DUBLIN, Sept. 8, 2023 /PRNewswire/ — The “Electric Boats Market by End Use (Recreational Boats, Commercial Boats, Military & Law Enforcements Boats), Boat Power (< 5kW, 5-30kW, >30kW), Boat Size (< 20ft, 20-50ft, >50ft), Power Source, Hull Design and Region – Global Forecast to 2030″ report has been added to ResearchAndMarkets.com’s offering.
The global Electric Boats Market is on the cusp of significant growth, with projections indicating a rise from USD 3.3 billion in 2023 to USD 7.7 billion by 2030.
This remarkable expansion is set to soar at a Compound Annual Growth Rate (CAGR) of 13.0% from 2023 to 2030. The driving force behind this surge is the escalating demand for advanced electrical systems in electric boats.
The electric boats market is poised for transformation, driven by the increasing demand for sustainable transportation solutions, mounting environmental concerns, and the evolution of electric propulsion technologies. Electric boats, also referred to as e-boats or electrically powered vessels, replace traditional internal combustion engines with electric motors and batteries, delivering advantages in terms of efficiency, emissions reduction, and operational cost savings.
This comprehensive report equips stakeholders with valuable insights to navigate the competitive landscape and develop effective go-to-market strategies. It offers a deep understanding of market dynamics, including key drivers, restraints, challenges, and opportunities, enabling businesses to make informed decisions.
North America is poised to dominate the market during the forecast period. Notably, Norway stands out as one of the fastest-growing countries in the Electric Boats Market. The region as a whole boasts major contributions to the overall North American market, bolstered by supportive regulations favoring electrification and the development of supporting infrastructure.
Leading companies in the electric boats market include Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela (Sweden), and Silent Yachts (Austria), among others. These industry leaders are at the forefront of shaping the future of electric boats and sustainable maritime transportation.
As the electric boats market gains momentum, it is poised to revolutionize the maritime industry, offering eco-friendly, efficient, and economically viable solutions. This transformation aligns with global efforts to reduce environmental impact and embrace sustainable transportation alternatives.
The Recreational Boating segment is expected to have the largest market share during the forecast period.
One of the primary reasons for the growth of electric boats in the recreational boating market is the increasing emphasis on environmental sustainability. Electric boats produce zero emissions during operation, which is appealing to environmentally conscious consumers who want to reduce their carbon footprint and minimize the impact on water ecosystems.
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