According to BlueWeave Consulting, Global Electric Boat Market size is expected to reach USD million in 2026 from USD 8.31 billion in 2019, at CAGR of 11.7% during projection period 2020-26. Increasing recreational activities, a higher standard of living, and rising disposable income in developed nations drive this market's growth. Rising boat-leasing and the use of boats as a means of transportation also enhance the demand for the electric boat. Besides, the increasing related to carbon emissions, advanced technology of motors & battery, and economic factor affect the Global Electric Boat Market.
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Electric boats are mainly used for recreational purposes and ferrying a small number of passengers. They are operated through the battery-powered rotor to move in aqua bodies. Electric boats are increasingly replacing the conventional boats having combustion engine. The market for electric boats comprises boat manufacturers, engine suppliers, trade partners, component/equipment manufacturers, and service providers. However, it is highly unorganized and uneven.
The Global Electric Boat Market is witnessing substantial technological changes. Different innovations are deployed for battery, motor, and components by manufacturers. Some manufacturers use automated sensors in boat-building to enhance safety. They also employ various materials to make a cost-effective and fuel-efficient boat. Awareness about technology advancements in boats and other useful features coupled with easy financing options propel the demand of the electric boat. Besides, government policies in favor of aqua tourism, the growing use of electric boats in water sports, and the development of tourism infrastructure induce market growth.
The Global Electric Boat Market is divided into three categories based on Propulsion Type, Battery Type, and Power Output.
Based on Propulsion Type, the market is segmented into the Hybrid and Pure Electric boats. Hybrid boats are widely used because of their reliability, low operational costs, and higher load capacity. The hybrid segment is expected to record the highest CAGR and maintain its market share during the projected period.
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The market is divided into three subcategories viz., Lead-acid, Lithium-ion, and Nickel-Based Battery boats based on Battery type. Lithium-ion battery-based boats dominate the market as the battery offers advantages of fuel-efficiency, fast charging, longer useful life, and higher load capacity. It is anticipated to record substantial growth during the forthcoming period.
Several state governments across the globe implement various compliances related to environmental protection. One of them is to reduce sulfur or carbon content in the fuels used by marine or recreational boats. Electric boats do not use fossil fuel and are ecofriendly. Therefore, governments encourage their use, which works in favor of market growth. Moreover, the market players are increasing their investment to meet rising demand in developed countries. Technological advancements provide a more economical and fuel-efficient boat. These factors are expected to strengthen the market growth in the forthcoming period.
However, relatively high cost of boats and difficult replacement of propulsion components restrict the market growth.
"Europe dominates the Global Electric Boat Market."
Different countries in Europe increasingly raise demand for electric boats for recreational and passenger-ferrying purposes and make Europe a hub for electric boats. Also, the various governments favor reducing carbon or sulfur emissions inducing demand for the eco-friendly electric boat. North America is the second-largest market for electric boats due to their increasing use for leisure activities. Also, higher living standards and disposable incomes are expected to strengthen the market during the projection period as usual. Asia Pacific region is also anticipated to witness the highest CAGR due to abundant water resources and rising water-based activities.
"The Leading Players" in the market are Canadian Electric Boat Company (US), Ruban Bleu (UK), Baja Marine Inc. (US), Grove Boats SA (Switzerland), Bavaria Yachtbau GmbH(Germany), Bombardier Recreational Products (BRP) Inc.(Canada), Brunswick Corporation(US), Farr Yacht Design, Ltd.(US), Groupe Beneteau (France), ElectraCraft Boats (US) and others.
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