Electric Boat Market Share, Size, Industry Analysis Report 2028

Electric Boat Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Boat Type (Pure Electric and Hybrid), Battery Type (Nickel Based, Lead Acid, and Lithium-ion), and Application (Fishing, Recreational, and Others)

Publication Month : Nov 2022

  • Report Code : TIPRE00021992
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 153
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The global electric boat market is expected to grow from US$ 5,260.52 million in 2022; it is estimated to grow at a CAGR of 13.7% from 2022 to 2028.

Several key market players are engaged in developing technologically advanced electric boats. For instance, X Shore offers Eelex 8000, a model equipped with a 120-kWh lithium-ion battery pack and an electrical inboard motor, with a top speed of 35 knots and a range of 35 nautical miles at 20–24 knots. The Eelex 8000 is 8m long, has a conventional planning hull, and is designed for a functional boating life, with open spaces and a steering wheel with a sunroof in the middle. Further, research and developments to improve battery capacity and durability and customizations of hybrid boats to boost efficiency and operational capabilities are supporting the electric boat market growth. In addition, the rising emphasis on eco-friendly or fully electric boats to reduce greenhouse gas emissions is contributing to the market growth. For instance, in June 2021, South Korea’s first commercialized hydrogen-electric boat was launched at the 2021 Busan International Boat Show by Danfoss.

Thus, the rising investment in new products and component development will enhance the electric boat performance, which will drive the electric boat market growth.

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Electric Boat Market: Strategic Insights

Market Size Value inUS$ 5,260.52 Million in 2022
Market Size Value byUS$ 11,359.85 Million by 2028
Growth rateCAGR of 13.7% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on North America Electric Boat Market

Boating and fishing are the major outdoor recreational activities in the US, Canada, and Mexico. The COVID-19 pandemic caused economic and social harm to people working in the fishery industry. The lockdown restrictions also affected the supply chain, with economic restrictions keeping many boats at a standstill in ports. Thus, the lockdown measures and halting of fishery business negatively impacted the electric boat market, affecting the recreational boating sector that supports 691,149 North American jobs. According to the United Nations Conference on Trade and Development (UNCTAD), fishing exports for 2020 decreased by approximately one-third compared to the previous year due to low demand during the pandemic, as of many hotels and restaurants remained closed or empty across the region. Furthermore, in the Caribbean islands, the tourism sector witnessed a substantial drop in recreational leisure activities such as boating and water sports.

With the upliftment of lockdown restrictions in North America, the boating industry is witnessing substantial growth. Most of the tourist locations were opened to the public in the second quarter of 2020, which boosted the demand for leisure boating in the US and Canada. For instance, the US recreational boating industry witnessed a significant increase in recreational boating activities, such as leisure boating and tourism. According to the National Marine Manufacturers Association (NMMA), the retail unit sales of new powerboats in the US reached a 13-year high in 2020, with ~320,000 units sold, up by 13.0% compared to 2019. This is anticipated to boost the electric boat market growth in North America.

Lucrative Regions for Electric Boat Providers

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Electric boat Market Insights

Stringent Government Regulations for Controlling Greenhouse Gas Emissions

Electric boats are rapidly replacing fuel-powered boats due to rising environmental concerns and stringent government regulations to control greenhouse gas emissions. Conventional boats produce a large number of exhaust gases such as sulfur oxide, carbon dioxide, and nitrogen oxide. Thus, the growing pollution levels across marine lines and seaports enable government authorities to shift toward eco-friendly options such as electric boats. Electric hybrid boats help reduce pollution levels and maintain environmental sustainability goals. Thus, government regulations for eliminating greenhouse gas (GHG) emissions are propelling the demand for electric boats.

In the past few years, organizations, including the International Maritime Organization (IMO) and European Commission (EC), are taking several actions to reduce airborne emissions from the marine sector via policy initiatives. These include the implementation of Emission Control Areas (ECAs), setting sulfur content limits in marine fuels, and the international convention for preventing pollution from boats and ships. These policy initiatives have encouraged the development and adoption of various eco-friendly electric and hybrid boats. Further, the IMO is taking early steps to reduce GHG emissions. In April 2018, the United Nations (UN) agency set an aim for curbing carbon emissions from ships and boats by approximately 50% below the 2008 level by 2050.

Boat Type-based Market Insights

Based on boat type, the electric boat market is bifurcated into pure electric and hybrid. The pure electric segment is dominating the market due to strong technological development in the product offering. However, the electric boat market in the hybrid segment will witness growth in the forecast period.

Electric Boat Market, by Type, 2021 and 2028 (%)

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Battery Type-Based Electric Boat Market Insights

Based on battery type, the electric boat market is segmented into nickel based, lead acid, and lithium-ion. Lithium-ion battery is the most prominent and advanced solution for electric boats, as it offers enhanced performance and storage capacity with limited space.

Application-Based Electric Boat Market Insights

Based on application, the electric boat segment is segmented into fishing, recreational, and others. Increasing tourism, watersport events, and inland waterways development activities are boosting the recreational segment growth.

Players operating in the electric boat market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:

  • In February 2022, Vision Marine Technologies, a Canadian tech firm, is testing the traditional boating field with its powerful electric motor.
  • In March 2021, Ruban bleu electric boats extended its range of engines developed in-house. Ruban Bleu has widened its offering through its motorization activity.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Boat Type, Battery Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Who are the major vendors in the electric boat market?

Frauscher, Duffy Electric Boat Company, Rand Boats APS, Vision Marine Technologies, Quadrofoil D.O.O, Ruban Bleu, Aquawatt Mechatronik and Yachtbau, Candela, and Budsin Wood Craft are the leading companies in the electric boat market.

What are market opportunities for electric boat market?

Increasing Installation of Superchargers at Smaller Ports.

Which region to dominate the electric boat market in the forecast period?

North America dominated the electric boat Market in 2021.

What are the future trend for electric boat market?

Solar-electric boats have numerous benefits, including less maintenance requirement due to no oil change, impeller change, or diesel filter change; fewer vibrations; good fuel economy; avoiding local contamination; and a decrease in the boats' overall weight. Solar energy helps control the flow of electricity to rechargeable batteries such as Lithium-ion. Thus, the manufacturers growing inclination towards developing solar-electric boats is anticipated to provide new growth opportunities for market growth.

What are reasons behind electric boat market growth?

1. Stringent Government Regulations for Controlling Greenhouse Gas Emissions
2. Increasing Network for Charging Points in Marine Infrastructure for Small Boats

The List of Companies - Electric Boat Market

  1. Frauscher Bootswerft GmbH & Co KG
  2. Duffy Electric Boat Co
  3. Rand Boats A/S
  4. Vision Marine Technologies Inc. 
  5. Quadrofoil d.o.o
  6. Budsin Wood Craft
  7. Candela Technology AB
  8. aquawatt
  9. LTS Marine
  10. Ruban Bleu

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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