Claim 30% Off Global Market Reports With Code ONLINE30 – Insights on Tariff Effects, Global Trade, and Industry Disruptors

How Is The Electric Boat Market Expected To Grow In Terms Of Size?

In recent years, there has been significant and speedy growth in the size of the electric boat market. This market is expected to expand from a worth of $5.05 billion in 2024 to $5.57 billion in 2025, revealing a compound annual growth rate (CAGR) of 10.3%. Factors that have contributed to growth in the historic period include heightened environmental regulations, a surge in the adoption of electric propulsion systems, increased investment in clean water tourism, the growth of marinas equipped with electric charging facilities, and the extension of urban water transport networks.

The size of the electric boat market is projected to experience a rapid expansion in the imminent years, surging to an estimated $8.37 billion in 2029, with a compound annual growth rate (CAGR) of 10.7%. Factors propelling growth during the predicted period encompass an upswing in the accessibility of high-capacity lithium-ion and solid-state batteries, a burgeoning demand for vessels that produce zero emissions, escalating deployment of electric boats in the urban canal transportation sector, deepening concerns relating to underwater noise pollution, and a growing fondness for solar-powered marine vessels. Key trends expected to materialize during the forecasted time frame include advancements in battery management systems, technological improvements in electric propulsion, research into high-energy-density batteries, advancements in solid-state battery technology, and the increasing integration of renewable energy systems.

Get A Free Sample Of The Report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=23677&type=smp

Which Demand Drivers Are Strengthening The Electric Boat Market?

The growth of the electric boat market is predicted to be spurred on by an increase in seaborne trade activities. Seaborne trade, which involves the shipping of goods and commodities across international waters, has seen an upsurge largely due to an escalating integration of supply chains. This has resulted in heightened demand for affordable and efficient transportation of bulk goods and containers across global markets. To meet this need, electric boats are employed to offer a sustainable and financially viable alternative to conventional vessels, diminishing reliance on fuel and supporting operations that are environmentally compliant. For example, in October 2024, UN Trade and Development, a Switzerland-based intergovernmental organization, reported a 2.4% increase in global maritime trade, reaching 12.3 billion tons in 2023. This trend is anticipated to continue growing at a rate of 2.4% up to 2029. Hence, the surge in seaborne trade activities is fueling the expansion of the electric boat market.

How Is The Electric Boat Market Organized By Different Segments?

The electric boatmarket covered in this report is segmented –

1) By Propulsion Type: Hybrid, Pure Electric

2) By Battery Type: Lead-Acid Battery, Lithium-Ion Battery, Nickel-Based Battery

3) By Range: Less Than 50 Km, 50 To 100 Km, 101 To 1,000 Km, More Than 1,000 Km

4) By Application: Passenger Boats, Cargo Boats, Other Applications

5) By End-Use: Recreational Boats, Commercial Boats, Military And Law Enforcements Boats, Others End Uses

Subsegments:

1) By Hybrid: Parallel Hybrid, Series Hybrid, Plug-in Hybrid

2) By Pure Electric: Battery Electric, Solar Electric, Fuel Cell Electric

What Current And Upcoming Trends Are Shaping The Electric Boat Market?

Top players in the electric boat market are putting their efforts into the creation of innovative products like eco-friendly recreational boats, a response to the escalating demand from consumers for an environmentally-friendly and low-emission marine travel solution. Eco-friendly recreational boats help the electric boat market flourish by endorsing sustainable methods, decreasing dependence on fossil fuels, and establishing electric boats as a practical and appealing selection for eco-aware consumers. In a notable example, Genevo Marine Pty Ltd, a private company based in Australia, unveiled Genevo E8, the nation’s first high-performance electric motor yacht, in March 2024. This 8.2-meter luxury yacht uses a 400kW electric motor and a 132kWh lithium-ion battery, offering a projected range of over 100 nautical miles at cruising velocities. Along with stressing sustainability with its singular composite hull built from recycled aerospace carbon fiber, the E8 also has other features such as a 1kW integrated solar system, a 16-inch Garmin touchscreen, and a Polk audio sound system.

Who Are The Most Influential Companies In The Electric Boat Market?

Major companies operating in the electric boat market are ABB LTD, GardaSolar srl, Damni Yachts, Pure Watercraft Inc, Candela Technology AB, Echandia Marine AB, RAND Boats ApS, Nautique Boat Company Inc., Duffy Electric Boat Company , Frauscher Bootswerft GmbH And Co KG,, ElectraCraft Power Boats, Navalt Solar and Electric Boats Pvt Ltd, AQUAWATT Green Marine Technologies GmbH, Boote Marian GmbH, Eco Marine Power Co Ltd, Greenline Yachts, Grove Boats SA, Oceanvolt Oy, Ruban Bleu SARL, Soel Yachts B.V., X Shore AB, Vision Marine Technologies Inc

Access The Complete Report Here:

https://www.thebusinessresearchcompany.com/report/electric-boat-global-market-report

Which Region Dominates The Electric Boat Market Today?

North America was the largest region in the electric boat market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric boat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Customize Your Report Here:

https://www.thebusinessresearchcompany.com/customise?id=23677&type=smp

About The Business Research Company:

With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Get in touch with us:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 310-496-7795

Asia +44 7882 955267 & +91 8897263534

Europe +44 7882 955267

Email us at [email protected]

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model