Electric Boat Market Overview:
The
electric boat market has gained momentum as the maritime industry increasingly
embraces sustainable and eco-friendly alternatives. With a focus on reducing
emissions and environmental impact, electric boats, propelled by electric motors
and powered by batteries, have emerged as a compelling option for both
recreational and commercial marine applications. Electric boats offer quieter
operation, lower maintenance costs, and, most importantly, zero emissions
during operation, making them an attractive choice for environmentally
conscious consumers and businesses.
The
global electric
boat market will touch USD 12,552.2
billion at a 9.6% CAGR by 2032, as per the present Market Research Future
report.
As
advancements in battery technology continue, electric boats are experiencing
improvements in range, efficiency, and charging capabilities, addressing some
of the initial challenges associated with electric propulsion in maritime
settings. Governments and organizations worldwide are also promoting the
adoption of electric boats through incentives and regulations, further
contributing to the growth of the electric boat market. With a strong emphasis
on sustainability and a shift towards clean energy solutions, the electric boat
market is poised for expansion, presenting a greener and more efficient future
for the maritime sector.
Get a Free Sample of Electric
Boat Market
Drivers
Environmental Awareness to Boost Market Growth
Numerous
firms worldwide have been encouraged to switch to green technology particularly
in their applications due to rising pollution levels and increased awareness of
the need to conserve the environment. These boats contribute to a decrease in
the atmospheric emissions of hazardous gases. Many countries all around the
world have put in place emission guidelines or rules that control air pollution
and outline the maximum quantity that can be discharged into the atmosphere.
Many nations have switched to battery-based technology as a result of this.
Smoke, noise, and odor are absolutely absent from battery-powered boats.
Opportunities
Rise in Seaborne Trade Activities to offer Robust
Opportunities
During
the projection period, an increase in seaborne commercial activities brought on
by rising consumer expenditure on products and the expansion of the e-commerce
sector would encourage the use of electric boats.
Restraints and Challenges
High Cost to act as Market Restraint
The
high electric propulsion systems cost and limited capacity of batteries may act
as market restraints over the forecast period.
Market Segmentation
The
global electric boat market has been bifurcated based on type.
By
type, electric onboard will lead the market over the forecast period for the
rapid advances in hybrid and electric technologies.
COVID-19 Analysis
The
COVID-19 pandemic's effects include a slowdown in key players' operations, a
lack of components, and a delay in the development and deployment of electric
boats and propulsion systems. Production of the electric boats has been delayed
as a result of supply chain delays brought on by the pandemic. The COVID-19
epidemic possessed a significant impact on the maritime industry, which has
grown to be a significant component of supply chains in many nations. Because
production, which is essential to the shipping sector, was halted to protect
people against SARS-CoV-2, there are now significant obstacles. Regulations
governing the import and export of commodities have also contributed to a
shortage of components, delaying the production and introduction of electric
boats. The failure to mend vessels, which results in operational failure, is a
major problem facing the shipping and boating industry. In the transportation
industry, unforeseen malfunctions generate delays and difficulties. The
COVID-19 pandemic's travel restrictions made it difficult for engineers to
carry out normal maintenance. However, the boating industry has seen tremendous
growth in 2021 thanks to government easing measures to help the economy. Nearly
about 100 million Americans each year go boating, and fishing continues to be
the most popular leisure activity in the country. People are seeking out more
aquatic activities as remote work & flexible hours become increasingly
prevalent.
Regional Analysis
Europe to Head Electric Boat Market
Due
to the rising need for zero-emission & high-performance boats, the presence
of the major market participants, and the increasing popularity of these boats
in the area, Europe is anticipated to have the greatest share of the worldwide
electric boat market. Germany has become a significant contributor to the
market growth in Europe as a result of rising environmental awareness among the
populace and government initiatives to boost electrically driven transportation
alternatives. Additionally, it is projected that the region's growing need for
electric recreational & leisure vessels will fuel market growth. These
industries include maritime tourism, water sports, and fishing.
North America to Have Admirable Growth in Electric Boat
Market
Due
to the existence of prominent boat producers like Brunswick Corporation &
Yamaha as well as growing environmental concern surrounding emissions, North
America is predicted to hold a sizeable market share. Additionally, both
individual and business customers are rapidly embracing electric boats in the
US. Due to the significant demand for electric boats in North America, this
region will have an admirable growth. The local populace increasingly favors
brand-new electric boats for pleasure and recreation, including houseboats,
pontoon boats, ski boats, sailboats, and boats used for vacationing and
long-term habitation. High regional demand had an impact on business investment
and collaboration. The increase in environmental concerns, the high cost of
fuel, and government rules and regulations aimed at decreasing emissions in
marine transportation are all blamed for the expansion. Due to rising need for
electric boats from commercial and recreational uses, the region is anticipated
to have considerable growth throughout the forecasted period.
Key Players
Prominent
industry players profiled in the global electric boat market report include
Torqeedo GmbH, Yamaha Motor Corporation, Hyundai Heavy Industries Co., Ltd.,
Brunswick Corporation, Honda Motor Co., Ltd., Volvo Penta, Fjord Boats, DIrceu
Motorboats and Bayern.
Industry Updates
March
2023- To cut down pollution in Udaipur lakes, the city administration lately
inaugurated its 18-seater electric boat on Lake Pichola with an aim to conserve
the lake. The boat has high speed, is comfortable and stable. The best part it
is decorated beautifully in Rajasthani style.
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