Electric Boat Market Analysis and Forecast by Size, Share, Growth, Trends 2031

Electric Boat Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Boat Type (Pure Electric and Hybrid), Battery Type (Nickel Based, Lead Acid, and Lithium-ion), and Application (Fishing, Recreational, and Others) and Geography

  • Report Code : TIPRE00021992
  • Category : Automotive and Transportation
  • No. of Pages : 150

Electric Boat Market Size and Share Report by 2031

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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 Market Analysis

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.

Electric Boat Market Overview

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.

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Electric Boat Market: Strategic Insights

Electric Boat Market
  • CAGR
    CAGR (2023 - 2031)
    13.6%
  • Market Size 2023
    US$ 5,918.08 Million
  • Market Size 2031
    US$ 16,381.34 Million

Market Dynamics

GROWTH DRIVERS
  • Growing government focus on mitigating green house gas emission
FUTURE TRENDS
  • Increasing Installation of Superchargers at Smaller Ports
OPPORTUNITIES
  • Rising Inclination Toward Solar-Electric Boats

Key Players

  • 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
  • RUBAN BLEU

Regional Overview

Regional Overview
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Market SegmentBoat Type
  • Pure Electric and Hybrid
Market SegmentBattery Type
  • Nickel Based
  • Lead Acid
  • Lithium-ion
Market SegmentApplication
  • Fishing
  • Recreational
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Electric Boat Market Drivers and Opportunities

Growing government focus on mitigating greenhouse gas emissions to Favor Market

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.

Rising Inclination Toward Solar-Electric Boats

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.

Electric Boat Market Report Segmentation Analysis

Key segments that contributed to the derivation of the electric boat market analysis are boat type, battery type and application.

  • Based on the boat type, the electric boat market is divided into pure electric and hybrid. The pure electric segment held a larger market share in 2023.
  • Based on battery type, the electric boat market is divided into nickel based, lead acid, and lithium-ion. The lithium-ion segment held a larger market share in 2023.
  • Based on application, the electric boat market is divided into fishing, recreational, and others. The recreational segment held a larger market share in 2023.

Electric Boat Market Share Analysis by Geography

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.

Electric Boat Market Report Scope

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
  • Pure Electric and Hybrid
By Battery Type
  • Nickel Based
  • Lead Acid
  • Lithium-ion
By Application
  • Fishing
  • Recreational
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • 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
  • RUBAN BLEU
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Electric Boat Market News and Recent Developments

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:

  • Danish boat builder Rand Boats A/S has introduced a new electric runabout boat called the Spirit 25, also available in a gas-powered version. (Source: Rand Boats A/S, Press Release, March 2022)
  • Groupe Beneteau partnered with Vision Marine Technologies to develop fully electric outboard-equipped boats. (Source: Vision Marine Technologies, Press Release, July 2022)

Electric Boat Market Report Coverage and Deliverables

The “Electric Boat Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • Electric boat market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Electric boat market trends as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed PEST and SWOT analysis
  • Electric boat market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the electric boat market
  • Detailed company profiles
Report Coverage

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

Segment Covered

Boat Type, Battery Type, and Application

Regional Scope

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region dominated the electric boat market in 2023?

North America dominated the electric boat market in 2023.

What are the future trends of the electric boat market?

The increasing installation of superchargers at smaller ports is the future trend of the electric boat market.

Which are the leading players operating in 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.

What would be the estimated value of the electric boat market by 2031?

US$ 16,381.34 million estimated value of the electric boat market by 2031.

What is the expected CAGR of the electric boat market?

13.6% is the expected CAGR of the electric boat market.

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