Electric Boat Market Size, Share & Industry Analysis, By Boat Type (Pure Electric, Hybrid), By Battery Type (Nickel-Based, Lead Acid, Lithium-Ion), By Application Type (Passenger, Cargo, Other) and Regional Forecast, 2024-2032

Electric boats uses battery power for the propulsion of rotor so as to achieve momentum. Electric boats requires same batteries that are used in electric vehicle. As these boats do not have a combustion engine, their engines are clean, silent and provide efficient propulsion. The conventional fuel engines of boats and ships that run on marine fuel and marine diesel are increasing the density of polluting agents like NOx and SOx in water body thus endangering the marine species. The ship manufacturing companies are shifting towards sustainable sources of energy from the conventional source of energy owing to the rising concern of environment and marine pollution. Also, the manufacturers are spending a high percentage on research to develop advanced battery system having high reliability, and longer life. The government of various regions are imposing stringent norms to curb the rising pollution, taking initiatives to promote the use of battery powered boats and also providing subsidies for developing advanced technology in batteries and other systems. Moreover, the increasing urbanization, improved standard of living, and rise in the disposable income of people are propelling the demand for recreational boating activities. The electric boat are not only used for recreational and fishing activities but also for various purposes such as patrolling of seas, monitoring criminal activities like smuggling, and to carry out rescue operations efficiently. Furthermore, the growing tourism activities, increasing trend of boat leasing and boat transportation are also creating demand for electric boats across the globe. All these factors are expected to show a tremendous growth in the electric boat market.

Key Market Driver -

Rising demand for zero emission and high performance boats are driving the growth of the electric boat market.

Key Market Restraint -

High cost of batteries coupled with high purchasing cost may hamper the growth of the electric boat market during the forecast period

Market Segmentation:

Globally, the electric boat market is segmented by type, by battery type, by application type, and by geographic coverage. By boat type, the segment is further divided into pure electric and hybrid boat. The hybrid electric boat is widely used across the globe and is expected to maintain its leading position in the forecast period. The hybrid is a combination of electric motor and a combustion engine. These boats have many advantages such as high fuel efficiency, low operational cost, longer range, high energy storage, and emit less harmful gases than conventional boats. These factors are one of the main reasons that are fuelling demand of hybrid electric boats in the global market. By battery type, the segment is further bifurcated into nickel based, lead acid and lithium-ion batteries. The lithium-ion batteries are widely used in the electric boats across the world and are expected to maintain its dominance over the forecast period. The lithium-ion batteries have been an innovative development in the field of electric vehicles and electric boats. These batteries offer high load density, longer durability, fast charging, low toxicity level and are lighter in weight which makes them a preferred choice of the manufacturers. By application type, the market is further segmented into passenger, cargo and other types. The passenger segment dominates the global electric boat market. The increase in the urbanization, improved standard of living, and rise in the purchasing power are creating demand for electric boats. Also, the rising trend and inclination of people towards recreational activates are propelling the growth of the market. The growing tourism industry is also one of the major reasons for the growth of electric boat market. Other than this, the electric boats have gained high significance in other activities such as patrolling of seas, monitoring criminals, and for rescue operations.

Key Players:

Major players operating in the global electric boat market include Frauscher Sensortechnik GmbH, Canadian electric boats. Co, Ruban Bleu, Echandia, Symphony Boat Company, GardaSolar s.r.l., Duffy Electric Boat Company, aquawatt, NavAlt Boats, Soel Yachts B.V., RAND, Torqeedo GmbH, LTSMARINE, and Lear Baylor, Inc., among others.

Key Insights

• New Advancements in electric boat


• Number of Products, Key Countries, 2018


• New Product Launches, Key Players

Regional Analysis:

Geographically, the electric boat market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Europe holds the largest share of the global electric boat market and is expected to maintain its leading position in the forecast period. The European Government is largely focusing on reducing the fuel emission that is impacting the environment. The government is also taking initiatives to promote clean and zero-emission power sources which is ultimately generating high demand for electric boats in this region. Moreover, the manufacturing companies are also working towards developing advanced battery system to provide high performance and longer range batteries for boats. Many cities in this region are adjacent to water bodies and seas which are likely to offer lucrative opportunities for the electric boats in this region.

 North America is holds the second largest share of the global electric boat market owing to the high rate of recreational activities in this region. The electric boats are also widely used by the marine cops for patrolling, and by the lifesaving guards for rescue operations. Moreover, the government is also taking various initiatives and providing subsidies to promote tourism businesses in the coastal regions ultimately increasing the demand electric boats in this region.

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Segmentation

Key Industry Developments:

• November 2019: Frauscher Sensortechnik GmbH a German boat building company, launches 740 Mirage, its first all-electric sports boat. This boat is powered by a Torqueedo Deep Blue 2400 100kW direct drive motor with 2 lithium-ion batteries that provide 40kWh power.