Electric Boats Market worth $7.7 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 18, 2023 /PRNewswire/ -- The Electric Boats Market size is projected to grow from USD 3.3 billion in 2023 to USD 7.7 billion by 2030, at a CAGR of 13.0% from 2023 to 2030 according to a new report by MarketsandMarkets™. The increase in need for sustainable recreational boating solutions is driving growth in the market.

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Electric Boats Market Report Scope:

The Recreational boats segment is projected to hold the largest market share during the forecast period.

Based on the end use, the recreational boat segment is projected to hold the largest market share during the forecast period. Recreational boaters often value cost savings in the long run. Electric boats have lower operating and maintenance costs compared to traditional boats due to their simplified propulsion systems and reduced fuel and maintenance requirements. Electric boats are sparking innovation in boat design. Manufacturers are developing unique and stylish electric boat models that appeal to consumers who are looking for a modern and distinctive watercraft.

The <5 kW is projected to hold largest share of Electric Boats Market during the forecast period.

Based on boat power, the <5kW segment is projected to hold the largest market share during the forecast period. Very small electric boats with low power output are well-suited for recreational and leisure activities, such as relaxing cruises, fishing trips, and family outings. Their low power requirements are sufficient for these types of activities, making them an attractive option for individuals and families looking for casual and enjoyable experiences on the water.

An < 20 ft segment to have large market share during the forecast period.

Based on boat size, The <20 ft segment is expected have larger market share during forecast period. Smaller electric boats are often easier to operate, especially for beginners and recreational users. They typically have simpler control systems and navigation requirements, making them accessible to a wider audience. As urban mobility concepts evolve, smaller electric boats can be integrated into multimodal transportation networks, offering convenient and sustainable alternatives for short-distance water travel within cities.

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North America is expected to account for the largest share in 2023.

The Electric Boats Industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest market share in 2023. North America boasts a wide range of water bodies, including oceans, lakes, rivers, and bays. Each type of water body offers unique opportunities for boating and water-based activities. Electric boats, with their quiet and emission-free operation, are well-suited for exploring these diverse environments without disturbing the natural surroundings or local wildlife.

Key players in Electric Boats Companies such as Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela (Sweden), and Silent Yachts (Austria) are working toward developing advanced electric boating solutions utilizing renewable energy sources and new developed hull designs.

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