The North America Region is Estimated to Have the Largest Share in the Hybrid Boats Market in 2023
The hybrid boats market is projected to grow from USD 1.7 billion in 2023 to USD 2.7 billion by 2028, at a CAGR of 10.4% from 2023 to 2028. Various factors, such as the Increasing need for maritime transportation and increasing focus on environmental sustainability and emission reduction drive the hybrid boats market. However, high initial cost and charging infrastructure challenges along with technical complexities are limiting the overall growth of the market.
Hybrid Propulsion: The Highest CAGR in the Propulsion segment in the hybrid boats market during the forecasted period.
Governments worldwide are implementing stricter emission standards and regulations for boats, particularly in environmentally sensitive areas. This regulatory push is driving the demand for cleaner and more efficient propulsion systems, making hybrid propulsion a more attractive option for boat manufacturers and consumers. Technological advancements in battery technology, electric motors, and power management systems are leading to improvements in the efficiency, range, and performance of hybrid propulsion systems. These advancements are also contributing to cost reductions, making hybrid propulsion more affordable and accessible to a wider range of boaters. Hybrid propulsion systems offer versatility and adaptability to suit different boat types and applications. They can be seamlessly integrated into various boat sizes, from small recreational boats to large yachts and commercial vessels. This versatility is crucial for expanding the adoption of hybrid propulsion across the marine sector.
Recreational Boats: The largest share in the platform segment in the hybrid boats market in 2023.
The recreational boats sub-segment of the platform segment is projected to have the highest market share in 2023. Recreational boating is the largest segment of the marine industry, accounting for the majority of boat sales worldwide. This large market provides a significant opportunity for the growth of hybrid boats. Recreational boats come in a wide variety of sizes, shapes, and styles, making them suitable for a wide range of boating activities, from day cruising to fishing to water sports. This diversity of applications creates a broader market for hybrid boats compared to other segments of the marine industry. Consumers who participate in recreational boating are increasingly environmentally conscious and are seeking eco-friendly alternatives to traditional gasoline-powered boats. Hybrid boats offer a compelling solution for eco-conscious boaters who want to enjoy the benefits of boating without compromising the environment. Governments worldwide are implementing stricter emission standards for boats, particularly in environmentally sensitive areas. Recreational boats are often used in these areas, making hybrid propulsion systems a more attractive option for complying with emission regulations.
20 to 50 Feet: The second largest share in the boat size segment in the hybrid boats market in 2023.
The 20-foot to 50-foot boat size segment covers a range of sizes that are suitable for a wide variety of applications, from family cruising and fishing to water sports and recreational activities. This balance of sizes and applications caters to a broader range of boaters and creates a larger market opportunity for hybrid boats. The demand for mid-sized boats, particularly in the 20-foot to 50-foot range, is increasing due to their versatility, affordability, and suitability for a variety of boating activities. This growing demand provides a strong foundation for the adoption of hybrid boats in this segment. Hybrid propulsion systems are becoming increasingly compact, efficient, and affordable for medium-sized boats. These advancements are making hybrid boats more attractive to boaters who prefer larger vessels without compromising on performance or environmental impact. Manufacturers are introducing innovative hybrid propulsion systems and boat designs specifically tailored for the 20-foot to 50-foot segment. These advancements are enhancing the appeal and practicality of hybrid boats for this size range. Hybrid boats are increasingly being incorporated into rental and sharing services, providing more consumers with access to these boats in the 20-feet to 50-feet size range. This expanding availability is fostering trial and adoption among boaters who may not initially consider buying a hybrid boat.
The North America region is estimated to have the largest share in the hybrid boats market in 2023.
North America is estimated to account for the largest share in hybrid boat market in 2023. The North American region for this study comprises the US and Canada in the hybrid boats market. The hybrid boats market in North America has experienced a remarkable surge in recent years. The growth of the region is due to actively embracing developments and the presence of major ship-building companies, which are expected to revolutionize the hybrid boats market in upcoming years. North American governments, have been proactive in promoting the adoption of hybrid boats through various initiatives. These include tax breaks, rebates, and funding for hybrid boat development. This strong government support is creating a favorable environment for the growth of the hybrid boat market in North America. North American consumers are increasingly environmentally conscious and are seeking eco-friendly alternatives in various aspects of their lives, including recreational activities like boating. The demand for hybrid boats aligns with this trend, as boaters seek to reduce their environmental footprint while enjoying the benefits of boating.
The break-up of the profiles of primary participants in the marine sensors market is as follows:
- By Company Type: Tier 1 - 35%; Tier 2 - 45%; and Tier 3 - 20%
- By Designation: C-Level Executives - 40%; Directors - 25%; and Others - 35%
- By Region: North America - 40%, Europe - 25%, Asia Pacific - 25%, Rest of the World - 10%.
Major Players in the hybrid boats market are Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela Technology AB (Sweden), and Silent Yachts (Austria) among others.
Research Coverage
The market study covers the hybrid boats market across various segments and subsegments. It aims to estimate the size and growth potential of this market across different segments based on Hull Design (Hydrofoil, Multihull, Rigid Inflatable and Other Hull Designs), Propulsion (Electric and Hybrid), Platform (Recreational Boats (Cruising Boats, Speed Boats), Commercial Boats (Passenger/Crew Ferry Boats, Fishing Boats, Tugs and Work Boats, Other Comercial Boats) and Military and Law Enforcement Boats (Patrol Boats, Combat Boats)), Material (Composite, Aluminum, Steel and Other Materials), by Boat Size (<20 Feet, 20 to 50 Feet and >50 Feet) and Region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Key benefits of buying this report:
This report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall hybrid boats market and its subsegments. The report covers the entire ecosystem of the boating industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Drivers: Increasing demand for maritime transportation, increasing demand for green boating solutions, Development of innovative hybrid boat technologies, and Improved boat range and performance are the driving factors for the hybrid boats market.
- Market Penetration: Comprehensive information on the hybrid boats market is offered by the top players in the market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the hybrid boats market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the hybrid boats market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the hybrid boats market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the hybrid boats market.
Table of Contents
Executive Summary
Companies Mentioned
- Artemis Technologies Ltd.
- Brunswick Corporation
- Candela Technology Ab
- Cosmopolitan Yachts
- DNA Performance Sailing Bv
- Fountaine Pajot
- Four Winns
- Greenline Yachts
- Groupe Beneteau
- Hh Catamaran
- Leopard Catamaran
- Midship Marine
- Multihull Centre
- Navalt
- Navier
- Neel Trimaran
- Quadrofoil D.O.O.
- Rapido Trimaran
- Ribcraft Ltd.
- Ruban Bleu
- Silent Yachts
- The Multihull Company
- Tornado Boats
- Wider Yachts
- X Shore
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 229 |
| Published | December 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 1.7 billion |
| Forecasted Market Value ( USD | $ 2.7 billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 25 |
