Electric Boat Market Growth to be Driven by Emerging Trends | $8.37 Billion by 2029

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What is the Projected Market Size of the Electric Boat Industry?
The size of the electric boat market has seen significant expansion in the past few years. It is projected to increase from $5.05 billion in 2024 to $5.57 billion in 2025, experiencing a compound annual growth rate (CAGR) of 10.3%. The considerable growth during the previous period can be ascribed to stricter environmental laws, a rise in the use of electric propulsion systems, an increase in investment in eco-friendly water tourism, the widening of marinas having electric charging facilities, and the expansion of urban water transport networks.

What Will Be the Size of the Electric Boat Market by 2029?
Expectations are high for the electric boat market, with predictions for swift expansion in the coming years. By 2029, the market is projected to reach a valuation of $8.37 billion, demonstrating a compound annual growth rate (CAGR) of 10.7%. Factors contributing to this projected surge include the wider availability of high-capacity lithium-ion and solid-state batteries, growing demands for vessels that emit zero carbon emissions, an increase in the use of electric boats for urban canal transport, heightened consciousness about underwater noise pollution, and the increasing popularity of solar-powered marine vessels. Looking ahead, major market trends likely to impact the industry include advancements in battery management systems, technological improvements to electric propulsion, the development of high-energy-density and solid-state batteries, and the incorporation of renewable energy systems.

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What Are the Key Drivers Accelerating Growth in the Electric Boat Market?
The anticipated increase in seaborne trade activities is predicted to stimulate the electric boat market's expansion. Seaborne trade is defined as the shipment of goods and commodities via ships in international waters. The surge in these activities is largely attributed to the enhanced integration of supply chains, thereby escalating the requirement for effective and economical transportation of bulky goods and containers in global markets. Electric boats are employed in these activities as they offer a sustainable and inexpensive alternative to conventional vessels, thereby reducing the reliance on fuel and endorsing operations that comply with environmental standards. For instance, in October 2024, as per the Switzerland-based intergovernmental organization UN Trade and Development, there was a 2.4% increase in global maritime trade, reaching 12.3 billion tons in 2023. It is also anticipated to experience a 2.4% growth till 2029. Consequently, the boom in seaborne trade activities is catalyzing the growth of the electric boat market.

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How Is the Electric Boat Market Segmented by Type, Application, and Region?
The electric boat market covered in this report is segmented -

1) By Propulsion Type: Hybrid, Pure Electric
2) By Battery Type: Lead-Acid Battery, Lithium-Ion Battery, Nickel-Based Battery
3) By Range: Less Than 50 Km, 50 To 100 Km, 101 To 1,000 Km, More Than 1,000 Km
4) By Application: Passenger Boats, Cargo Boats, Other Applications
5) By End-Use: Recreational Boats, Commercial Boats, Military And Law Enforcements Boats, Others End Uses

Subsegments:
1) By Hybrid: Parallel Hybrid, Series Hybrid, Plug-in Hybrid
2) By Pure Electric: Battery Electric, Solar Electric, Fuel Cell Electric

What Are the Key Trends Driving Growth in the Electric Boat Market?
Key players in the electric boat market are working towards creating innovative offerings such as eco-friendly recreational boats, in response to increasing consumer preference for sustainable and low-emission maritime transport solutions. These eco-friendly recreational vessels bolster the electric boat industry by endorsing sustainable practices, diminishing dependence on fossil fuels, and enhancing the appeal of electric boats for eco-aware customers. For instance, Genevo Marine Pty Ltd, a private company based in Australia, unveiled the Genevo E8 in March 2024, marking Australia's first electric motor yacht with high performance. Spanning 8.2 meters, this luxurious ship runs on a 400kW electric motor and a 132kWh lithium-ion battery, which promises an estimated cruising range of over 100 nautical miles. The recycled aerospace carbon fiber used in crafting its unique composite hull demonstrates the company's commitment to sustainability. Other features of the E8 include a 1kW built-in solar system, a 16-inch Garmin touchscreen, and a Polk audio sound system.

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Who Are the Leading Companies Driving Growth in the Electric Boat Market?
Major companies operating in the electric boat market are ABB LTD, GardaSolar srl, Damni Yachts, Pure Watercraft Inc, Candela Technology AB, Echandia Marine AB, RAND Boats ApS, Nautique Boat Company Inc., Duffy Electric Boat Company , Frauscher Bootswerft GmbH And Co KG,, ElectraCraft Power Boats, Navalt Solar and Electric Boats Pvt Ltd, AQUAWATT Green Marine Technologies GmbH, Boote Marian GmbH, Eco Marine Power Co Ltd, Greenline Yachts, Grove Boats SA, Oceanvolt Oy, Ruban Bleu SARL, Soel Yachts B.V., X Shore AB, Vision Marine Technologies Inc

Which Is the Leading Region in the Global Electric Boat Market?
North America was the largest region in the electric boat market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric boat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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