Electric Boats Market

Electric Boats Market: Will the Steady Rise in Adoption Completely Oust Conventional Boats in the Coming Years?: Global Industry Analysis (2013-2017) & Opportunity Assessment (2018 – 2028)

2018-05-28
REP-GB-5121
351 pages

An Incisive, In-depth Analysis on the Electric Boats Market

This study offers a comprehensive, 360 degree analysis on the Electric Boats market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Electric Boats market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

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Growing outdoor activities such as fishing and leisure boating are expected to rule consumer preference for electric boats in the global market

Recreational activities such as boating and fishing are enjoyed by a large percentage of the population across the developed countries in North America and Europe. This has led to the proliferation of the boating industry in these regions. Further, the use of powered boats for security purposes is also driving increasing adoption across the globe. The deployment of police boats – particularly electric boats – is predominant in the United States followed by Canada, Germany, and the United Kingdom. Electric boats are used to patrol the seas and monitor criminal activities like goods smuggling. These boats are also used as rescue vehicles owing to the speed with which they can traverse the seas and carry out mid-sea rescue operations efficiently.

Shift towards electric transportation and increase in coastal tourism to create lucrative opportunities for market growth

With increasing pollution due to conventional propulsion systems such as marine fuels and marine diesel, the density of polluting agents such as SOx and NOx has increased significantly since the past few years. This is one of the prime reasons that is expected to increase the adoptability of electric boats for numerous purposes. Moreover, with the increase in disposable income of the population across the globe, the spending on tourism activities has increased significantly. This is further anticipated to boost the demand for electric boats for tourism and recreational purposes.

Of late, solar hybrid electric boats are gaining popularity across the globe, owing to their environment friendly characteristics. Lithium Ion technology is also evolving in the global market. With numerous disadvantages associated with lead acid batteries, the demand for a better propulsion technology has led to the introduction of lithium ion batteries. These factors are expected to augment demand and sales of electric boats in the coming years.

Inherent advantages of electric boats to spur adoption in the global market

Electric boats – especially the pure electric category – are zero emission vehicles that are fuelled by electric power from large capacity batteries. Pure electric boats are being widely preferred in most of the countries due to their inherent capability to reduce pollution. On the other hand, hybrid boats incorporate a combination of power in the form of electricity and fuel from the diesel engine to drive propulsion. Hybrid boats are extremely fuel efficient and emit lower greenhouse gases than conventional boats. These advantages of electric boats are fuelling demand in the global market.

Performance analysis of the pure electric and hybrid boats categories reveals increased market acceptance

Of the two main types of electric boats, pure electric boats are expected to hold a large share of more than 85% in the global market through 2028. In terms of demand and growth rate, pure electric boats are expected to outshine hybrid boats in the coming decade. Growing consumer awareness of the need for eco-friendly transportation options is a key driver of growth in demand for electric boats. However, it will take a certain number of years before electric boats will be accepted as mainstream water transportation vehicles for purposes of recreation and other activities.

This report on the global electric boats market covers the important factors driving the growth of the market, untapped opportunities for manufacturers, trends and developments shaping the dynamics of the market and other insights across various key segments. The market is categorically divided into five segments based on type, battery type, boat type, power output and region. The market value is taken in US$ Thousand for all the segments. The report identifies the drivers and restraints affecting the growth of the market. Changing trends and customer preference patterns are also analysed and incorporated in the report to equip the client with exhaustive information about the market, resulting in better decision making. Macroeconomic factors that directly or indirectly impact the growth of the electric boats market are also presented in the report.

Towards the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. The report provides detailed market share analysis of the electric boats market on the basis of key manufacturers in the market. Comprehensive profiles of manufacturers are also included within the scope of the report to evaluate their strategies, key offerings and recent developments in the electric boats market.

The market is segmented as given below:

By Type	By Boat Type	By Battery Type	By Power Output	By Region
Pure Electric Hybrid	Small Size Medium Size Large Size	Lead Acid Lithium Ion Nickel based batteries	Below 5KW Between 5KE to 30KW Above 30KW	North America Latin America South East Asia (SEA) and Pacific Western Europe Eastern Europe Japan Middle East and Africa (MEA) China India

Exhaustive Research Methodology

Extensive primary interviews were conducted to identify the type of companies (Tier I, Tier II and Tier III) as well as the type of boat manufacturing (pure electric, hybrid), revenue of the company through sales of electric boats and the total employee strength. Market volume is inferred through in-depth secondary research and validated from industry experts through primary interviews. Each interview is thoroughly analysed and average market volume is deduced and reconfirmed prior to incorporating in the report. The price of electric boats is deduced by product type, where the average price of each product is inferred across all the assessed regions. Market value of the electric boats market is thus calculated from the data deduced by the average selling price and market volume.

For the 10 year forecast of the market, various macroeconomic factors and changing trends have been observed, which give an idea about the future of the market. Other important factors considered to arrive at market forecast include the size of the current market, inputs from the supply side and demand side and other dynamics shaping the scenario of the market. During the compilation of the report, the forecast is conducted in terms of CAGR, while other important criteria such as year-on-year growth and absolute dollar opportunity have also been incorporated presenting the client with clear insights on future opportunities likely to emerge in the electric boats market.

Other important parameters such as market attractiveness index and impact analysis of the drivers and restraints for each region are included in this report providing insights about the dynamics, growth, performance and untapped opportunities in the electric boats market. In-depth profiling of major electric boats manufacturers are included in the final section of the report detailing the strengths, weaknesses and competitive strategies of each manufacturer.