The go-green initiative has catapulted the business models of multiple industries globally and the boating industry is
no exception. With traditional gasoline and diesel powered boats significantly increasing pollution levels, the need for
alternate sources of energy to propel boats has pushed manufacturers to introduce eco-friendly boats in the global
market. Hybrid boats powered by solar energy are fast emerging as an attractive alternative to conventional boats owing
to the zero emission factor. Further, installation of solar panels in boats reduces the weight of the boats
considerably, and offers an added advantage of noise reduction. This makes solar powered boats perfect for recreational
activities. Manufacturers are innovating to design solar hybrids with increased passenger capacity in keeping with the
rising market demand.
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Earlier, propulsion systems in boats were powered by lead acid batteries. The use of lead acid batteries in electric
boats comes with several disadvantages including added bulk and low battery cycle time. The latest trend is the adoption
of lithium ion batteries for power generation in boats. Lithium ion batteries with phosphate technology are the newest
trend in the global market. Besides a huge life of 10 times more than lead acid batteries, lithium ion batteries are
lightweight, charge faster, have low toxicity levels, and require relatively low maintenance. These batteries can be
disposed of in an environmentally friendly manner as compared to lead acid batteries. These properties have shifted boat
manufacturers’ preferences towards lithium ion batteries.
These trends are defining the positive growth trajectory of the globalelectric boats market, which, according to a recent analysis by Future Market Insights, is projected to exhibit a growth rate of 11.0%,
moving from a valuation of US$ 106,029.4 Th in 2017 to US$ 327,678.2 Th by the end of 2028.
Increase in sales revenue of electric boats can be attributed to the following key factors:Boost in the global recreational boating industry leading to high demand for boatsFocus on development of lightweight boats fuelled by electric powerAdoption of small size boats for purposes of maritime securityFocus on the reduction of emissions and awareness of the need to reduce environmental pollution
North America Undisputed Leader in the Global Market; Western Europe to Stay Second in Line
Needless to say, North America projects the highest demand and adoption of electric boats, given the thrust on boating
as a leisure activity among the American population. Western Europe is the second biggest market in terms of sales of
electric boats, again given the increasing preference for recreational boating activities in the region. Markets in the
Middle East & Africa and India are yet to be fully tapped and are currently witnessing relatively moderate growth in terms of both
demand and sales of electric boats.
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Market segmentation
The market is segmented as given below:
By TypePure ElectricHybrid
By Boat TypeSmall SizeMedium SizeLarge Size
By Battery TypeLead AcidLithium IonNickel based batteries
By Power OutputBelow 5KWBetween 5KE to 30KWAbove 30KW
By RegionNorth AmericaLatin AmericaSouth East Asia (SEA) and PacificWestern EuropeEastern EuropeJapanMiddle East and Africa (MEA)ChinaIndia
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Recommendations for Key Players
Vendors in the global electric boats market need to focus on introducing newer hybrid models that can propel on diesel /
petrol as well as electric systems in keeping with the surge in consumer demand. Focussing on certain key markets in
developing economies can prove to be beneficial in the long run, given that the populace in these regions is growing
financially and is looking for more water based recreational activities. Boating as a leisure activity is fast gaining
traction and manufacturers would do well to expand their distribution network in fast growing economies of the SEA & Pacific and countries such as China.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth
insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the
market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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