Electric Boats Market by End Use (Recreational Boats, Commercial Boats, Military & Law Enforcements Boats), Boat Power (< 5kW, 5-30kW, >30kW), Boat Size (< 20ft, 20-50ft, >50ft), Power Source, Hull Design and Region - Global Forecast to 2030
The Electric Boats Market size is projected to grow from USD 3.3 Billion in 2023 to USD 7.7 Billion by 2030, at a CAGR of 13.0% from 2023 to 2030. The growth in Electric Boats Industry is driven by technological advancements in boats and electrical systems, environmental concerns, and changing consumer preferences.
Electric Boats Market Forecast to 2030
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Electric boats Market Dynamics
Driver: Clean and green boating solutions
Environmental sustainability drives the electric boat market, as customers increasingly prioritize eco-friendly transportation options. Industry stakeholders should focus on promoting clean and green boating solutions. This encapsulates the need to raise awareness about the environmental benefits of electric boats, such as their zero emissions and reduced impact on marine ecosystems. It involves educating boaters and the public about the importance of transitioning to electric propulsion systems to mitigate air and water pollution, minimize noise disturbances, and protect fragile aquatic environments. Collaborative efforts among electric boat manufacturers, regulators, environmental organizations, and boating communities are essential to drive the adoption of electric boats and create a more sustainable boating industry. Additionally, initiatives to develop and support sustainable practices, such as recycling programs for batteries and environmentally friendly disposal methods, further contribute to the clean and green ethos of the electric boat market.
The use of electric and hybrid boats for inland water transportation like the movement of people and goods on rivers, canals, lakes, and other inland waterways can be a clean and green boating solution. Electric and hybrid boats produce zero or significantly lower emissions compared to conventional fuel-powered vessels, reducing the environmental impact of inland water transportation.
Restraints: Limited availability and high cost of batteries
The production capacity of high-performance batteries suitable for electric boats is still relatively limited compared to the demand. The global supply chain for large-scale lithium-ion batteries, which are commonly used in electric boats, is currently constrained. This limited availability can result in challenges for boat manufacturers to secure an adequate supply of batteries to meet market demand. The scarcity of batteries can lead to delays in production and potential bottlenecks in the supply chain, hindering the widespread adoption of electric boats.
Batteries constitute a significant portion of the overall cost of electric boats. The high cost of batteries is primarily attributed to the complexity of manufacturing and the limited scale of production. The cost of materials, such as lithium-ion cells, electrode materials, and other components, can also contribute to the high price tag. The high upfront cost of batteries adds to the overall cost of electric boats, making them more expensive compared to traditional fuel-powered boats. This can be a deterrent for potential buyers, especially those who prioritize upfront affordability.
Opportunity: Potential for battery charging via renewable energy sources
The electric boat market presents a significant opportunity for charging batteries via renewable energy sources. One of the key advantages of electric boats is their compatibility with renewable energy generation, such as solar, wind, and hydroelectric power. As the world shifts towards a greener and more sustainable future, leveraging renewable energy sources for charging electric boat batteries aligns perfectly with this trajectory. By tapping into renewable energy, electric boat owners can charge their batteries using clean and abundant sources of power. Solar panels installed on boat decks or nearby charging stations can harness the energy from the sun, while wind turbines positioned strategically can capture wind energy for charging purposes. Additionally, hydroelectric power generated from rivers, tidal currents, or waves can also be utilized to charge electric boat batteries.
Challenge: Inadequate charging infrastructure
The inadequate charging infrastructure presents a significant challenge for the electric boat market. Unlike conventional boats that can refuel at widely available fuel stations, electric boats rely on dedicated charging infrastructure to recharge their batteries. However, the current charging infrastructure for electric boats is limited and not as widespread as fueling stations. This lack of infrastructure restricts the range and usability of electric boats, particularly for long-distance or extended-duration trips. It also poses challenges for boat owners who may not have easy access to charging facilities, limiting their ability to recharge conveniently. Additionally, the limited availability of charging stations can lead to congestion and potential delays when multiple electric boat owners try to access the same charging point. To foster the growth of the electric boat market, there needs to be significant investment and development of a robust charging infrastructure that covers popular boating destinations and ensures convenient and reliable charging options for electric boat owner.
