BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global electric boats market size at USD 5.6 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global electric boats market size to grow at a significant CAGR of 12.9% reaching a value of USD 13.09 billion by 2029. Major growth drivers for the global electric boats market include the rising demand for environmentally friendly transportation, the imposition of stringent environmental regulations, advancements in electric propulsion technology, and an increasing awareness of carbon emissions within the maritime sector. There is a growing emphasis on sustainable transportation solutions driven by mounting environmental concerns and apprehensions about water pollution. In order to meet rigorous emissions standards, boat manufacturers and operators are progressively embracing electric propulsion systems as cleaner and more energy-efficient alternatives to conventional engines. Furthermore, ongoing innovations in electric propulsion technology, such as enhancements in battery efficiency and charging infrastructure, are augmenting the feasibility and accessibility of electric boats. Collectively, these elements contribute to the expanding electric boats market. However, lack of infrastructure and high initial cost associated with electric boats are anticipated to restrain the overall market growth during the forecast period.
Global Electric Boats Market – Overview
The global electric boats market refers to the industry involved in the design, production, and distribution of watercraft (such as boats, yachts, and ships) that utilize electric propulsion systems as their primary source of power. Electric boats are distinct from traditional vessels that rely on internal combustion engines, as they are equipped with electric motors and batteries or other electrical power sources to generate propulsion. This market encompasses various types and sizes of electric watercraft, ranging from small recreational boats to larger commercial and industrial vessels. The growth of this market is driven by factors like environmental concerns, regulatory mandates for reduced emissions, advancements in electric propulsion technology, and the increasing adoption of sustainable and eco-friendly transportation solutions in the maritime sector.
Impact of COVID-19 on Global Electric Boats Market
COVID-19 pandemic adversely affected the global electric boats market. It led to closure of manufacturing facility and the implementation of trade restrictions worldwide. Consequently, the maritime transport sector faced a considerable downturn, with ships stranded at sea and unable to access ports, leading to a significant surge in operational expenses for shipping companies. Notably, the imposition of travel restrictions led to a substantial decrease in container ship traffic by 13.77% and passenger ship traffic by 42.77%. Nevertheless, with governments gradually relaxing restrictions to spur economic recovery, there is optimism that the market will regain momentum in the foreseeable future. Many electric marine propulsion companies responded by making strategic investments in digitalization, allowing for real-time remote fleet monitoring and creating fresh revenue opportunities for original equipment manufacturers (OEMs).
Global Electric Boats Market – By Range
Based on range, the global electric boats market is divided into Below 5 KW, 5–30 KW, and Above 30 KW segments. The below 5 KW segment holds the highest share in the global electric boats market by range. Boats in the below 5 KW range segment are typically smaller, often used for recreational purposes, such as personal watercraft, kayaks, and small fishing boats. They are energy-efficient and cater to a broader consumer base, including individual enthusiasts and rental services. Additionally, these smaller electric boats are often more affordable, making them accessible to a larger audience. This combination of versatility, affordability, and eco-friendliness drives their popularity and market dominance in the electric boat industry.
Major players operating in the global electric boats market include ABB LTD, Greenline Yachts, Vision Marine Technologies Inc., Duffy Electric Boat Company, RAND Boats Ap, Corvus Energy, Frauscher Bootswerft GmbH & Co KG, Boote Marian GmbH, Grove Boats SA, Boesch Motorboote AG, Torqeedo GmbH, Soel Yachts B.V., Echandia Group AB, Candela Technology AB, and Yamaha Motor Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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