Electric Boat Market Growth Opportunities and Forecast by 2031

The Electric Boat Market size is projected to reach US$ 16,381.34 million by 2031 from US$ 5,918.08 million in 2023. The market is expected to register a CAGR of 13.6% during 2023–2031. The increasing installation of superchargers at smaller ports is likely to remain a key trend in the market.

Electric Boat Market Analysis

Electric boat companies are growingly focusing on improving battery efficiencies and range by enhancing charging infrastructure. The presence of a large number of electric boat manufacturers is competing at a large scale primarily based on charging technology (features) and availability of presence across the globe. It includes Candela, Frauscher, Duffy Electric Boat company and other players.

Electric Boat Market Overview

The major stakeholders in the global electric boat market ecosystem include raw material providers, component providers, and customers or end-users. The raw material provider is a crucial stakeholder in the ecosystem of the electric boat market. The major parts of the electric boat include plastic, steel, aluminum, wood, rubber, and among other parts. Component providers involve marine parts boat manufacturers, and charger providers. The key main end-users demanding electric boats are boat owners and boat rental service providers. The major raw material suppliers include Duffy Electric Boat Company, Evoy, RAND Boats, and other players.

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Electric Boat Market: Strategic Insights

Electric Boat Market Drivers and Opportunities

Growing government focus on mitigating greenhouse gas emissions to Favor Market

The growing environmental pollution due to fossil fuels is one of the major concerns for the government. To reduce the level of environmental pollution, various governments are emphasizing consumers adopting cleaner, sustainable, and environment-friendly alternatives by giving special rebates on sales, incentives, lucrative offers, and tax benefits. China, Japan, the European Union, India, Canada, and South Korea are some of the major geographies where governments are actively working towards boosting the adoption of electric boats, which is anticipated to thrust the evolution of the electric boat market over the forecast period. The growing focus on mitigating greenhouse gas emissions is also acting as a major growth driver for the electric boat market globally.

Rising Inclination Toward Solar-Electric Boats

Solar-electric boats have several benefits, including the requirement of low maintenance due to no oil impeller change or diesel filter alteration, less vibrations, good fuel economy, avoiding local contamination, and a reduction in the boats' overall weight. Solar energy supports in controlling the flow of electricity to rechargeable batteries such as Lithium-ion. Further, solar-electric boats can operate at low operational expenditures, which makes them the most preferred option for users compared to fuel-based boats, wherein there is a high need for regular maintenance. These advantages are anticipated to reinforce the demand for solar-electric boats in the coming years.

Electric Boat Market Report Segmentation Analysis

Key segments that contributed to the derivation of the electric boat market analysis are boat type, battery type and application.

• Based on the boat type, the electric boat market is divided into pure electric and hybrid. The pure electric segment held a larger market share in 2023.
• Based on battery type, the electric boat market is divided into nickel based, lead acid, and lithium-ion. The lithium-ion segment held a larger market share in 2023.
• Based on application, the electric boat market is divided into fishing, recreational, and others. The recreational segment held a larger market share in 2023.

Electric Boat Market Share Analysis by Geography

The geographic scope of the electric boat market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The scope of the electric boat market report encompasses North America (the US, Canada, and Mexico), Europe (Russia, the UK, France, Germany, Italy, and the Rest of Europe), Asia Pacific (South Korea, India, Australia, Japan, China, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Argentina, Brazil, and the Rest of South & Central America). In terms of revenue, North America dominated the electric boat market share in 2023. Europe is the second-largest contributor to the global electric boat market, followed by Asia Pacific.

Electric Boat Market Regional Insights

The regional trends and factors influencing the Electric Boat Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Electric Boat Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Electric Boat Market Report Scope

Electric Boat Market Players Density: Understanding Its Impact on Business Dynamics

The Electric Boat Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Electric Boat Market News and Recent Developments

The electric boat market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the electric boat market are listed below:

• Danish boat builder Rand Boats A/S has introduced a new electric runabout boat called the Spirit 25, also available in a gas-powered version. (Source: Rand Boats A/S, Press Release, March 2022)
• Groupe Beneteau partnered with Vision Marine Technologies to develop fully electric outboard-equipped boats. (Source: Vision Marine Technologies, Press Release, July 2022)

Electric Boat Market Report Coverage and Deliverables

The “Electric Boat Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Electric boat market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Electric boat market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Electric boat market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the electric boat market
• Detailed company profiles