Discover the Growth of the Electric Boats Market

Due to the rising oil prices and rising awareness towards global warming the demand of alternative source of energy is anticipated to rise in the coming years. The marine industry is one such branch where the demand of ecofriendly propulsion options are anticipated to increase over the years. Electric boats become a suitable alternative for replacing conventional propulsion options in the marine industry.

An electric boat consist of an electric motor driven by a battery pack. Moreover, electric boats are usually driven by lead acid, nickel cadmium or lithium ion batteries. Currently many certification bodies and international companies are investing heavily on the development of technologically advanced electric boat propulsion systems which would cater to the inland and marine time transportation demand.

The battery packs installed in an electric boat is either charged by plugging it into a renewable energy source installed on shore or by a charging system which is installed on-board such as solar panels. In general manufacturers tend to manufacture all electric boats depending upon the customer requirement of power and speed. Furthermore, whether the electric boat is technically feasible or not depends on the capacity of the battery to meet the power demand and the ability of the vehicle to accommodate the weight and size of the batteries.

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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.

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: 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.

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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.

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