Global Electric Boat Market By Storage Propulsion Type (Hybrid and Pure Electric), By Battery Type (Lead-acid, Lithium-ion, Nickel-Based Battery), By Power Output (Large, Medium and Small), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America); Trend Analysis, Market Competition Scenario & Outlook, 2021-2026.
- Published Date: August 2020
- Report ID: BWC20131
- Available Format: PDF
- Page: 177
Global Electric Boat Market size- Industry Trends & Outlook Report 2026
The Global Electric Boat Market estimated at USD Billion in 2019, is anticipated to reach USD 18.03 billion in 2026 at a CAGR of 11.7% from 2020 to 2026. The recreational activities in several developed nations in the UK and America, the higher standard of living, increased disposable income, and its stability and love for recreational activities drive this market. Besides, the rising use of the boat as a means of transportation and the boat leasing propel the demand for the electric boat. Advanced technology, the government’s measures to curb the use of fossil fuel, battery innovations, and the economy, positively affect the Global Electric Boat Market, leading to its market growth.
Source: BlueWeave Consulting
Global Electric Boat Market Overview
Electric boats are mostly used for recreational purposes, and they are operated through the battery-powered rotor to move in the water. The electric boats are increasingly replacing fuel-powered boats due to stringent government norms for controlling carbon emissions and growing environmental concerns. The electric boat market consists of manufacturers, engine manufacturers, trade partners, equipment suppliers, and service providers.
The market is undergoing substantial technological alterations. Some of the manufacturers use smart sensors in boat building to enhance safety. They also bring variations in the materials used to make boats cost-effective and efficient with optimum weight. Awareness about technology advancements in boats and other features and easy financing options also propel the demand for electric boats. The government initiatives in favor of aqua tourism, growing used of electric boats in water sports, infrastructure and tourism development, and increasing recreational activities across the globe have induced the market for electric boats.
Global Electric Boat Market Outlook and Trends
Increasing Emphasis on Reducing Carbon and Sulphur Emissions
Different governments introduce compliance to harmful emissions of sulfur and carbon dioxide from liquid fuels to decrease the pollutants in water bodies and air. For instance, the European Commission introduced amendments in compliance standards to minimize the sulfur content to 0.5% in fuels by 2020 for all marine boats. Some states have banned internal combustion engines from maintaining ecological balance. For instance, SunMoon Lake boat operators in Taiwan unanimously agree to use emission-free fuel. Such regulations and growing ecological concerns drive the growth of the electric boat market.
Growing Investment Outlays and Advancements in Technology
The number of electric boat manufacturers has increased, and they are also enhancing investment in their capabilities and advanced technology. The advanced batteries used in hybrid and electric boats improve the affordability and efficiency of the boats. These factors are likely to trigger growth for the electric boat market. Pure electric outboard motors have become more affordable, and more energy harvesting is possible on the craft to charge batteries, improving range. The lithium-ion batteries give longer life, fast charging, and higher load-carrying capacity.
Higher cost and Difficult Replacement of Propulsion System
The electric boats include high horse-powered motors requiring fast speed chargers, in turn, escalating its cost. The higher cost restricts its market growth. Besides, the maintenance and replacement of components in the electric boat propulsion system are complicated, hindering the fast adoption of electric and hybrid marine technology.
Technical limitations of lithium-ion battery
Though lithium-ion battery offers many advantages as mentioned above, electric boats using these batteries are not suitable for extensive marine use. They face technical limitations related to energy and power density, useful life, charging rate, size, and weight, and this factor limits its market growth.
Impact of COVID-19 in industry
People across the globe are following social distancing and prefer to work from home due to prevalent coronavirus conditions. Most of the economies are facing slowdown or slump in economic activities, and the economic indicators such as national income, employment rate, industrial production, investment rate, and other indices are showing discouraging figures.
The electric boat market caters to the recreational requirements of the population. But due to COVID-19 prevalence, people prefer to stay at home for safety and avoid outing activities. But once this situation ends, the electric boat market is expected to grow substantially.
