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Premium Market Insights Analyst have added a new research study on Title “Electric Boat Market Size, Share, Growth, Trends, Industry Demand and Forecast to 2028– COVID-19 Impact and Global Analysis by Boat Type, Battery Type And Application,” the market is expected to grow from US$ 5,260.52 million in 2022 to US$ 11,359.85 million by 2028; it is estimated to grow at a CAGR of 13.7% from 2022 to 2028.This report covers the growth opportunities and the limiting factors of the Electric Boat market. Electric Boat market size report contains growth rate, revenue, segmentation with product type, application, end-users, regions, manufacturers, and more. The Study also provides in-depth comprehensive analysis for regional segments that covers North America, Europe, Asia-Pacific, Middle East and Africa and Rest of World with Global Outlook and includes Clear Market definitions, classifications, manufacturing processes, cost structures, development policies and plans.
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Global Electric Boat Market Survey Provides crucial information about the Electric Boat industry which has helpful and important facts and figures, expert opinions, and the latest developments across the globe. This business report covering the global market is an important document for every market enthusiast, policymaker, investor, and market player. The report provides CAGR value fluctuations for the market during the forecast period of 2022-2028. This market report provides data on patterns and improvements, target business sectors and materials, limits and advancements. A large-scale Electric Boat market report help client companies in predicting investment in an emerging market, expansion of market share or success of a new product.
A rising number of solar installations attributed to government-led incentives & schemes and growing water sports influenced the electric boat market growth. Further, the increasing investments in battery advancement in electric boats are among the factors contributing to the electric boat market growth. However, the safety risks associated with high DC voltages in electric boat fast charging are restraining the electric boat market growth.
The increasing collaboration between market players to build charging stations is a key factor contributing to the growth of the electric boat market. Governments of various cities, municipalities, and companies established near the European coastline have taken many projects and initiatives to electrify leisure boats. For instance, in 2021, Candela partnered with Nordsol Energi, a solar energy supplier, to install and develop charging stations for electric leisure boats in different key areas in Stockholm, Sweden. Similarly, in June 2020, in Norway, under the initiative “The Green Tail,” a network of charging points was established in marinas along the coast around Bergen and the surrounding municipalities in the country. Further, the Norwegian Coastal Administration has created a web solution that provides an overview of all charging points, shore power plants, LNG plants, etc. Thus, an increasing number of investments in establishing charging stations at seaports is anticipated to fuel the demand for electric boats during the forecast period.
Electric Boat Market: Competitive Landscape and Key Developments
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The Electric Boat market has been segmented as follows:
By Boat Type (Pure Electric And Hybrid)
By Battery Type (Nickel Based, Lead Acid, And Lithium-Ion)
By Application (Fishing, Recreational, And Others)
Furthermore, the increasing number of boat-sharing platforms for electric leisure boats worldwide is driving the demand for electric boats from the boat renting and sharing service providers. For instance, Kruser is one of the world’s first boat-sharing platforms for electric leisure boats. It is available in ten locations in Norway due to the partnership with electric leisure boat manufacturers, such as Green Waves, Rand boats, and Hydrolift. Also, in 2021, the company developed a new project with an electric propulsion company “Evoy” to launch an additional fast electric boat fleet. Thus, the growing demand for boat sharing platforms is expected to drive the electric boat market growth.
Impact of COVID-19 Pandemic on North America Electric Boat Market
Boating and fishing are the major outdoor recreational activities in the US, Canada, and Mexico. The COVID-19 pandemic caused economic and social harm to people working in the fishery industry. The lockdown restrictions also affected the supply chain, with economic restrictions keeping many boats at a standstill in ports. Thus, the lockdown measures and halting of fishery business negatively impacted the electric boat market, affecting the recreational boating sector that supports 691,149 North American jobs. According to the United Nations Conference on Trade and Development (UNCTAD), fishing exports for 2020 decreased by approximately one-third compared to the previous year due to low demand during the pandemic, as of many hotels and restaurants remained closed or empty across the region. Furthermore, in the Caribbean islands, the tourism sector witnessed a substantial drop in recreational leisure activities such as boating and water sports.
With the upliftment of lockdown restrictions in North America, the boating industry is witnessing substantial growth. Most of the tourist locations were opened to the public in the second quarter of 2020, which boosted the demand for leisure boating in the US and Canada. For instance, the US recreational boating industry witnessed a significant increase in recreational boating activities, such as leisure boating and tourism. According to the National Marine Manufacturers Association (NMMA), the retail unit sales of new powerboats in the US reached a 13-year high in 2020, with ~320,000 units sold, up by 13.0% compared to 2019. This is anticipated to boost the electric boat market growth in North America.
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The electric boat market is segmented on the basis of boat type, battery type, and application. Based on boat type, the market is bifurcated into pure electric and hybrid. Based on battery type, the market is categorized into nickel-based, lead acid, and lithium-ion. Based on application, the market is segmented into fishing, recreational, and others. By geography, the electric boat market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Further, North America accounted for the largest share of the electric boat market in 2021.
Report Highlights:
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