Electric Boats Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of electric boats. These companies have established a strong foothold in the market through diversified product portfolios, advanced technologies, and robust global sales and marketing networks. The prominent companies are Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela (Sweden), and Silent Yachts (Austria). Commercial Passenger vessel operators, Cargo and tanker operators, defense organizations, private watercraft users, fishing organizations, oil and gas exploration companies, and research companies are some of the major consumers of electric boats.
Recreational Boat Segment to dominate market share during the forecast period
Based on End Use, the Electric boats Market has been segmented into Recreational boats, Commercial Boats, amd Military & Law enforcements boats. Recreational boats Segment is witnessing large market share during the forecast period. Recreational boaters are becoming more conscious of the environmental impact of their activities. Electric boats offer a greener alternative with zero emissions, allowing boaters to enjoy the water while minimizing their carbon footprint. Electric boats also provide a quieter and more serene boating experience compared to traditional gasoline-powered boats.
>30kW segment is expected grow the highest during the forecast period
Based boat power, >30 kW segment to witness highest growth in the electric boats market. Advances in battery technology, such as higher energy density and faster charging capabilities, have made it more feasible to develop electric propulsion systems with sufficient power output for larger boats. This has reduced the limitations that were previously associated with electric propulsion for higher-power applications.
The < 20 ft segment is to witness largest market share during the forecast period
Based on boat size, < 20 boat size segment witnessing largest market share during forecast period. Smaller electric boats are often well-suited for use on urban waterways, lakes, and calm coastal areas where shorter distances are common. These boats are ideal for activities such as sightseeing, leisure cruising, and short trips. Their compact size and maneuverability make them convenient for navigating tight spaces and shallow waters, which are frequently found in these environments.
Europe is projected to witness the highest growth during the forecast period.
Europe leads the Electric boats Market due presence of key players, boat manufacturers, and component manufacturers, which are a few factors expected to drive the growth of the Electric boats Market in the region. These players invest in developing technological advanced electric boating solutions to improve efficiency and reliability. Major manufacturers and suppliers of Electric boats in this region include Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela (Sweden), and Silent Yachts (Austria).
Electric Boats Market by Region
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Electric Boat Industry Companies: Top Key Market Players
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Report Metric |
Details |
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Estimated Market Size
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USD 3.3 Billion in 2023
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Projected Market Size
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USD 7.7 Billion by 2030
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Growth Rate
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CAGR of 13.0%
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Market size available for years |
2019-2030 |
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Base year considered |
2022 |
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Forecast period |
2023-2030 |
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Forecast units |
Value (USD Million/Billion) |
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Segments Covered |
End Use, Boat Power, Boat Size |
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Geographies Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Companies Covered |
Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela (Sweden), and Silent Yachts (Austria). |
Electric Boats Market Highlights
This research report categorizes the Electric Boats Market based on End Use, Boat Power, Boat Size and Region
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Segment |
Subsegment |
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By End Use |
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By Boat power |
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By Boat Size |
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By Region |
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Recent Developments
- In May 2023, Mercury Marine and JJE Partner to Expand Avator Electric Product Line. Mercury Marine, a division of Brunswick Corporation, and JJE, an electrified propulsion leader, have announced a partnership to expand the Avator electric product line to higher power applications. The new partnership will allow Mercury Marine to introduce higher power electric motors and systems, up to 50 kW
- In August 2022, Polestar and Candela have joined forces in a significant partnership aimed at accelerating the adoption of electric boats on a mass scale. The collaboration involves Polestar, the Swedish electric car manufacturer, providing advanced battery and charging systems for Candela's innovative hydrofoiling speedboats, marking a pivotal moment for electrification in the maritime industry.
- In July 2022, As part of their strategic collaboration, Beneteau will directly procure E-Motion™ 180E powertrains from Vision Marine. While specific order commitments have not been disclosed, the well-established relationship between the two companies serves as a significant endorsement of advanced technology. This partnership presents a promising revenue avenue for Vision Marine's flagship E-Motion™ 180E electric propulsion system, known for its versatility to be installed on a wide range of boats spanning from 18 to 29 feet in size.
Frequently Asked Questions (FAQ):
What are your views on the growth prospect of the Electric boats Market?
The Electric boats Market is being driven by the increasing environmental concerncs and the need for reduced emissions.
What are the key sustainability strategies adopted by leading players operating in the Electric boats Market?
