Electric Boat Market
Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Electric Boat Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Boat Type, Battery Type, and Application" report has been added to ResearchAndMarkets.com's offering.
The global electric boat market is expected to grow from US$ 5,260.52 million in 2022 to US$ 11,359.85 million by 2028; it is estimated to grow at a CAGR of 13.7% from 2022 to 2028.
A rising number of solar installations attributed to government-led incentives & schemes and growing water sports influenced the electric boat market growth. Further, the increasing investments in battery advancement in electric boats are among the factors contributing to the electric boat market growth. However, the safety risks associated with high DC voltages in electric boat fast charging are restraining the electric boat market growth.
The increasing collaboration between market players to build charging stations is a key factor contributing to the growth of the electric boat market. Governments of various cities, municipalities, and companies established near the European coastline have taken many projects and initiatives to electrify leisure boats.
For instance, in 2021, Candela partnered with Nordsol Energi, a solar energy supplier, to install and develop charging stations for electric leisure boats in different key areas in Stockholm, Sweden. Similarly, in June 2020, in Norway, under the initiative "The Green Tail," a network of charging points was established in marinas along the coast around Bergen and the surrounding municipalities in the country.
Further, the Norwegian Coastal Administration has created a web solution that provides an overview of all charging points, shore power plants, LNG plants, etc. Thus, an increasing number of investments in establishing charging stations at seaports is anticipated to fuel the demand for electric boats during the forecast period.
Furthermore, the increasing number of boat-sharing platforms for electric leisure boats worldwide is driving the demand for electric boats from the boat renting and sharing service providers. For instance, Kruser is one of the world's first boat-sharing platforms for electric leisure boats.
It is available in ten locations in Norway due to the partnership with electric leisure boat manufacturers, such as Green Waves, Rand boats, and Hydrolift. Also, in 2021, the company developed a new project with an electric propulsion company "Evoy" to launch an additional fast electric boat fleet. Thus, the growing demand for boat sharing platforms is expected to drive the electric boat market growth.
The key companies operating in the electric boat market are Frauscher, Duffy Electric Boat Company, Rand Boats APS, Vision Marine Technologies, Quadrofoil D.O.O, Ruban Bleu, Aquawatt Mechatronik and Yachtbau, Candela, and Budsin Wood Craft.
No. of Pages
2022 - 2028
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Market Dynamics
Stringent Government Regulations for Controlling Greenhouse Gas Emissions
Increasing Network for Charging Points in Marine Infrastructure for Small Boats
High Cost of Batteries and Range Limitations
Increasing Installation of Superchargers at Smaller Ports
Rising Inclination Toward Solar-Electric Boats
Frauscher Bootswerft GmbH & Co KG
Duffy Electric Boat Co
Rand Boats A/S
Vision Marine Technologies Inc.
Budsin Wood Craft
Candela Technology AB
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