Electric Boats Market by End Use (Recreational Boats, Commercial Boats, Military & Law Enforcements Boats), Boat Power (< 5kW, 5-30kW, >30kW), Boat Size (< 20ft, 20-50ft, >50ft), Power Source, Hull Design and Region – Global Forecast 2024 – 2029

SKU: GMS-1636

Format: PDF

Overall Rating
4.5/5

OVERVIEW

The Electric Boats Market is currently valued at USD 3.3 billion in 2024 and will be growing at a CAGR of 13% over the forecast period to reach an estimated USD 7.7 billion in revenue in 2029. The electric boats market is experiencing a surge in interest and innovation as sustainability becomes a focal point in the maritime industry. These vessels, propelled by electric motors and powered by batteries or fuel cells, offer a cleaner and quieter alternative to traditional combustion engines. From leisure boats to commercial vessels, the demand for electric propulsion systems is growing, driven by environmental concerns, tightening regulations, and advancements in battery technology. This shift towards electrification is reshaping the boating industry, promoting eco-friendly practices while enhancing performance and efficiency on the water.

Heightened environmental awareness and concerns about carbon emissions have led to increased demand for cleaner transportation options, spurring the adoption of electric propulsion systems in the marine industry. Government initiatives and regulations promoting sustainable practices further incentivize the transition to electric boats. Additionally, advancements in battery technology, including improved energy density and charging capabilities, are enhancing the feasibility and performance of electric vessels, driving innovation and investment in the sector. Moreover, rising fuel costs and the desire for quieter and smoother sailing experiences are fueling consumer interest in electric boats, contributing to the market’s expansion.

Market Dynamics

Drivers:

Heightened environmental awareness and concerns about carbon emissions have led to increased demand for cleaner transportation options, spurring the adoption of electric propulsion systems in the marine industry. Government initiatives and regulations promoting sustainable practices further incentivize the transition to electric boats. Additionally, advancements in battery technology, including improved energy density and charging capabilities, are enhancing the feasibility and performance of electric vessels, driving innovation and investment in the sector. Moreover, rising fuel costs and the desire for quieter and smoother sailing experiences are fueling consumer interest in electric boats, contributing to the market’s expansion.

Key Opportunities :

The electric boats market presents a range of promising opportunities for industry players. Firstly, there’s a growing demand for eco-friendly and sustainable marine transportation solutions, creating a fertile ground for companies to develop and offer electric boat models across various segments, including leisure, tourism, and commercial applications. Additionally, as governments worldwide introduce incentives and regulations to reduce carbon emissions and promote clean energy adoption, there’s an opportunity for manufacturers to capitalize on these supportive policies by investing in research and development to enhance the efficiency and performance of electric propulsion systems. Furthermore, the increasing availability of charging infrastructure, along with advancements in battery technology, opens up opportunities for businesses to expand their electric boat offerings and cater to a broader market while addressing range and charging concerns.

Restraints :

The high upfront cost of electric propulsion systems and batteries compared to traditional combustion engines, which can deter potential buyers, particularly in cost-sensitive markets. Range limitations and longer charging times also pose challenges, especially for long-distance or commercial applications, where continuous operation is essential. Additionally, the infrastructure for electric boat charging stations is still relatively underdeveloped compared to other modes of transportation, limiting the practicality and convenience of electric boats for many users. Moreover, concerns about the recyclability and environmental impact of battery disposal present additional hurdles to widespread adoption. Addressing these restraints will require concerted efforts from industry stakeholders to reduce costs, improve infrastructure, and enhance the overall viability and attractiveness of electric boats as a sustainable alternative.

Regional Information:

In North America, particularly in regions like California and the Pacific Northwest, there is a notable surge in interest and adoption of electric boats, driven by stringent environmental regulations and a strong emphasis on sustainability. The presence of tech-savvy consumers and a robust infrastructure for electric vehicle charging further accelerates the market growth in this region. 

• In Europe, countries like Norway and the Netherlands are at the forefront of electric boat innovation, propelled by ambitious clean energy goals and extensive networks of waterways. These regions prioritize eco-friendly transportation solutions, creating a conducive environment for the development and deployment of electric boats. 

• In Asia Pacific, coastal nations like Japan and Australia are witnessing a steady rise in electric boat uptake, spurred by a combination of environmental awareness, government incentives, and the increasing popularity of recreational boating activities.

