Pune, India, April 04, 2022 (GLOBE NEWSWIRE) -- The global electric boat market size is expected to gain momentum owing to the rising demand for zero emission, and high-performance boats during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Electric Boat Market, 2021-2028.” It is a type of electric vehicle that uses batteries to move the boat rather than fuel to carry out marine operations. They employ batteries that are comparable to those used in electric vehicles. They are primarily ferries and small passenger boats that operate entirely on electricity on interior waterways.
Industry Development-
November 2019: Frauscher Sensortechnik, a German boat building company launched 740 mirage electric sports boat. It is powered with Torqeedo Deep Blue 2400 100KW direct drive motor with 2 lithium-ion batteries that provides 40KWh power.
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Segments-
By boat type, the market is segmented into pure electric, and hybrid. On the basis of battery type, the market is segregated into nickel-based, lead acid, and lithium-ion. On the basis of application type, the market is fragmented into passenger, cargo, and others. The market is divided into North America, Europe, Asia Pacific, and the Rest of the world by geography.
What does the Report Offer?
The report for electric boat gives information on the market participants, drivers, constraints, restraints, applications, growth factors, marketing, strategic planning, and new product development. Market growth and profit rate, volume, manufacturing usage, and gross profit margin, shipping information, and other relevant elements are all included in the report.
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Drivers & Restraints-
Rising Environmental Concerns to Stimulate Growth
The global electric boat market is expected to grow due to rising environmental concerns during the projected period. Pollution has become a major factor impacting the environment as demand for transportation, and travel by marine has increased. The market provides an environmentally beneficial alternative while also assisting in the expansion. Moreover, increasing tourism, boat transportation, boat leasing, increasing urbanization, standard of living, and monitoring criminal activities are major factors driving the growth of the market.
REGIONAL INSIGHTS
Government Initiatives to Promote Growth in Europe
Europe is expected to hold the largest global electric boat market share during the forecast period. The government is focusing on reducing fuel emission, promoting zero-emission power sources, advanced battery systems, presence of prominent players, and high performance of longer-range batteries are the major contributing factors in the region.
North America is anticipated to hold a significant position in the market. The government initiatives to promote tourism, businesses in coastal regions, high rate of recreational activities, and marine crop patrolling are expected to drive the market forward.
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Competitive Landscape-
Manufacturers Focus on R&D Investments to Offer Advanced Products
Due to the existence of multiple big and local companies, the market is moderately consolidated. To improve their position in the market, several key market players are forming partnerships, and pursuing mergers and acquisitions with other firms. Furthermore, electric boat industry participants are concentrating on upgrading battery technology to get a competitive advantage over their competitors.
Supply Chain Disruption to Hamper Growth
Due to the global shutdown of production facilities and trade restrictions implemented due to the Covid-19 outbreak, the expansion of the electric boat business has been hampered. However, with government relaxations to improve economic conditions, the market is likely to rebound over the forecast period.
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List of Key Players Profiled in the Global Market for Electric Boat:
- Frauscher Sensortechnik GmbH
- Canadian Electric Boat Co.
- Ruban Bleu
- Echandia
- Symphony Boat Company
- GardaSolar s.r.l.
- Duffy Electric Boat Company
- Aquawatt
- NavAlt Boats
- Soel Yachts
- RAND
- Torqeedo GmbH
Global Electric Boat Market Segmentation:
By Boat Type:
- Pure Electric
- Hybrid
By Battery Type:
- Nickel-Based
- Lead Acid
- Lithium-Ion
By Application Type:
- Passenger
- Cargo
- Other
By Geography:
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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