Electric-Boat Market is Estimated to Cross USD 14.95 Billion by 2030 at a CAGR of 12.96% from 2023 to 2030; Rising Inclination Toward Recreational Boating in the Tourism Sector to Foster Market Growth
The electric-boat market is undergoing rapid changes, requiring businesses and investors to understand the market to stay competitive. SkyQuest's market report is a crucial tool, utilizing sophisticated analytical techniques to deliver a complete industry analysis. The report also includes the latest events, mergers, partnerships, and collaborations in the market, giving a broad view of the industry's current state. With SkyQuest's report, investors and businesses can keep abreast of critical trends and market movements.
Westford, USA, March 13, 2023 (GLOBE NEWSWIRE) -- Europe is fast becoming a major player in the global electric-boat market. This is primarily due to the region's increasing focus on reducing greenhouse gas emissions and the supportive government initiatives aimed at controlling these emissions. In addition, there is a surge in demand for recreational boating in the tourism sector, driving demand for electric boats. The North American and Asia Pacific markets are also experiencing steady growth in the electric-boat market. This is primarily due to the increasing concerns about greenhouse gas emissions and the rise of technological advancements in the industry. As the demand for electric boats continues to grow, we can expect to see further innovations in the industry, such as improved battery technology and more efficient propulsion systems.
According to SkyQuest, there are estimated to be over 135 million active boaters and water sports participants worldwide, with the United States and Canada accounting for nearly 90 million of these individuals. Europe and Australia follow closely, with 32 million and 4 million participants, respectively. These numbers demonstrate the widespread popularity of boating and water sports among people of all ages and backgrounds. In addition, the electric boat market is forecasted to grow exponentially in the forthcoming years as more boaters seek sustainable and eco-friendly options for their leisure activities.
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Electric boats are an innovative solution to reduce emissions in marine transportation while utilizing renewable energy sources. These boats are powered by battery technology that can store and release energy as required, providing an efficient and environmentally friendly option for marine operations. With the advancement of battery technology and the increasing availability of renewable energy, electric boats will likely become more popular.
Prominent Players in Electric-Boat Market
Frauscher Sensortechnik GmbH
Ruban Bleu
NovAlt Boats
Canadian Electric Boats, Co.
Vision Marine Technologies Inc.
Learboats USA, Inc.
Aquawatt
RAND
Echandia Group AB
ElectraCraft Power Boats
Duffy Electric Boat Company
LTS Marine
Soel Yachats B.V.
GardaSolar s.r.l.
Lear Baylor, Inc.
Torqeedo GmbH
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Lithium-Ion Segment to Attain Higher Growth owing to the Presence of Several Companies Specialized in Manufacturing and Supplying Lithium-Ion Batteries
According to market research, the lithium-ion segment of the electric-boat market captured the largest share in 2022. This trend is expected to continue and surpass current expectations from 2023 to 2030. This clearly indicates the increasing demand for eco-friendly and sustainable options in the marine transportation sector. Lithium-ion batteries are gaining popularity due to their numerous benefits, such as longer lifespan, higher energy density, and lower maintenance costs than traditional lead-acid batteries. These factors make them an attractive option for electric boats as they can provide reliable and efficient power for extended periods, reducing the need for frequent recharging.
The European electric-boat market is poised for significant progress in the coming years, attributed to the region's large coastal boundaries and the growing demand for eco-friendly transportation options. Countries such as Spain, Italy, the UK, Portugal, Norway, Sweden, and Germany boast expansive coastlines that attract tourists worldwide, making them ideal markets for electric boats. As a result, the demand for electric boats is predicted to surge in the coming years, with many industry experts predicting that the market will capture significant demand by 2030. This trend is expected to be driven by several factors, including the increasing availability and affordability of electric boat technology and the growing popularity of sustainable tourism.
Passenger Segment to Capture Largest Share as Many Cities Globally Introduced Electric Bats for Sightseeing Tours and Transportation
The electric-boat market saw a significant increase in the passenger segment in the year 2022, and this pattern is likely to continue over the next few years. The passenger segment refers to electric boats designed to transport people for recreational or commercial purposes. This growth in the passenger segment can be attributed to numerous factors, such as the rising demand for sustainable and eco-friendly transportation options and the growing popularity of electric boats as a leisure activity.
The electric-boat market is poised for significant growth in the coming years, with North America and Asia Pacific being identified as promising regions for this emerging industry. As we move towards 2030, the demand for electric boats is expected to continue to surge, driven by factors such as increasing environmental awareness, a growing interest in sustainable travel options, and advancements in electric propulsion technology. Looking ahead to the next decade, it seems clear that the market will continue to gain traction, particularly in regions such as North America and Asia Pacific, with a strong interest in sustainability and green technology.
The electric-boat market is a rapidly evolving industry that demands constant innovation and adaptation from businesses. To stay competitive, companies must keep a keen eye on emerging trends and be willing to explore new opportunities as they arise. Fortunately, businesses can leverage resources like the SkyQuest report to gain valuable insights and recommendations for success. By analyzing market data and identifying key trends, companies can make informed decisions about expanding their operations and positioning themselves for long-term growth.
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Key Developments in Electric-Boat Market
Lanéva, a French electric boat manufacturer, and Bellini, an Italian luxury boat builder, have partnered to bring sustainable solutions to the classic Riva boats. The two companies will work together to retrofit vintage Riva boats with electric propulsion systems, thus reducing their environmental impact and preserving their classic beauty. Lanéva's electric propulsion systems are designed to be both powerful and quiet, providing an optimal boating experience without the noise and pollution associated with traditional engines.
Swedish energy company Vattenfall and tourism operator Stromma Group have announced a joint investment in electric sightseeing boats. The new vessels will be powered by electricity, producing zero emissions and minimal noise pollution. This move aligns with both companies' commitment to sustainability and reducing their carbon footprint. Furthermore, by investing in electric sightseeing boats, they showcase the potential of clean energy solutions in the tourism industry.
ZEN Yachts, a company dedicated to developing sustainable yachts, has recently announced securing $5.9M in Series A funding. This comes as exciting news for the company, as it is expected to provide them with the necessary resources to continue innovating and expanding their line of solar electric catamarans. Furthermore, the funding announcement came alongside news of new orders for the company's solar electric catamarans. This indicates that the market for sustainable yachts is growing rapidly and that ZEN Yachts is well-positioned to take advantage of this trend.
Key Questions Answered in Electric-Boat Market Report
What are the major factors that influence the growth of the global market, and how do they impact different industries differently?
How can companies in the global market successfully navigate challenges and capitalize on new opportunities, and what strategies have proven effective for leading companies?
Which regional industries are expected to attain the strongest growth in the global market, and what factors drive this trend?
How do industry-specific factors influence growth and development in the global market, and what steps can companies take to adapt to changing trends and consumer demands?
Related Reports in SkyQuest’s Library:
Global Recreational Boat Market
Global Marine Hybrid Propulsion Market
Global Last Mile Delivery Market
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