According to Future Market Insights research, during the projected period, the global electric boats market is expected to grow at a CAGR of 12.9%. The electric boats market value
is projected to increase from US$ 5.65 Bn in 2022 to US$ 19 Bn by 2032.
Due to growing worries about environmental and marine pollution, shipyards
are switching to renewable energy sources from fossil fuels. In
addition, companies are allocating a sizable portion of their budgets
toward R&D in order to create a more robust and durable battery
system. Different regional governments are enforcing strict regulations
to slow the growth of pollution, launching programmes to increase the
number of battery-powered boats on the water, and subsidising the
research and development of new battery and pollution control
technologies. This is expected to to drive the electric boats market
forward.
Moreover, the demand for recreational boating activities is being propelled by the rising urbanisation, increased standard of
life, and growth in disposable income of individuals. To say that
electric watercrafts are just used for fishing and leisure is an
understatement. They are also used for patrolling the seas, keeping an
eye out for illegal activities like smuggling, and performing effective
rescue operations.
In addition, tourism's continued expansion, along with the rising tides of boat leasing and waterborne transit, are
driving global demand for electric boats.
The global electric boats market is growing due to rising environmental concerns and
stringent emission restrictions, rising seaborne commerce operations,
and the expansion of the marine tourist sector.
However, the electric boats market is being held back by the expensive price of
electric propulsion systems and the low storage capacity of batteries in
electric watercrafts. However, chances are likely to arise in the
coming years as growth and development work to increase charging
infrastructure, governments work to encourage the use of electric
watercrafts, and technical advances open new frontiers.
Key Takeaways
- As of 2021, electric watercrafts only account for about 2% of the market.
- Sales of electric boats are low in both Europe and the United States.
- The rising number of people who enjoy freshwater fishing and sailing are
largely responsible for the boom in the recreational boating industry in
the world's two largest electric boats markets, Western Europe and North America. - It is expected to be the technical constraints of the lithium-ion battery,
in addition to the difficulty of replacing propulsion components, that
is likely to pose the greatest threat to the market's development.
Competitive Landscape
The global electric boats market is highly fragmented due to the high number of companies operating
within it. The primary objectives of players are to increase their electric boats market share and maximise their financial gain. To achieve this goal, players are
resorting to a wide range of strategies, including mergers,
acquisitions, and various kinds of cooperation. However, major companies
are spending money on R&D to create eco-friendly speedboats with a
smaller impact on the economy and the environment.
Recent Developments
- With the acquisition of STARFISHER announced in October 2021, Groupe
Beneteau was able to increase its production capacity for 25- to 35-foot
powerboats by establishing a presence in Portugal. - At the 2021 Busan International Boat Show in June, Danfoss unveiled the electric
drivetrain and sub-system for the first commercially accessible
hydrogen-electric yacht, Hydrogenia. - In May of 2021, Limestone Boats and Vision Marine Technologies entered a
cooperation to develop electric outboard motors for use in Limestone
Boats' powerboats; the companies hope to increase production from 400 to
510 powerboats by the end of 2022.
