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Electric boat market set to soar

The global electric boats market is set to rise from US$3.3 billion in 2023 to US$7.7 billion by 2030.

Researchers predict the expansion will soar at a compound annual growth rate of 13% during the period with the driving force behind the surge being the increasing demand for

sustainable transportation solutions, mounting environmental concerns, and the evolution of electric propulsion technologies.

North America is set to dominate the market during the forecast period with Norway –which boosts major contributions to the North American market – standing out as one of the fastest-growing countries in the electric boats market.

Norway’s electric boat industry is supported by regulations favouring electrification and the development of supporting infrastructure.

According to a report compiled by ResearchAndMarkets.com, leading companies in the electric boats market include Brunswick Corporation, Groupe Beneteau, Greenline Yachts, Candela, and Silent Yachts.

The recreational boating segment is expected to have the largest market share during the period, primarily due to the increasing emphasis on environmental sustainability.

In particular, the <5 kW range is projected to lead the market during the period, with low-power electric boats often designed for use on calm waters, such as lakes, rivers, and inland waterways.

The boats are well-suited for leisurely cruising, sightseeing, and recreational activities in areas where high speeds and long ranges are not necessary.

Together with environmental considerations, other drivers of the increasing market are the development of innovative electric boat technologies, a successful maritime tourism and surface water sport industry, improved electric boat range and performance and the cost efficiency of electric and hybrid boats.

Restraints that could have an impact on the market include the shortage of raw materials, the limited availability and high cost of batteries.

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