Recent Developments:

In May 2023, Mercury Marine and JJE Partner to Expand Avator Electric Product Line. Mercury Marine, a division of Brunswick Corporation, and JJE, an electrified propulsion leader, have announced a partnership to expand the Avator electric product line to higher power applications. The new partnership will allow Mercury Marine to introduce higher power electric motors and systems, up to 50 kW.

• In August 2022, Polestar and Candela have joined forces in a significant partnership aimed at accelerating the adoption of electric boats on a mass scale. The collaboration involves Polestar, the Swedish electric car manufacturer, providing advanced battery and charging systems for Candela’s innovative hydrofoiling speedboats, marking a pivotal moment for electrification in the maritime industry.

Key Market Players:

Tesla, Torqeedo, Duffy Electric Boat Company, Triton Submarines, and Canadian Electric Boat Company.

Frequently Asked Questions

1) What is the projected market value of the Electric Boats Market?

– The Electric Boats Market is expected to reach an estimated value of USD 7.7 billion in revenue by 2029. 

2) What is the estimated CAGR of the Electric Boats Market over the 2024 to 2029 forecast period?

– The CAGR is estimated to be 13% for the Electric Boats Market over the 2024 to 2029.

3) Who are the key players in the Electric Boats Market?

– Tesla, Torqeedo, Duffy Electric Boat Company, Triton Submarines, and Canadian Electric Boat Company.

4) What are the drivers for the Electric Boats Market?

– Environmental awareness, government regulations, and advancements in battery technology are driving the adoption of electric propulsion systems in the marine industry. Rising fuel costs and a desire for quieter sailing experiences are also driving consumer interest in electric boats.

5) What are the restraints and challenges in the Electric Boats Market?

– The high upfront cost of electric propulsion systems and batteries, range limitations, longer charging times, underdeveloped infrastructure for electric boat charging stations, and concerns about battery disposal and environmental impact hinder widespread adoption of electric boats. Addressing these challenges requires industry stakeholders to improve infrastructure and viability.

6) What are the key applications and offerings of the Electric Boats Market?

– Key applications of electric boats include leisure and recreational boating, eco-tourism and sightseeing, water taxis and transportation services in urban areas, and commercial operations such as ferries and passenger vessels for short-distance travel.

7) Which region is expected to drive the market for the forecast period?

– North America is expected to have the highest market growth from 2024 to 2029 

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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OVERVIEW

The Electric Boats Market is currently valued at USD 3.3 billion in 2024 and will be growing at a CAGR of 13% over the forecast period to reach an estimated USD 7.7 billion in revenue in 2029. The electric boats market is experiencing a surge in interest and innovation as sustainability becomes a focal point in the maritime industry. These vessels, propelled by electric motors and powered by batteries or fuel cells, offer a cleaner and quieter alternative to traditional combustion engines. From leisure boats to commercial vessels, the demand for electric propulsion systems is growing, driven by environmental concerns, tightening regulations, and advancements in battery technology. This shift towards electrification is reshaping the boating industry, promoting eco-friendly practices while enhancing performance and efficiency on the water.

Heightened environmental awareness and concerns about carbon emissions have led to increased demand for cleaner transportation options, spurring the adoption of electric propulsion systems in the marine industry. Government initiatives and regulations promoting sustainable practices further incentivize the transition to electric boats. Additionally, advancements in battery technology, including improved energy density and charging capabilities, are enhancing the feasibility and performance of electric vessels, driving innovation and investment in the sector. Moreover, rising fuel costs and the desire for quieter and smoother sailing experiences are fueling consumer interest in electric boats, contributing to the market’s expansion.

Market Dynamics

Drivers:

Heightened environmental awareness and concerns about carbon emissions have led to increased demand for cleaner transportation options, spurring the adoption of electric propulsion systems in the marine industry. Government initiatives and regulations promoting sustainable practices further incentivize the transition to electric boats. Additionally, advancements in battery technology, including improved energy density and charging capabilities, are enhancing the feasibility and performance of electric vessels, driving innovation and investment in the sector. Moreover, rising fuel costs and the desire for quieter and smoother sailing experiences are fueling consumer interest in electric boats, contributing to the market’s expansion.

