Electric Boat Market Size was valued at USD 5,058.21 million in 2022. The global Electric Boat industry is projected to grow from USD 5,519.27 Million in 2023 to USD 12,552.2 million by 2032, exhibiting a compound annual growth rate (CAGR) of 9.6% during the forecast period (2023 - 2032). Increasing focus on emission reduction & supportive government initiatives and surge in demand for recreational boating in the tourism sector are the key market drivers boosting the growth of the Electric Ship market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The surge in demand for recreational boating in the tourism sector is one of the main drivers for the growth of the Electric Ship market. Recreational boating offers a high level of customization & personalization, as tourists can choose the type of boat, duration, and activities, tailoring the experience to their preferences and making it more memorable. Boat-sharing platforms, organized tours and rental services make it easier for individuals to experience boating without owning a boat. This convenience has opened recreational boating to many tourists who may have yet to consider it. The tourism industry progressively embraces sustainability and eco-friendly practices to meet the growing demand for environmentally responsible travel experiences. Marine Electric Vehicle align with these sustainability goals by offering a clean & quiet boating experience without contributing to air or water pollution. As a result, tourism operators are adopting Marine Electric Vehicle to provide tourists with eco-friendly recreational boating experiences. Marine Electric Vehicle operate quietly, thus reducing noise pollution and providing tourists with a unique & enhanced experience. The absence of engine vibrations & fumes provides a more serene & enjoyable ride, mainly in sensitive marine environments, encouraging repeat tourist visits and positive word-of-mouth. Several Marine Electric Vehicle are designed with low draft capabilities permitting them to steer shallow waters and access ecologically sensitive areas that may be off-limits to traditional motor-powered boats.
Based on propulsion type, the Electric Boat Market segmentation includes hybrid and pure electric. The hybrid will be the majority share in 2022, contributing around 57% to the market revenue. Hybrid boats use both traditional internal combustion engines and electric motors with batteries. This allows the boat to operate using either the internal combustion engine or the electric motor, providing flexibility and extending the range of the vessel. Hybrid boats offer improved fuel efficiency, reduced emissions, and enhanced performance compared to conventional boats powered solely by internal combustion engines. Thus, the growth of the hybrid Electric Ship market is attributed to rising awareness of environmental concerns coupled with the increasing tourism industry and stricter regulations regarding emissions.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on the battery type, the Electric Boat Market segmentation is lithium-ion battery, lead-acid battery, and nickel-based battery. Lithium-ion batteries will dominate the market in 2022. Lithium-ion batteries are becoming popular in the Electric Ship market because they are lightweight, have a high energy density, and last longer than other battery types. They store energy efficiently and provide consistent power output, which allows Marine Electric Vehicle to travel longer distances and perform better. Lithium-ion batteries can also be recharged quickly, reducing downtime, and allowing for more frequent use of Marine Electric Vehicle. They are smaller and lighter than other batteries, making them ideal for portable electronic devices.
Based on carriage type, the Electric Boat Market segmentation includes passenger and cargo. The passenger held the majority share in 2022. Passenger Marine Electric Vehicle are designed to transport people for recreational, tourism, or commuting purposes. They are environmentally friendly and offer a comfortable and enjoyable experience for passengers. Passenger electric boats can be used for sightseeing tours, water taxis, ferry services, or private leisure activities. They are often found in lakes, rivers, coastal areas, and urban waterways. Electric propulsion systems' quiet and emission-free operation enhances the passenger experience and minimizes the impact on the surrounding environment.
