The Electric Boat Market size is projected to reach US$ 16,381.34 million by 2031 from US$ 5,918.08 million in 2023. The market is expected to register a CAGR of 13.6% during 2023–2031. The increasing installation of superchargers at smaller ports is likely to remain a key trend in the market.
Electric boat companies are growingly focusing on improving battery efficiencies and range by enhancing charging infrastructure. The presence of a large number of electric boat manufacturers is competing at a large scale primarily based on charging technology (features) and availability of presence across the globe. It includes Candela, Frauscher, Duffy Electric Boat company and other players.
The major stakeholders in the global electric boat market ecosystem include raw material providers, component providers, and customers or end-users. The raw material provider is a crucial stakeholder in the ecosystem of the electric boat market. The major parts of the electric boat include plastic, steel, aluminum, wood, rubber, and among other parts. Component providers involve marine parts boat manufacturers, and charger providers. The key main end-users demanding electric boats are boat owners and boat rental service providers. The major raw material suppliers include Duffy Electric Boat Company, Evoy, RAND Boats, and other players.
The growing environmental pollution due to fossil fuels is one of the major concerns for the government. To reduce the level of environmental pollution, various governments are emphasizing consumers adopting cleaner, sustainable, and environment-friendly alternatives by giving special rebates on sales, incentives, lucrative offers, and tax benefits. China, Japan, the European Union, India, Canada, and South Korea are some of the major geographies where governments are actively working towards boosting the adoption of electric boats, which is anticipated to thrust the evolution of the electric boat market over the forecast period. The growing focus on mitigating greenhouse gas emissions is also acting as a major growth driver for the electric boat market globally.
Solar-electric boats have several benefits, including the requirement of low maintenance due to no oil impeller change or diesel filter alteration, less vibrations, good fuel economy, avoiding local contamination, and a reduction in the boats' overall weight. Solar energy supports in controlling the flow of electricity to rechargeable batteries such as Lithium-ion. Further, solar-electric boats can operate at low operational expenditures, which makes them the most preferred option for users compared to fuel-based boats, wherein there is a high need for regular maintenance. These advantages are anticipated to reinforce the demand for solar-electric boats in the coming years.
Key segments that contributed to the derivation of the electric boat market analysis are boat type, battery type and application.
The geographic scope of the electric boat market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The scope of the electric boat market report encompasses North America (the US, Canada, and Mexico), Europe (Russia, the UK, France, Germany, Italy, and the Rest of Europe), Asia Pacific (South Korea, India, Australia, Japan, China, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Argentina, Brazil, and the Rest of South & Central America). In terms of revenue, North America dominated the electric boat market share in 2023. Europe is the second-largest contributor to the global electric boat market, followed by Asia Pacific.
The regional trends and factors influencing the Electric Boat Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electric Boat Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 5,918.08 Million |
| Market Size by 2031 | US$ 16,381.34 Million |
| Global CAGR (2023 - 2031) | 13.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Boat Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electric Boat Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electric Boat Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The electric boat market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the electric boat market are listed below:
The “Electric Boat Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the electric boat market in 2023.
The increasing installation of superchargers at smaller ports is the future trend of the electric boat market.
Frauscher Bootswerft GmbH & Co KG, Duffy Electric Boat Co, Rand Boats A/S, Vision Marine Technologies Inc., Quadrofoil d.o.o, Budsin Wood Craft, Candela Technology AB, Aquawatt, Budsin Wood Craft and RUBAN BLEU are some of the leading players in the market.
US$ 16,381.34 million estimated value of the electric boat market by 2031.
13.6% is the expected CAGR of the electric boat market.