Electric Boat Market By Type (Hybrid, Pure Electric), By Battery Type (Lithium-ion, Lead Acid, Nickel-based), By Runtime Type (Less than 7 hours, 7 to 12 hours, More than 12 hours), By Passenger Capacity (Less than 10 Passengers, 10 to 25 Passengers, More than 25 Passengers) - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027

Environmental concerns and strict laws for clean energy source is driving the electric boat market worldwide

Growing concern about the environment and advancements in battery technology have influenced industries across the globe to adopt green tech in their application. With traditional combustion-based boats emitting high pollution, there is a need for an alternate energy source to propel boats. The electric boat is one such industry where manufacturers are shifting towards batteries to improve the industry's carbon footprint. Along with this, with the passage of the Paris Climate Agreement, many countries are forming laws to promote eco-friendly technologies, and the boating industry is not excluded.

On the other hand, the wider application of electric boats is hindered by the high prices of boats with longer runtime and higher speeds. However, the global electric boat market is expected to cross US$ 12.32 Bn by 2027, growing at a CAGR of 11.9% from 2019 to 2027. 

Market Snapshot

Battery Type Analysis

Manufacturers prefer new age lithium-ion battery technology

The use of lithium-ion batteries is the current trend in the boating industry. Lithium-ion batteries offer high energy density, longer life, and low maintenance, making it the preferred choice of the manufacturers such as Torqeedo to adopt lithium-ion batteries in their boats. In 2017, Torqeedo adopted BMW's lithium-ion battery for its marine market. Further, light-weight, fast-charging, and low toxicity levels add to the advantages of using a lithium-ion battery in electric boats.

Although the lithium-ion battery has a number of advantages, battery manufacturers are focusing on new battery technology such as silicon-anode, solid-state, and other possible technologies to further improve their performance. As a result, these upcoming battery technologies are expected to reduce the market share of lithium-ion batteries in the future.

Regional Analysis

Increasing adoption in the U.S. made North America the largest regional market

North America was the largest regional market in 2018, owing to its high demand for electric boats. The regional population now prefer new electric boats for leisure and recreational purposes, including ski boats, pontoon boats, sailboats, and houseboats used for vacationing and for residential purpose in the long term. High local demand influenced corporate investment and partnership in the region.

For instance, in November 2019, Exro Technologies Inc. partnered with The Templar Marine Group Ltd. to optimize the performance of electrical engines. Such company-to-company partnerships helped to grow the market in 2018. Moreover, in April 2018, Canadian Electric Boat Co. won the "Future of the Industry" award from the AMQ. The award recognized the company's development of boating and its vision for the marine industry.

Emerging partnership trend is keeping the market competitive

The electric boat market is fragmented, and market players are focusing on partnerships and improving their boat capability to bolster their market position. For instance, Torqeedo is using BMW i3 and i8 battery technologies for its electric boats. This new "Deep Blue 40 kWh" battery has 30% more capacity and an energy density of 144 Wh per kg. Further, in December 2018, Torqeedo displayed its 100 KW motor for its deep blue drive system.

List of Companies Covered:

• General Dynamics Electric Boat
• ElectraCraft Boats
• Canadian Electric Boat Co.
• Grove Boats SA
• Duffy Electric Boat Company
• Torqeedo GmbH
• Boote Marian GmbH
• Naviwatt
• Ruban Bleu
• Alfastreet Marine
• Others 

Key Industry Development:

• Major industry players participate in the Boat Shows to promote their brands. For instance, Alfastreet Marine premiered its latest 28 ft. cabin cruise equipped with 100% electric drive.
• In November 2018, Laguna 760 of Boote Marian GmbH was awarded "Excellent Product Design" from German Design Award. Laguna 760 is the next step towards electro-mobility and is equipped with a powerful electric motor, and offers excellent performance. With this recognition, the company expected to improve its market share in the coming years.
• In August 2019, Canadian Electric Boat Co. expanded its Boisbriand plant to produce a photovoltaic roof for its Volt 180 and Fantail 217 models. Also, with this expansion, the new Phoenix model will be alive and powered by 2 BMW i3 batteries, Torqeedo's deep blue twin engine. 

Historical & Forecast Period

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.

Segmentation Type Segment (2017-2027; US$ Bn)

• Hybrid
• Pure Electric

 Battery Type (2017-2027; US$ Bn)

• Lithium-ion
• Lead Acid
• Nickel-based

 Runtime Type (2017-2027; US$ Bn)

• Less than 7 hours
• 7 to 12 hours
• More than 12 hours

 Passenger Capacity Segment (2017-2027; US$ Bn)

• Less than 10 Passengers
• 10 to 25 Passengers
• More than 25 Passengers

 Geography Segment (2017–2027; US$ Bn)

• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)

The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the global electric boat market better. In addition, the global report also comprises a graphical representation of the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.

Unique data points of this report

• Recent trends across different regions in terms of development of the electric boat market
• Attractive investment proposition for application segment as well as geography

Frequently Asked Questions