Electric Boats Market Growth, Demand and Key Players to 2017 – 2027
Electric Boats Market: Market Dynamics
As marine industry is shifting towards environment friendly propulsion options the demand of electric boats is anticipated to increase over the assessment period. Additionally, as the battery technology is improving, electric boat manufacturers are focusing on improving the power and speed of their vehicle by installing technologically advanced batteries. This will increase the demand of electric boats in the coming years for application in multiple areas such as transportation of goods and passengers. Along with this, the fishing industry is one of the branch where the demand of electrically propelled boats is anticipated to increase. This will further supplement the anticipated growth of electric boats over the assessment period.
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Electric boats are extensively used for recreational purposes. As the standard of living increases the demand of high speed electric boats for recreational purposes is also anticipated to increase over the assessment period. Furthermore, the advantages of electric boats are the reduction in vibration, pollution, and noise. This will further create opportunities for augmentation of electric boats market over the forecast period.
Higher initial cost of electric boats can restrain the growth of electric boats market over the forecast period. Moreover, the components of electric boats are not easily available in the market, due to this the overall replacement cost of the components. This further restraints the growth of the market over the assessment period.
Electric Boats Market: Market Segmentation
On the basis of Battery Type Electric Boats Market can be segmented into:
On the basis of Boat Type Market can be segmented into:
On water industrial electric boats
On water commercial electric boats
Recreational electric boats
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Electric Boats Market: Regional outlook
Electric Boats market shares a synergic relationship with the marine industry. The marine industry in North America region is anticipated to have a steady growth. This will increase the demand of electrical boats and will create opportunities for incremental growth of electric boats market in the North America region. European region stands out as compared to other region in terms of future prospects. This can be attributed to stringent emission norms by the European government which will increase the demand of environment friendly propulsion systems such as electric propulsion for boats. Moreover, increasing application of electric boats for recreational purposes and transportation of public and goods will further increase the demand of electric boats in European region. Furthermore, the developing economies of Asia Pacific region are focusing on increasing their export through waterways. This could be a prime reason which will drive the electric boats market in Asia Pacific region.
Electric Boats Market: Key Participants
Elco Motor Yachts, LLC.
Ting Hai Shipbuilding Co., Ltd.
Island Packet Yachts
Beckmann Boatshop, Limited
Electric Boats (Thailand) Co. Ltd.
Infinyte Marine Inc
Lear Baylor, Inc.
Roy Solar Co., Ltd.
The Electric Marina, Inc.
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