The market for Electric Boat is expected to reach US$ 12.32 Bn in 2027.
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.
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.
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.
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.
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.
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.
The market for Electric Boat is expected to reach US$ 12.32 Bn in 2027.
The Electric Boat market is expected to see significant CAGR growth over the coming years, at 11.9%.
The report is forecasted from 2019-2027.
The base year of this report is 2014.
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 are some of the major players in the global market.