1. Home
  2. > Energy & Environment
  3. > Energy
  4. > Electric Power
  5. > Energy Storage
  6. > Battery Market Trends
Electric Boat Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Boat Type, Battery Type, and Application

Electric Boat Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Boat Type, Battery Type, and Application

  • November 2022
  • 153 pages
  • ID: 6362975
  • Format: PDF
  • The Insight Partners

Summary

Table of Contents

Search Inside

The global electric boat market is expected to grow from US$ 5,260.52 million in 2022 to US$ 11,359.85 million by 2028; it is estimated to grow at a CAGR of 13.7% from 2022 to 2028.

A rising number of solar installations attributed to government-led incentives & schemes and growing water sports influenced the electric boat market growth.Further, the increasing investments in battery advancement in electric boats are among the factors contributing to the electric boat market growth.

However, the safety risks associated with high DC voltages in electric boat fast charging are restraining the electric boat market growth.

The increasing collaboration between market players to build charging stations is a key factor contributing to the growth of the electric boat market.Governments of various cities, municipalities, and companies established near the European coastline have taken many projects and initiatives to electrify leisure boats.

For instance, in 2021, Candela partnered with Nordsol Energi, a solar energy supplier, to install and develop charging stations for electric leisure boats in different key areas in Stockholm, Sweden.Similarly, in June 2020, in Norway, under the initiative "The Green Tail," a network of charging points was established in marinas along the coast around Bergen and the surrounding municipalities in the country.

Further, the Norwegian Coastal Administration has created a web solution that provides an overview of all charging points, shore power plants, LNG plants, etc. Thus, an increasing number of investments in establishing charging stations at seaports is anticipated to fuel the demand for electric boats during the forecast period.

Furthermore, the increasing number of boat-sharing platforms for electric leisure boats worldwide is driving the demand for electric boats from the boat renting and sharing service providers.For instance, Kruser is one of the world’s first boat-sharing platforms for electric leisure boats.

It is available in ten locations in Norway due to the partnership with electric leisure boat manufacturers, such as Green Waves, Rand boats, and Hydrolift.Also, in 2021, the company developed a new project with an electric propulsion company “Evoy” to launch an additional fast electric boat fleet.

Thus, the growing demand for boat sharing platforms is expected to drive the electric boat market growth.

Impact of COVID-19 Pandemic on North America Electric Boat Market

Boating and fishing are the major outdoor recreational activities in the US, Canada, and Mexico.The COVID-19 pandemic caused economic and social harm to people working in the fishery industry.

The lockdown restrictions also affected the supply chain, with economic restrictions keeping many boats at a standstill in ports.Thus, the lockdown measures and halting of fishery business negatively impacted the electric boat market, affecting the recreational boating sector that supports 691,149 North American jobs.

According to the United Nations Conference on Trade and Development (UNCTAD), fishing exports for 2020 decreased by approximately one-third compared to the previous year due to low demand during the pandemic, as of many hotels and restaurants remained closed or empty across the region. Furthermore, in the Caribbean islands, the tourism sector witnessed a substantial drop in recreational leisure activities such as boating and water sports.

With the upliftment of lockdown restrictions in North America, the boating industry is witnessing substantial growth.Most of the tourist locations were opened to the public in the second quarter of 2020, which boosted the demand for leisure boating in the US and Canada.

For instance, the US recreational boating industry witnessed a significant increase in recreational boating activities, such as leisure boating and tourism. According to the National Marine Manufacturers Association (NMMA), the retail unit sales of new powerboats in the US reached a 13-year high in 2020, with ~320,000 units sold, up by 13.0% compared to 2019. This is anticipated to boost the electric boat market growth in North America.

The electric boat market is segmented on the basis of boat type, battery type, and application.Based on boat type, the market is bifurcated into pure electric and hybrid.

Based on battery type, the market is categorized into nickel-based, lead acid, and lithium-ion.Based on application, the market is segmented into fishing, recreational, and others.

By geography, the electric boat market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Further, North America accounted for the largest share of the electric boat market in 2021.

The overall electric boat market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the electric boat market with respect to all the segments.Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.

Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants, such as valuation experts, research analysts, and key opinion leaders—specializing in the electric boat market.

The key companies operating in the electric boat market are Frauscher, Duffy Electric Boat Company, Rand Boats APS, Vision Marine Technologies, Quadrofoil D.O.O, Ruban Bleu, Aquawatt Mechatronik and Yachtbau, Candela, and Budsin Wood Craft.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Battery Technology Market by Lithium, Vertical, Region - Global Forecast to 2027

  • $ 4950
  • November 2022
  • 248 pages

The global battery technology market size is expected to grow from USD 95.7 billion in 2022 to USD 136.6 billion by 2027, at a CAGR of 7.4%. The key factors driving the growth of the battery technology ...

  • APAC
  • Battery
  • Industry analysis
  • Energy Supply
  • Greenhouse Gas Emissions

ref:plp2022

Reportlinker.com © Copyright 2023. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on