August 5, 2021

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Electric Boat Market| Growing at a CAGR of 11.9% and expected to reach US$12.32 billion in 2027

The latest market report published by Credence Research, Inc. “Electric Boat Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global market is worth US$ 4.49 Bn in 2018 and expected to grow at a CAGR of 11.9% during the forecast period from 2019 to 2027.

Market Insights

Advancement in battery technology and decreasing battery prices is fueling the market growth

The high pollution rate of petrol-powered combustion ships and rising fuel prices have shifted the priority of boat manufacturers to battery technology. The demand for the Electric Boat market in the world is driven by the advancement in battery technology that offers longer running times and higher speeds. In addition, the remarkable advantages offered by Electric Boat, such as noiseless, smokeless, less vibration and less engine maintenance than the combustion boat, helped the market to grow considerably. In 2018, the global market for electric boats was US$4.49 billion and is expected to reach US$12.32 billion in 2027.

In contrast to the above, Electric Boat could not have become superior to the combustion boats. Factors such as the limited range or runtime of the Electric Boat, the longer time to charge the battery and the high cost of the Electric Boat compared to the combustion boats expected to hinder the growth of the market. Overall, the global market for electric boats is expected to grow with a CAGR of 11.9% between 2019 and 2027.

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The overall Electric Boat market is fairly competitive in nature. The market players are more focused on launching new e-boats that have longer range and higher speed than currently available boats in the market.

Industrial Developments

• In November 2019, Torqeedo GmbH announced that it will launch new fast chargers for the Power 48-5000 series of lithium batteries. With this new product, the company is sure to achieve greater growth in 2020.

• In January 2018, ElectraCraft Boats launched its new TR Series Electric Boat. All three boats viz. 152TR, 162TR, and 182TR provides passenger capacity up to 12 adults and 1000 W inverter.

Key Market Movements:

• Globally, the Electric Boat market is growing at a CAGR of 11.9% for the period from 2019 to 2027.

. The type-based electric boats are segmented into hybrid and pure electric boats. Hybrid Electric Boat had the largest market size of approximately 70 per cent in 2018. It is found that the short-range and slow speed of pure electric boats, compared to hybrid boats, hinders the adoption of pure electric boats. However, due to advancements in battery technology, the Pure Electric Boat segment expected to improve its share during the forecast period.

• On the basis of passenger capacity, Electric Boat with a capacity less than 10 passengers captured the highest share of the global Electric Boat market in 2018. Additionally, the same segment is the fastest-growing segment pertaining to high demand for small boats for recreational purposes from the rich class of the U.S., Canada, and Western European countries. 

List of Companies Covered:

• General Dynamics Electric Boat

• ElectraCraft Boats

• Canadian Electric Boat Co.

• Grove Boats SA

• Duffy Electric Boat Company

• Torqeedo GmbH

• Boote Marian GmbH

• Naviwatt

• Ruban Bleu

• Alfastreet Marine

• Others

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DoC: https://issuu.com/robsonspot/docs/electric_boat_market.docx

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