Electric boats utilize battery power to propel the rotor in order to achieve movement. Batteries used in electric boats are same as batteries of electric vehicles. Electric boats have been popular since their invention in 1839. Demand for electric boats was drastically reduced after the invention of fuel-powered boats. Presently, governments of several nations are focusing on the expansion of battery-based transportation, as emission is considered as a primary global problem.
The global electric boats market is primarily driven by the surge in recreational activities across well-developed nations such as the U.S., Canada, and several countries in Europe. Increase in disposable income, higher standards of living, tendency to indulge in recreational activities, and income stability are propelling the demand for recreational boating services, which is fueling the demand for electric boats. Increasing awareness about environmental safety, government initiative toward reducing reliability over fossil fuels, advanced technology, development of batteries having longer life and reliability, and consumer preference for economically effective boats are prominently driving the global electric boats market. Increase in boat transportation and boat leasing is propelling the global electric boats market at a steady pace.
Electric boats are expensive and hence, middle class people do not prefer them. Electric boats have high horse-powered motors, which require fast speed chargers, which in turn increases the cost of the boat. Higher cost of the electric boat is a key factor restraining the global electric boats market.
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The global electric boats market can be segmented based on boat type, battery type, power output, and region. Based on boat type, the global electric boats market can be segmented into two segments. Hybrid electric vehicles are widely employed owing to their reliable performance and ability to handle higher loads. Based on battery type, the global electric boats market can be divided into three segments. Lithium-ion batteries are a revolutionary development in the field of electric boats and electric vehicles. These batteries provide longer life and higher load carrying capacity coupled with fast charging. Therefore, this segment is likely to dominate the global electric boats market during the forecast period.
Based on boat type, the global electric boats market can be segregated into three segments. Several recreational activities, such as fishing, require small boats, while large boats are preferred for recreational activities for the entire family and parties. The boats used for passenger and goods transportation are preferably large boats. In terms of power output, the global electric boats market can be classified into three segments. Medium and large boats requires power output in range of 30 kW and above. Large and medium boats are employed for medium- and heavy-duty applications, as they require a much higher power output.
Based on region, the global electric boats market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Countries across North America and Europe are witnessing a surge in demand for recreational boating services. Stable income and preference for water-based activities are fueling the demand for electric boats across North America and Europe. Governing bodies are primarily focused on minimizing emission in order to reduce environmental impact. Therefore, governments are promoting clean and emission-less power sources, which is likely to offer lucrative opportunities for the electric boats market across the globe.
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Key players operating in the global electric boats market include Frauscher, Duffy Electric Boat Company, RAND Boats ApS, Echandia Marine AB, GardaSolar s.r.l., Lillebror Marine, Canadian Electric Boat Company, Quadrofoil d.o.o., NavAlt boats, LTSMARINE, Symphony Boat Company, Ruban Bleu, aquawatt Mechatronik und Yachtbau, Soel Yachts B.V., Torqeedo GmbH, and LEAR ELECTRIC BOATS.
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