Key Market Insights
"Environmental concerns and strict laws for clean energy source is driving the electric boat market, worldwide"
Growing concern about environment and advancement in battery technology have influenced any industries across the globe to adopt green-tech in their application. With traditional combustion-based boats emits high pollution, there is a need for an alternate energy source to propel boats. The electric boat is one such industry where manufacturers are shifting towards batteries for improving the carbon footprint of the industry. Along with this, with the passage of the Paris Climate Agreement, many countries of the world are forming laws to promote eco-friendly technologies, the boat industry is not an exclusion from it.
On the other hand, the wider application of electric boats is hindered by the high prices of boats with longer runtime and higher speed. However, the global electric boat market expected to cross US$ 16.71 Bn by 2030, growing at a CAGR of 11.9% from 2024 to 2032.
Battery Type Analysis
"New age lithium-ion battery technology is preferred by manufacturers"
The use of lithium-ion batteries is the current trend in the boating industry. Lithium-ion batteries offer high energy density, longer life, and low maintenance making it the preferred choice of the manufacturers such as Torqeedo to adopt lithium-ion batteries in its boats. In 2017, Torqeedo adopted BMW’s lithium-ion battery for its marine market. Further, light-weight, fast-charging and low toxicity level adds up to the advantages of the use of a lithium-ion battery in electric boats.
Although the lithium-ion battery has a number of advantages, battery manufacturers are focusing on new battery technology such as silicon-anode, solid-state and other possible technologies to further improve the performance. These upcoming battery technologies expected to reduce the market share of lithium-ion batteries in the future.
Regional Analysis
"Increasing adoption in the U.S. made North America the largest regional market"
North America is the largest regional market in 2023 owing to its high demand for electric boats. The regional population now prefer new electric boats for leisure and recreational purposes that includes ski boats, pontoon boats, sailboats and houseboats used for vacationing and for residential purpose for long-term. High local demand influenced corporate investment and partnership in the region.
For instance, in November 2019, Exro Technologies Inc. partnered with The Templar Marine Group Ltd. for optimizing the performance of electrical engines. Such company-to-company partnerships helps to grow the market in 2018. Moreover, in April 2018, Canadian Electric Boat Co. won the “Future of the Industry” award from the AMQ. The award recognized the company’s development of boating and its vision to the marine industry.
"Emerging partnership trend is keeping the market competitive"
The overall electric boat market is fragmented and market players are focusing on partnership and improving their boat capability to bolster their market position. For instance, Torqeedo is using BMW i3 and i8 battery technologies for its electric boats. This new “Deep Blue 40 kWh” battery has 30% more capacity and an energy density of 144 Wh per kg. Further, in December 2018, Torqeedo displayed its 100 KW motor for its deep blue drive system.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Boat market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Type
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Battery
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Runtime
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Passenger Capacity
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
