Market Size of Electric Boat Industry to Reach $16.6 Billion by 2031

PORTLAND, OREGAON, UNITED STATES, March 4, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Electric Boat Market Size, Share, Competitive Landscape and Trend Analysis Report by Propulsion (Pure Electric Boats, Hybrid Electric Boats), by Battery Type (Lead-acid Battery, Lithium-ion Battery, Nickel-based Battery), by Range (Less than 50 km, 50 to 100 km, 101 to 1,000 km, More than 1,000 km), by Power (Below 5 KW, Between 5 KW to 30 KW, Above 30 KW), by Application (Passenger Boats, Cargo Boats, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.”

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐁𝐨𝐚𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬 𝟐𝟎𝟐𝟏-𝟐𝟎𝟑𝟏 :

The market size of electric boat industry was valued at $5.0 billion in 2021, and is estimated to reach $16.6 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031.

Europe is expected to dominate the global electric boat market in 2021. Key factors contributing toward the market growth include commitment of the government toward decreasing emission levels, encouraging zero-emission power sources, innovative battery systems, and high performance of longer-range batteries. Furthermore, manufacturers are focusing on new battery technologies to deliver longer-range batteries and high performance for electric boats. Development in emission norms and restrictions in maritime transportation has led to growth of the electric boat market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/9131

Increase in investments by government and private sector in research and development of battery systems and electronic components is expected to fuel the market expansion during the forecast period. In addition, development of charging infrastructure for electric boats, coupled with government support has also been observed in the region, which encourages adoption of electric boats. Moreover, in Germany, development of autonomous boats for transportation is also expected to supplement growth of the market during the forecast period.

Popularity of lithium-ion batteries is on an exponential increase, as they are light in weight, have high capacity, and have exhibited a sharp decline in price in recent years. Lead-acid batteries have drawbacks such as high self-discharging rates and relatively low charge/discharge cycles, which makes them less suitable for energy storage applications. Hence, these drawbacks of electric boat manufacturers are moving toward adoption of lithium-ion batteries in electric boats. Numerous battery manufacturers are introducing new and improved lithium-ion batteries for electric boats and electric mobility. For instance, in November 2021, Electric Fuel, manufacturers of professional high-performance batteries, launched its new 48V high energy density lithium-ion marine battery at the METSTRADE 2021 show in Amsterdam, Netherlands. The new 48V batteries is the latest addition to Electric Fuel’s lithium-ion marine battery family offers four times the energy of similar lead-acid batteries.

By propulsion, the global electric boat industry is segregated into pure electric boats and hybrid electric boats. Pure electric boats use battery power for propulsion of rotor to gain maximum momentum. Its primary propulsion technology is an electric drive system. Electric boats are faster, noiseless, and reduce emission in the atmosphere. Electric motors are more reliable, longer-lasting, and require less maintenance. Low calorific value eliminates the need for cooling systems in the boat. They have lower range compared to hybrid electric boats. These are lighter in weight to their diesel counterparts. Introduction of stringent emission regulations, increase in environmental concerns, and government support drive growth of this segment. Several players operating in the market are launching new products and entering into partnerships to cater to growing consumer demand.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/electric-boat-market/purchase-options

Significant factors impacting growth of the electric boat market include environmental concerns and stringent emission regulations, growth in maritime trade, and strengthening tourism activity with greater participation in boating, cruising, yachting and nautical sports. Moreover, limited battery capacity and range associated with electric boats, and high costs of electric boats hinders the market growth. Growth and developments to expand charging infrastructure, government support to promote adoption of electric boats, and technological advancements are expected to offer growth opportunities during the forecast period. However, each of these factors is anticipated to have a definite impact on the electric boat market during the forecast period.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The impact of the COVID-19 pandemic has resulted in delayed development and launches of electric boats & propulsion system, slowdown in the operation of the key players, and shortage of components. The pandemic has resulted in supply-chain disruptions causing delayed production of electric boats.

The maritime industry has d become an important part of supply chains various countries,’ supply chains, and the COVID-19 epidemic pandemic had a huge impact on it. The shipping industry is dependent on manufacturing, which was stopped to protect people from SARS-CoV-2, causing substantial hurdles. Shortage of components, owing to regulations associated with import and export of goods have also resulted in delayed manufacturing , and launch of electric boats. A primary issue confronting the shipping & boating sector is the failure to repair vessels, which leads to operational failure. Random breakdowns cause delays and inconveniences in the shipping business. Travel limitations caused by the COVID-19 pandemic were also a challenge for engineers while performing routine maintenance.

However, with government relaxations to improve economic conditions, the boating sector has experienced significant growth in 2021. Boating and fishing continues to occupy the top rank as the largest leisure activity in the U.S. and nearly 100 million Americans go boating each year. With the continuedcontinuous popularity of remote work and flexible schedules, people are exploring more adventures at in water.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘 :

By propulsion, the pure electric boats segment is anticipated to exhibit significant growth in the near future.

By battery type, the lithium-ion battery segment is anticipated to exhibit significant growth in the near future.

By range, the 101 to 1,000 km segment is anticipated to exhibit significant growth in the near future.

By power output, the above 30 kW segment is anticipated to exhibit significant growth in the near future.

By application, the cargo segment is anticipated to exhibit significant growth in the near future.

By region, North America is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/9131

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

ABB LTD
Aquawatt Green Marine Technologies
Boesch Motorboote AG
Boote Marian GmbH
Candela Technology AB
Corvus Energy
Domani Yachts
Duffy Electric Boat Company
Echandia Group AB
ElectraCraft Power Boats
Frauscher Bootswerft GmbH & Co KG
Greenline Yachts
Grove Boats SA
Learboats USA, Inc.
NavAlt Solar & Electric Boats Pvt. Ltd
Quadrofoil d.o.o.
RAND Boats ApS
Ruban Bleu
Soel Yachts B.V.
Torqeedo GmbH
Vision Marine Technologies Inc.
X Shore
Yamaha Motor Co., Ltd.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐔𝐭𝐢𝐥𝐢𝐭𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.prnewswire.com/news-releases/electric-utility-vehicle-market-to-reach-24-98-bn-globally-by-2031-at-11-4-cagr-allied-market-research-301613001.html

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 (𝐄𝐕) 𝐓𝐫𝐚𝐧𝐬𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.globenewswire.com/news-release/2021/06/23/2251523/0/en/Electric-Vehicle-Transmission-Market-to-Garner-20-08-Billion-by-2027-Allied-Market-Research.html

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐡𝐫𝐞𝐞 𝐖𝐡𝐞𝐞𝐥𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.globenewswire.com/en/news-release/2023/07/25/2710192/0/en/Electric-Three-Wheeler-Market-Size-to-Reach-1-5-Billion-by-2031-Allied-Market-Research.html

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐁𝐮𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.globenewswire.com/news-release/2023/03/17/2629639/0/en/Electric-Bus-Market-Size-to-Reach-439-7-Billion-by-2031-Allied-Market-Research.html

David Correa
Allied Market Research
+1 5038946022
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