology Trends in Electric Boat Manufacturing
- 3D Printing
- Artificial Intelligence
- Predictive Maintenance
Use Case Analysis
- Use Case 1: Rising Enthusiasm for Boating Drives US Economy
- Use Case 2: Columbian Navy’s Cotenergy Boat Provides Eco-Friendly and Adaptable Capabilities for Coastal Operations
- Use Case 3: Seabubbles Electric Hydrofoil Water Taxi Provides Efficient Transportation Services Between Lakes in France Using Innovative Flying Technology
Company Profiles
Key Players
- Brunswick Corporation
- Groupe Beneteau
- Greenline Yachts
- Candela Technology Ab
- Silent Yachts
- Boote Marian GmbH
- X Shore
- Duffy Electric Boat Company
- Say Carbon Yachts
- Q Yachts
- Ruban Bleu
- Frauscher
- Pure Watercraft
- Navalt
- Ingenity Electric
- Quadrofoil D.O.O.
Other Players
- Four Winns
- Callboats
- Torqeedo GmbH
- Salona Yachts
- Oceanvolt
- Elwood Boats Oy
- Evoy As
- Azimut Yachts
- Cosmopolitan Yachts
- Alfastreet Marine
For more information about this report visit https://www.researchandmarkets.com/r/hcnfaf
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