Based on range type, the Electric Boat Market segmentation includes range, medium-range, and long-range. The medium-range owners held the majority share in 2022. Medium-range Marine Electric Vehicle are designed to travel moderate distances on a single charge. They are often used for tourism, exploring waterways, or commuting where longer periods of operation are needed. These boats have larger batteries and better energy management systems, allowing them to travel on larger bodies of water, rivers, or coastal areas.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Europe Electric Ship market accounted for ~35% in 2022. It is expected to exhibit a significant CAGR growth during the study period. The Electric Ship market in Europe is growing because people are concerned about the environment and want sustainable transportation. Governments in Europe are supporting the development of Electric Ship by offering incentives, subsidies, and regulations. The European Union's Green Deal initiative promotes sustainable transportation, including Marine Electric Vehicle. France, the UK, and Germany are expected to dominate the electric boat market in Europe because they have long coastlines, inland waterways, and a strong boating culture. Companies like Beneteau Group, Duffy Electric Boat Company, and Torqeedo GmbH are investing in research and development to offer a wide range of Marine Electric Vehicle models with improved battery technology, a longer range, and enhanced performance.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Asia Pacific market accounts for the second-largest market share. The region comprises some fastest-growing economies, including China, India, Japan, South Korea, and Indonesia. The electric boat market is growing in the Asia-Pacific region because of several reasons. This region has some of the busiest waterways, coastal areas, and rapidly growing economies, which contribute to the increasing demand for Electric Ship. One of the main reasons for the adoption of Electric Ship in this region is the focus on environmental sustainability. Governments and regulatory bodies are implementing policies and incentives to promote clean and eco-friendly transportation solutions, including Electric Ship. This shift towards electric mobility aligns with the region's commitment to reducing carbon emissions, improving air quality, and mitigating the environmental impact of transportation.
The North America Electric Ship market is expected to grow at the fastest CAGR between 2022 and 2032. The Electric Ship market is growing in the North America region because of several reasons. This region has some of the busiest waterways, coastal areas, and rapidly growing economies, which contribute to the increasing demand for Electric Ship. One of the main reasons for the adoption of Electric Ship in this region is the focus on environmental sustainability. Governments and regulatory bodies are implementing policies and incentives to promote clean and eco-friendly transportation solutions, including Electric Ship.
With a strong presence across different verticals and geographies, the Electric Boat market is highly competitive and dominated by established, pure-play vendors. There are some major players catering to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Electric Ship market is highly competitive, with many vendors offering similar products and services.
The major players in the market include SGS Ruban Bleu, Vision Marine Technologies Inc., Twin Vee PowerCats, Navalt, RAND Boats and Duffy Electric Boat Company, Nautique Boat Company, Inc., and GardaSolar srl. and others.
The Electric Ship market is consolidated, increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.
FEBRUARY 2024: Vision Marine Technologies is at the forefront of maritime electrification with our ground-breaking E-MotionTM Electric Marine Powertrain System, particularly in an era where innovation and sustainability are critical. We are dedicated to efficiency, dependability, and environmental stewardship, as evidenced by the development of an exclusive high-voltage marine-grade battery pack as part of our commitment to advance marine propulsion solutions.
The HV Marine Battery Pack, which is at the heart of our cutting-edge powertrain system, has an IP67 rating, which ensures unmatched resistance to dust and water infiltration. This rating emphasizes the battery's durability as well as its suitability for the harsh conditions found in maritime environments. Our high-voltage marine-grade batteries combine exceptional performance and unrivaled durability to redefine the norms for maritime power.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 5,058.21 million |
| Market Size 2023 | USD 5,519.27 million |
| Market Size 2032 | USD 12,552.2 million |
| Compound Annual Growth Rate (CAGR) | 9.6% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Propulsion Type, Battery Type, Carriage Type, Range and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, and the Rest of the World |
| Countries Covered | The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, and Brazil |
| Key Companies Profiled | Vision Marine Technologies Inc., Twin Vee PowerCats, Ruban Bleu, Navalt, Aquawatt , RAND Boats , Duffy Electric Boat Company , GardaSolar srl, Nautique Boat Company, Inc.Candela Technology A, Pure Watercraft, X Shore, Damni Yachts |
| Key Market Opportunities | Continuous advancements in battery technology |
| Key Market Dynamics | Increasing focus on emission reduction and supportive government initiatives   Surge in demand for recreational boating in the tourism sector |
Electric Boat Market Highlights:
Frequently Asked Questions (FAQ) :
The Electric Boat Market size is expected to be valued at USD 5,058.21 Million in 2022.
The global market is projected to grow at a CAGR of 9.6% during the forecast period, 2023-2032.
Europe had the largest share of the global market.
The key players in the market are Ruban Bleu, Vision Marine Technologies Inc., and Twin Vee PowerCats.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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