Electric Boat Market to Gather Traction; Rising Demand for Zero Emission and High-Performance Boats to Boost Market
Pune, India., Feb. 22, 2023 (GLOBE NEWSWIRE) — The upcoming report titled “Electric Boat Market Forecast 2023-2030″ by Fortune Business Insights™ predicts that the global electric boat market size will experience significant growth during the forecast period. The demand for high-performance boats with zero emissions is increasing, and electric boats are meeting this demand. Electric boats use batteries to power the boat, as opposed to fuel, for marine operations. These boats use batteries similar to those found in electric vehicles and are commonly used for ferry and small passenger transportation on interior waterways.
A list of prominent Electric Boat manufacturers analyzed:
- Frauscher Sensortechnik GmbH
- Canadian Electric Boat Co.
- Ruban Bleu
- Symphony Boat Company
- GardaSolar s.r.l.
- Duffy Electric Boat Company
- NavAlt Boats
- Soel Yachts
- Torqeedo GmbH
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Market Drivers & Restraints:
Rising Environmental Concerns to Stimulate Growth
The projected period is expected to see a growth in the global electric boat market due to the heightened environmental concerns resulting from increased pollution caused by marine transportation and travel. The market offers a solution that benefits the environment while also supporting growth. The growth of the market is being driven by several factors, including increasing tourism, boat transportation, boat leasing, urbanization, improving standards of living.
The market for electric boats can be segmented into pure electric and hybrid boats. Pure electric boats use only electric power for propulsion, while hybrid boats combine electric power with an internal combustion engine. Both types have their advantages, and the choice of boat type depends on the user’s needs and requirements.
The market can also be segmented by battery type, with the most common types being nickel-based, lead acid, and lithium-ion. Nickel-based batteries are less common due to their lower energy density and weight. Lead-acid batteries are widely used due to their low cost, but they are heavier and less efficient. Lithium-ion batteries are the most popular choice for electric boats due to their high energy density, low weight, and longer lifespan.
The electric boat market can be segmented based on application type, including passenger, cargo, and other types of boats. Passenger boats are used for transportation of people, while cargo boats are used for transporting goods. Other types of boats include leisure boats, fishing boats, and rescue boats. The choice of application type depends on the user’s specific requirements.
The market is divided into North America, Europe, Asia Pacific, and the Rest of the world by geography.
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Manufacturers Focus on R&D Investments to Offer Advanced Products
The electric boat market is moderately consolidated due to the presence of both large and local companies. To gain a competitive edge, several key players in the market are forming partnerships and engaging in mergers and acquisitions with other firms. Additionally, industry participants are focusing on enhancing battery technology to gain a competitive advantage over their rivals.
Regional Market Insights:
Government Initiatives to Promote Growth in Europe
Europe is expected to hold the largest global electric boat market share during the forecast period. The government is focusing on reducing fuel emission, promoting zero-emission power sources, advanced battery systems, presence of prominent players, and high performance of longer-range batteries are the major contributing factors in the region.
North America is anticipated to hold a significant position in the market. The government initiatives to promote tourism, businesses in coastal regions, high rate of recreational activities, and marine crop patrolling are expected to drive the market forward.
The electric boat report encompasses crucial aspects of the market such as market participants, drivers, constraints, restraints, applications, growth factors, marketing, strategic planning, and new product development. Additionally, the report includes market growth and profit rate, volume, manufacturing usage, gross profit margin, shipping information, and other relevant elements. The report is a comprehensive source of information for industry stakeholders seeking to gain insights into the electric boat market. The report provides in-depth analysis and offers valuable information to help stakeholders make informed decisions.
Notable Industry Development:
November 2019: Frauscher Sensortechnik, a German boat building company launched 740 mirage electric sports boat. It is powered with Torqeedo Deep Blue 2400 100KW direct drive motor with 2 lithium-ion batteries that provides 40KWh power.
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