Key Opportunities :

The electric boats market presents a range of promising opportunities for industry players. Firstly, there’s a growing demand for eco-friendly and sustainable marine transportation solutions, creating a fertile ground for companies to develop and offer electric boat models across various segments, including leisure, tourism, and commercial applications. Additionally, as governments worldwide introduce incentives and regulations to reduce carbon emissions and promote clean energy adoption, there’s an opportunity for manufacturers to capitalize on these supportive policies by investing in research and development to enhance the efficiency and performance of electric propulsion systems. Furthermore, the increasing availability of charging infrastructure, along with advancements in battery technology, opens up opportunities for businesses to expand their electric boat offerings and cater to a broader market while addressing range and charging concerns.

Restraints :

The high upfront cost of electric propulsion systems and batteries compared to traditional combustion engines, which can deter potential buyers, particularly in cost-sensitive markets. Range limitations and longer charging times also pose challenges, especially for long-distance or commercial applications, where continuous operation is essential. Additionally, the infrastructure for electric boat charging stations is still relatively underdeveloped compared to other modes of transportation, limiting the practicality and convenience of electric boats for many users. Moreover, concerns about the recyclability and environmental impact of battery disposal present additional hurdles to widespread adoption. Addressing these restraints will require concerted efforts from industry stakeholders to reduce costs, improve infrastructure, and enhance the overall viability and attractiveness of electric boats as a sustainable alternative.

Regional Information:

In North America, particularly in regions like California and the Pacific Northwest, there is a notable surge in interest and adoption of electric boats, driven by stringent environmental regulations and a strong emphasis on sustainability. The presence of tech-savvy consumers and a robust infrastructure for electric vehicle charging further accelerates the market growth in this region. 

• In Europe, countries like Norway and the Netherlands are at the forefront of electric boat innovation, propelled by ambitious clean energy goals and extensive networks of waterways. These regions prioritize eco-friendly transportation solutions, creating a conducive environment for the development and deployment of electric boats. 

• In Asia Pacific, coastal nations like Japan and Australia are witnessing a steady rise in electric boat uptake, spurred by a combination of environmental awareness, government incentives, and the increasing popularity of recreational boating activities.

Recent Developments:

In May 2023, Mercury Marine and JJE Partner to Expand Avator Electric Product Line. Mercury Marine, a division of Brunswick Corporation, and JJE, an electrified propulsion leader, have announced a partnership to expand the Avator electric product line to higher power applications. The new partnership will allow Mercury Marine to introduce higher power electric motors and systems, up to 50 kW.

• In August 2022, Polestar and Candela have joined forces in a significant partnership aimed at accelerating the adoption of electric boats on a mass scale. The collaboration involves Polestar, the Swedish electric car manufacturer, providing advanced battery and charging systems for Candela’s innovative hydrofoiling speedboats, marking a pivotal moment for electrification in the maritime industry.

Key Market Players:

Tesla, Torqeedo, Duffy Electric Boat Company, Triton Submarines, and Canadian Electric Boat Company.

Frequently Asked Questions

1) What is the projected market value of the Electric Boats Market?

– The Electric Boats Market is expected to reach an estimated value of USD 7.7 billion in revenue by 2029. 

2) What is the estimated CAGR of the Electric Boats Market over the 2024 to 2029 forecast period?

– The CAGR is estimated to be 13% for the Electric Boats Market over the 2024 to 2029.

3) Who are the key players in the Electric Boats Market?

– Tesla, Torqeedo, Duffy Electric Boat Company, Triton Submarines, and Canadian Electric Boat Company.

4) What are the drivers for the Electric Boats Market?

– Environmental awareness, government regulations, and advancements in battery technology are driving the adoption of electric propulsion systems in the marine industry. Rising fuel costs and a desire for quieter sailing experiences are also driving consumer interest in electric boats.

5) What are the restraints and challenges in the Electric Boats Market?

– The high upfront cost of electric propulsion systems and batteries, range limitations, longer charging times, underdeveloped infrastructure for electric boat charging stations, and concerns about battery disposal and environmental impact hinder widespread adoption of electric boats. Addressing these challenges requires industry stakeholders to improve infrastructure and viability.

6) What are the key applications and offerings of the Electric Boats Market?

– Key applications of electric boats include leisure and recreational boating, eco-tourism and sightseeing, water taxis and transportation services in urban areas, and commercial operations such as ferries and passenger vessels for short-distance travel.

7) Which region is expected to drive the market for the forecast period?

– North America is expected to have the highest market growth from 2024 to 2029 

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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