Key players have adopted various organic and inorganic strategies to strengthen their position in the Electric boats Market. The major players include Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela (Sweden), and Silent Yachts (Austria). These players have adopted various strategies, such as acquisitions, contracts, expansions, new product launches, and partnerships & agreements, to expand their presence in the market.
What are the new emerging technologies and use cases disrupting the Electric boats Market?
Some of the major emerging technologies and use cases disrupting the market include high-energy batteries and research to find the adoption of hydrogen fuel cells. Recreational boating manufacturers are already incorporating solar panels to drive their boats and are finding ways to use renewable energy sources to drive low-load vessels.
Who are the key players and innovators in the ecosystem of the Electric boats Market?
The key players in the Electric boats Market include Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela (Sweden), and Silent Yachts (Austria).
Which region is expected to hold the highest market share in the Electric boats Market?
The Electric boats Market in North America is projected to hold the highest market share during the forecast period due to North America having the largest demand for recreational boating in the world..
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The study involved four major activities in estimating the current market size for the Electric Boats Market. Exhaustive secondary research was conducted to collect information on the market, the peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as D&B Hoovers, Bloomberg, BusinessWeek, and different magazines, were referred to identify and collect information for this study. Secondary sources also included annual reports, press releases & investor presentations of companies, certified publications, articles by recognized authors, and simulator databases.
Primary Research
The Electric Boats Market comprises several stakeholders, such as raw material providers, Electric boats manufacturers and electrical system providers, and regulatory organizations in the supply chain. While the demand side of this market is characterized by various end users, the supply side is characterized by technological advancements in electric maritime vessels. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Electric Boats Market . These methods were also used extensively to estimate the size of various subsegments of the market. The research methodology used to estimate the market size includes the following:
- Key players in the industry and markets were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Market size estimation methodology: Bottom-up Approach
The market sizing was undertaken from the demand side. The market was sized based on the year-on-year growth of newly built boats and retrofitted electric boats.
Market size estimation methodology: Top-Down Approach
In the top-down approach, the overall market size was used to estimate the size of individual markets (mentioned in the market segmentation) acquired through percentage splits from secondary and primary research. For the calculation of specific market segments, the size of the most appropriate, immediate parent market was used to implement the top-down approach. The bottom-up approach was also implemented to validate the revenue obtained for various market segments.
- Companies supplying electric boats, as well as components, were included in the report.
- The total revenue of these companies was identified through their annual reports and other authentic sources. In cases where annual reports were not available, company earnings were estimated based on the number of employees, press releases, and any publicly available data.
- Company revenue was calculated based on the various operating segments.
- All publicly available company contracts related to electric boats were mapped and summed up.
- Based on these parameters (contracts, agreements, partnerships, joint ventures, product matrix, secondary research), the share of electric ships in each segment was estimated.
Data Triangulation
After arriving at the overall market size-using the market size estimation process explained above-the market was split into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides of the Electric Boats Market .
Report Objectives
- To identify and analyze key drivers, restraints, challenges, and opportunities influencing the growth of the Electric Boats Market
- To analyze the impact of macro and micro indicators on the market
- To forecast the market size of segments for four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World, along with major countries in each of these regions
- To strategically analyze micro markets with respect to individual technological trends, prospects, and their contribution to the overall market
- To strategically profile key market players and comprehensively analyze their market ranking and core competencies
- To provide a detailed competitive landscape of the market, along with an analysis of business and corporate strategies, such as contracts, agreements, partnerships, and expansions.
- To identify detailed financial positions, key products, unique selling points, and key developments of leading companies in the market
Market Definition
A battery contains one or more cells that convert chemical energy directly into electrical energy. The primary electrical system in a vessel or boat incorporates one or more batteries. These batteries are used to power up the electrical system and to start the auxiliary power unit and the engines. A boat with a length under 70 feet and a lower range can be considered a vessel. An electric boat refers to a boat entirely driven by battery power.
Market Stakeholders
- Battery Manufacturers
- Subcomponent Manufacturers
- Technology Support Providers
- Research Bodies
- System Integrators
- Boat Manufacturers
- Commercial Vessel Operators
- Defense Organizations.
Available customizations
Along with the market data, MarketsandMarkets offers customizations as per the specific needs of companies. The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis
- Further breakdown of the market segments at country-level
Company Information
- Detailed analysis and profiling of additional market players (up to 6)
Growth opportunities and latent adjacency in Electric Boats Market