Electric Boat Market, Till 2035: Distribution by Type of Boat, Type of Battery, Type of Boat Power, Type of Boat Size, Type of Application and Geographical Regions: Industry Trends and Global Forecasts

The global electric boat market size is estimated to grow from USD 6.01 billion in the current year to USD 20.1 billion by 2035, at a CAGR of 11.59% during the forecast period, till 2035.

Electric Boat Market: Growth and Trends

Traditional vessels have posed a danger to marine ecosystems for years due to their oil residue contaminating the water. Furthermore, they produce greenhouse gases which significantly contribute to climate change. To address these environmental issues, the adoption of electric boats is on the rise. These watercrafts use electric motors and can operate on renewable energy sources like solar panels, wind energy, hydroelectric power, and batteries. It is important to note that the demand for electric boats is fueled by their zero-emission status for greenhouse gases and the absence of oil pollution.

Technological innovations, such as new software designed to monitor the condition of boats and enhanced on-board display systems, are expected to propel the market in the coming years. Moreover, improvements in electric boat technology, which include higher energy density and rapid charging capabilities, have been crucial for the market's growth. Notably, advanced features like fuel stabilization, fogging treatments, and anti-freeze applications are reinforcing the future potential of electric boats.

Owing to supportive regulatory measures, increased maneuverability and improved performance of electric motors are continually boosting electric propulsion in marine applications. Additionally, the easy accessibility and lower maintenance costs have been vital in advancing the electric boat industry. Furthermore, one of the recent innovations in marine battery technology is the creation of lithium-ion batteries that achieve a 98% efficiency rate and possess high energy density. As a result, swift investments in electric boat infrastructure and the development of more efficient electric boats, the electric boat market is expected to grow during the forecast period.

Electric Boat Market: Key Segments

Market Share by Type of Boat

Based on type of boat, the global electric boat market is segmented into fully electric and hybrid categories. According to our estimates, currently, the hybrid segment captures the majority of the market share and this trend is expected to persist throughout the forecast period.

This can be attributed to their ability to operate using both combustion engines and electric batteries. This versatility enables a reduction in emission levels and helps mitigate environmental effects by implementing sustainable boating practices. Moreover, hybrid electric boats are more cost-effective compared to traditional boats, which is positively influencing the sector's growth.

However, the fully electric segment is expected to grow at a higher CAGR during the forecast period. This can be attributed to factors such as fuel stabilization, fogging treatments, and filter replacements. Additionally, battery-operated boats produce zero emissions, making them an appealing option for eco-friendly waterway transportation. Furthermore, electric boats have fewer moving parts that do not require oil changes or lubricants, thereby significantly reducing maintenance expenses.

Market Share by Type of Battery

Based on type of battery, the global electric boat market is segmented into lead-acid battery, lithium-ion battery, nickel-based battery and others. According to our estimates, currently, the lead-acid battery segment captures the majority of the market share. This can be attributed to their easy accessibility and very low cost. Although they are gradually being phased out, lead-acid batteries remain the preferred option for recreational electric boats.

However, the lithium-ion battery segment is expected to grow at a higher CAGR during the forecast period. This is due to their longer battery life, which facilitates extended trips on a single charge. Additionally, their lightweight design and 98% efficiency rates are significant contributing factors.

Market Share by Type of Boat Power

Based on type of boat power, the global electric boat market is segmented into 0kw-5kw, 5kw-30kw and >30kw. According to our estimates, currently, 5kw-30kw segment captures the majority of the market share, owing to their ability to charge using renewable energy sources like hydroelectric, solar, and wind power. This category includes leisure boats, fishing boats, and certain commercial vessels, broadening its market scope.

However, >30kw segment is expected to grow at a higher CAGR during the forecast period, owing to the advantages like fast charging and high energy density. Additionally, features such as instant torque, rapid acceleration, zero emissions, and low noise levels make this segment an attractive option for use in commercial electric vessels.

Market Share by Type of Boat Size

Based on type of boat size, the global electric boat market is segmented into up to 20 feet, 20-50 feet and above 50 feet. According to our estimates, currently, up to 20 feet segment captures the majority of the market share. This can be attributed to their popularity for leisure activities, sightseeing, and short excursions, as they are lightweight and boast longer battery durations. Furthermore, the current trend towards personal yachts has significantly contributed to the market's expansion.

However, the market for boats over 50 feet is expected to grow at a higher CAGR during the forecast period. This trend can be attributed to the increasing adoption of zero-emission boating technologies in commercial vessels and waterway transport.

Market Share by Type of Application

Based on type of application, the global electric boat market is segmented into commercial boats, military and defense boats and recreational boats. According to our estimates, currently, recreational boats captures the majority of the market share. This can be attributed to the environmental advantages of electric boats, as they leave no oil residue in the water and produce zero greenhouse gas emissions.

Additionally, it is important to note that advancements in technology, such as software for monitoring the boat and onboard touchscreen displays, will further drive the growth of this sector.

Market Share by Geographical Regions

Based on geographical regions, the electric boat market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently Europe captures the majority share of the market. This can be attributed to the governmental policies aimed at reducing marine emissions and lessening the environmental impact of boating. Additionally, the presence of major companies such as Torqeedo, Duffy Electric Boats, and RAND Boats has bolstered the market.

Nonetheless, North America is anticipated to experience a higher compound annual growth rate during the forecast period. Key factors driving this growth include the increasing adoption of electric boats in defense and military applications. Furthermore, growing concerns for marine ecosystems and the environment are expected to further propel this growth.

Electric Boat Market: Research Coverage

The report on the electric boat market features insights on various sections, including:

• Market Sizing and Opportunity Analysis: An in-depth analysis of the electric boat market, focusing on key market segments, including [A] type of boat, [B] type of battery, [C] type of boat power, [D] type of boat size, [E] type of application and [F] geographical regions
• Competitive Landscape: A comprehensive analysis of the companies engaged in the electric boat market, based on several relevant parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters and [D] ownership structure.
• Company Profiles: Elaborate profiles of prominent players engaged in the electric boat market, providing details on [A] location of headquarters, [B] company size, [C] company mission, [D] company footprint, [E] management team, [F] contact details, [G] financial information, [H] operating business segments, [I] electric boat portfolio, [J] moat analysis, [K] recent developments, and an informed future outlook.
• Megatrends: An evaluation of ongoing megatrends in the electric boat industry.
• Patent Analysis: An insightful analysis of patents filed / granted in the electric boat domain, based on relevant parameters, including [A] type of patent, [B] patent publication year, [C] patent age and [D] leading players.
• Recent Developments: An overview of the recent developments made in the electric boat market, along with analysis based on relevant parameters, including [A] year of initiative, [B] type of initiative, [C] geographical distribution and [D] most active players.
• Porter’s Five Forces Analysis: An analysis of five competitive forces prevailing in the electric boat market, including threats of new entrants, bargaining power of buyers, bargaining power of suppliers, threats of substitute products and rivalry among existing competitors.
• SWOT Analysis: An insightful SWOT framework, highlighting the strengths, weaknesses, opportunities and threats in the domain. Additionally, it provides Harvey ball analysis, highlighting the relative impact of each SWOT parameter.
• Value Chain Analysis: A comprehensive analysis of the value chain, providing information on the different phases and stakeholders involved in the electric boat market

Key Questions Answered in this Report

• How many companies are currently engaged in electric boat market?
• Which are the leading companies in this market?
• What factors are likely to influence the evolution of this market?
• What is the current and future market size?
• What is the CAGR of this market?
• How is the current and future market opportunity likely to be distributed across key market segments?

Reasons to Buy this Report

• The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
• Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
• The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.

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