According to BlueWeave Consulting, Global Electric Boat
Market size is expected to reach USD million in 2026 from USD
8.31 billion in 2019, at CAGR of 11.7% during projection period 2020-26.
Increasing recreational activities, a higher standard of living, and rising
disposable income in developed nations drive this market's growth. Rising
boat-leasing and the use of boats as a means of transportation also enhance the
demand for the electric boat. Besides, the increasing related to carbon
emissions, advanced technology of motors & battery, and economic factor
affect the Global Electric Boat Market.
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Electric boats are mainly
used for recreational purposes and ferrying a small number of passengers. They
are operated through the battery-powered rotor to move in aqua bodies. Electric
boats are increasingly replacing the conventional boats having combustion
engine. The market for electric boats comprises boat manufacturers, engine
suppliers, trade partners, component/equipment manufacturers, and service
providers. However, it is highly unorganized and uneven.
The Global Electric Boat
Market is witnessing substantial technological changes. Different innovations
are deployed for battery, motor, and components by manufacturers. Some
manufacturers use automated sensors in boat-building to enhance safety. They
also employ various materials to make a cost-effective and fuel-efficient boat.
Awareness about technology advancements in boats and other useful features
coupled with easy financing options propel the demand of the electric boat.
Besides, government policies in favor of aqua tourism, the growing use of
electric boats in water sports, and the development of tourism infrastructure
induce market growth.
The Global Electric Boat
Market is divided into three categories based on Propulsion Type, Battery Type,
and Power Output.
Based on Propulsion Type,
the market is segmented into the Hybrid and Pure Electric boats. Hybrid boats
are widely used because of their reliability, low operational costs, and higher
load capacity. The hybrid segment is expected to record the highest CAGR and
maintain its market share during the projected period.
Access Detailed of this Market Segmentation @ https://www.blueweaveconsulting.com/global-electric-boat-market-bwc20131/
The market is divided
into three subcategories viz., Lead-acid, Lithium-ion, and Nickel-Based Battery
boats based on Battery type. Lithium-ion battery-based boats dominate the
market as the battery offers advantages of fuel-efficiency, fast charging,
longer useful life, and higher load capacity. It is anticipated to record
substantial growth during the forthcoming period.
Several state governments
across the globe implement various compliances related to environmental
protection. One of them is to reduce sulfur or carbon content in the fuels used
by marine or recreational boats. Electric boats do not use fossil fuel and are
ecofriendly. Therefore, governments encourage their use, which works in favor
of market growth. Moreover, the market players are increasing their investment
to meet rising demand in developed countries. Technological advancements
provide a more economical and fuel-efficient boat. These factors are expected
to strengthen the market growth in the forthcoming period.
However, relatively high
cost of boats and difficult replacement of propulsion components restrict the
market growth.
"Europe dominates
the Global Electric Boat Market."
Different countries in
Europe increasingly raise demand for electric boats for recreational and
passenger-ferrying purposes and make Europe a hub for electric boats. Also, the
various governments favor reducing carbon or sulfur emissions inducing demand
for the eco-friendly electric boat. North America is the second-largest market
for electric boats due to their increasing use for leisure activities. Also,
higher living standards and disposable incomes are expected to strengthen the
market during the projection period as usual. Asia Pacific region is also
anticipated to witness the highest CAGR due to abundant water resources and
rising water-based activities.
"The Leading
Players" in the market are Canadian Electric Boat Company (US),
Ruban Bleu (UK), Baja Marine Inc. (US), Grove Boats SA (Switzerland), Bavaria
Yachtbau GmbH(Germany), Bombardier Recreational Products (BRP) Inc.(Canada),
Brunswick Corporation(US), Farr Yacht Design, Ltd.(US), Groupe Beneteau
(France), ElectraCraft Boats (US) and others.
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