Electric Boat Market Report 2026

The electric boat market size has grown rapidly in recent years. It will grow from $5.57 billion in 2025 to $6.16 billion in 2026 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to marine emission concerns, fuel cost volatility, recreational boating growth, early electric propulsion adoption, pilot electric vessel projects.

The electric boat market size is expected to see rapid growth in the next few years. It will grow to $9.3 billion in 2030 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to decarbonization mandates, battery energy density improvements, green marine incentives, autonomous marine navigation, smart energy management. Major trends in the forecast period include growth of battery-electric boats, adoption of hybrid marine systems, expansion of recreational electric boats, demand for silent propulsion, integration of renewable energy.

The growth in seaborne trade is expected to drive the expansion of the electric boat market in the coming years. Seaborne trade involves the transportation of goods and commodities by ships across international waters. This increase in seaborne trade is largely driven by the enhanced integration of supply chains, leading to a greater demand for efficient and cost-effective transportation of bulk goods and containers across global markets. Electric boats play a key role in seaborne trade by providing a sustainable, cost-efficient alternative to traditional vessels, reducing fuel dependence, and supporting environmentally compliant operations. For example, in October 2024, the UN Trade and Development, a Switzerland-based intergovernmental organization, reported that global maritime trade grew by 2.4%, reaching 12.3 billion tons in 2023. The growth is projected to continue at 2.4% through 2029. As a result, the rise in seaborne trade activities is contributing to the growth of the electric boat market.

Companies in the electric boat market are focusing on developing innovative products, such as eco-friendly recreational boats, to meet the rising consumer demand for sustainable, low-emission marine transportation solutions. Eco-friendly recreational boats foster the growth of electric boats by promoting sustainable practices, reducing fossil fuel dependency, and making electric boats a more attractive option for environmentally conscious consumers. For instance, in March 2024, Genevo Marine Pty Ltd, an Australia-based private company, launched the Genevo E8, Australia’s first high-performance electric motor yacht. This 8.2-meter luxury vessel is powered by a 400kW electric motor and a 132kWh lithium-ion battery, offering an estimated range of over 100 nautical miles at cruising speeds. The E8 features a composite hull made from recycled aerospace carbon fiber, highlighting sustainability. Additional features include a 1kW integrated solar system, a 16-inch Garmin touchscreen, and a Polk audio sound system.

In April 2024, Yamaha Motor Co. Ltd., a Japan-based mobility manufacturer, acquired Torqeedo for an undisclosed amount. This acquisition strengthens Yamaha’s electric marine propulsion capabilities, accelerates its carbon neutrality initiatives, and advances its Marine CASE Strategy to lead the development of sustainable, zero-emission marine products. Torqeedo GmbH, based in Germany, is a leading manufacturer and distributor of electric boat motors, batteries, and related accessories.

Major companies operating in the electric boat market report include ABB LTD, GardaSolar srl, Damni Yachts, Pure Watercraft Inc, Candela Technology AB, Echandia Marine AB, RAND Boats ApS, Nautique Boat Company Inc., Duffy Electric Boat Company, Frauscher Bootswerft GmbH And Co KG, ElectraCraft Power Boats, Navalt Solar and Electric Boats Pvt Ltd, AQUAWATT Green Marine Technologies GmbH, Boote Marian GmbH, Eco Marine Power Co Ltd, Greenline Yachts, Grove Boats SA, Oceanvolt Oy, Ruban Bleu SARL, Soel Yachts B.V., X Shore AB, Vision Marine Technologies Inc.

North America was the largest region in the electric boat market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric boat market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric boat market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The electric boat market consists of sales of electric motor systems, battery packs, electric drive systems, solar panels, and electric boat hulls and vessels. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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