The latest market report published by Credence Research, Inc. “Electric Boat Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global market is worth US$ 4.49 Bn in 2018 and expected to grow at a CAGR of 11.9% during the forecast period from 2019 to 2027.
Advancement in battery technology and decreasing battery prices is fueling the market growth
High pollution rate of gasoline-powered combustion boat and rising fuel prices have shifted the priority of boat manufacturers to battery technology. Advancement in battery technology that offers longer run-time and higher speed is driving the demand for Electric Boat market, worldwide. In addition, noteworthy advantages offered by Electric Boat such as noiseless, smokeless, less vibration and less engine maintenance than the combustion boat helped the market to grow considerably. In 2018, the global Electric Boat market was US$ 4.49 Bn and expected to reach US$ 12.32 Bn in 2027.
In contradiction to the above-mentioned specifics, Electric Boat failed to become superior to combustion boats. Factors such as limited range or runtime of Electric Boat, longer time to charge a battery and high cost of Electric Boat compare to combustion boats expected to obstruct the market growth. Overall, the global Electric Boat market expected to grow with a CAGR of 11.9% from 2019 to 2027.
The overall Electric Boat market is fairly competitive in nature. The market players are more focused on launching new e-boats that have longer range and higher speed than currently available boats in the market.
• In November 2019, Torqeedo GmbH announced that it will launch new fast chargers for the Power 48-5000 series of lithium batteries. With this new product, the company is sure to achieve greater growth in 2020.
• In January 2018, ElectraCraft Boats launched its new TR Series Electric Boat. All three boats viz. 152TR, 162TR, and 182TR provides passenger capacity up to 12 adults and 1000 W inverter.
Browse the full report at https://www.credenceresearch.com/report/electric-boat-market
Key Market Movements:
• Globally, the Electric Boat market is growing at a CAGR of 11.9% for the period from 2019 to 2027.
• Based on type, Electric Boat are segmented into hybrid and pure Electric Boat. In 2018, hybrid Electric Boat captured the largest market size of approximately 70%. It is found that short-range and slow speed of pure Electric Boat compares to hybrid boats are obstructing the adoption of pure Electric Boat. However, the pure Electric Boat segment expected to improve its share during the forecast period owing to advancements in battery technology.
• On the basis of passenger capacity, Electric Boat with a capacity less than 10 passengers captured the highest share of the global Electric Boat market in 2018. Additionally, the same segment is the fastest-growing segment pertaining to high demand for small boats for recreational purposes from the rich class of the U.S., Canada, and Western European countries.
List of Companies Covered:
• General Dynamics Electric Boat
• ElectraCraft Boats
• Canadian Electric Boat Co.
• Grove Boats SA
• Duffy Electric Boat Company
• Torqeedo GmbH
• Boote Marian GmbH
• Ruban Bleu
• Alfastreet Marine
The Global Electric Boat Market is Segmented into:
|Segmentation||Type Segment (2017-2027; US$ Bn)|
|Battery Type (2017-2027; US$ Bn)|
|Runtime Type (2017-2027; US$ Bn)|
|Passenger Capacity Segment (2017-2027; US$ Bn)|
|Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page