Global Electrical Boat Market Segmentation
The Global Electric Boat Market is segmented into three categories based on Propulsion Type, Battery Type, and Power Output. Based on Propulsion Type, the market is subdivided into the Hybrid Boats and Pure Electric Boats. Hybrid boats are widely deployed because of their reliability, low operational costs, and higher load capacity. This segment is expected to record the highest CAGR during the projected period.
Based on Battery type, the market is again divided into Lead-acid, Lithium-ion, and Nickel-Based Battery electric boats. Lithium-ion battery-based segment attracts more demand due to fast charging, longer useful life, and higher load capacity and is anticipated to dominate the Global Electric Boat Market.
Based on Power Output, the electric boat market is divided into Large, Medium, and Small Boats. The electric boats require power output as per their size. For recreational activities like fishing and kayaking, small boats with lesser power output requirements are preferred, while large or medium boats are suitable for family recreational activities or parties.
Europe Electric Boat Market is expected to record the highest CAGR during the forecast period due to the growing demand for electric boats for different purposes and stringent environmental compliances to reach net-zero greenhouse emissions. Countries like Britain, France, Italy, Germany, and Spain use electric boats for recreational purposes. In contrast, Norway, Finland, and Denmark actively use the same for ferrying passengers. Also, increasing participation of people in boating activities and rising recreational boating events & trade shows by manufacturers are anticipated to supplement the market growth.
North America is the second-largest market for electric boats. It is expected to register a significant growth rate during the upcoming period due to the rise in demand for recreational watercraft. Also, factors such as higher living standards and disposable income in these regions drive the market growth.
The Asia Pacific market is poised to witness a significant growth rate due to the use of abundant water resources by significant countries such as China and India. The government of China has actively undertaken measures to promote recreational boating activities.
The Global Electric Boat Market is highly fragmented with numerous unorganized players. As new players are likely to enter the market with new models during the forecast period, it will become even more fragmented. North America and Europe have a large number of manufacturers. The key players in this 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.
February 23, 2020: Canadian Electric Boat Company introduces its new 290 ten-Phoenix models (open boat with ten seats) at the 2020 Miami Boat Show, thus expanding its product line of all-electric boats.
January 7, 2020: Sea Ray (Brunswick Corporation, US) launches one of the most innovative boats in the marine industry, i.e., SLX-R 400e Outboard with cutting edge technology.
Scope of the Report
Historical data – 2016-2019
Base Year – 2019
Forecast – 2020 – 2026
Revenue in USD Billion
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, South Korea UAE, South Africa, Saudi Arabia.
By Propulsion Type, By Battery Type, By Power Output
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.
By Propulsion Type
By Battery Type
Ø Nickel-Based Battery
By Power Output
Ø North America
Ø Asia Pacific
Ø Latin America
Ø Middle East & Africa
The objective of the Study:
Ø To analyze and estimate the Global Electric Boat Market size, in terms of value.
Ø To examine the market segmentation carefully and estimate the market size, in terms of value, based on the region by segmenting the Global Electric Boat Market into five regions, namely, North America, Europe, Asia Pacific, Rest of the World and their leading countries.
Ø To outline, categorize and project the Global Electric Boat Market based on the Propulsion Type, Battery Type, Power Output and Region.
Ø To examine competitive developments in technology and battery type and propulsion system within the Global Electric Boat Market.
Ø To highlight market dynamics such as drivers, restraints, opportunities, and challenges and their impact.
Ø To provide a detailed competitive landscape, including major players, their strategic profiles, and market shares.
Business Questions Answered by the Report:
Ø How will the market drivers, restraints, and opportunities affect the market dynamics?
Ø What will be the market size in terms of value and volume and market statistics with a detailed classification?
Ø Which segment dominates the market or region, and which one will be the fastest-growing, and why?
Ø Who are the key players in the market, and what is their share?
Ø What is the strategy adopted by key players, and how does it affect the existing and new players?
Customization Scope for the Client:
Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization as per client’s specific needs. The following customization options are available for the report:
Ø Additional Company Information
Ø Detail Analysis of five additional companies
Ø Additional country analysis
Ø Detailed segment analysis
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