Market players are focusing on innovating and designing solar hybrids with augmented passenger capacity to fulfil the growing market demand.
DUBAI, UAE / ACCESSWIRE / December 31, 2020 / Future Market Insights: As per FMI the global electric boats market will grow at a robust CAGR of 11.0% over the forecast period, 2018-2028. The market growth is spurred by growing adoption of small size boats for purposes of maritime security as well as advancement of lightweight boats fueled by electric power. At present, the market is negatively impacted by the COVID-19 outbreak, however, the market is anticipated to gradually regain its status with the reopening of tourist places and ports.
"Growing adoptability of electric boats due to rise in polluting agents such as NOx and Sox as well as increased investment on tourism activities is boosting the demand for electric boats " states the FMI analyst.
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Electric Boats Market - Important Highlights
- Pure electric boats type will be accounting for over 80% of the market share by the end of 2028.
- Lithium Ion technology will continue to lead among other battery type in the global market.
- North America will continue to remain lucrative throughout the forecast period, followed by Europe.
Electric Boats Market - Drivers
- Surge in recreational activities all over well-developed as well as emerging nations is propelling the demand for electric boats.
- Growing awareness about environmental safety and government initiative for limiting dependability over fossil fuels, are majorly fueling the market
- Rise in boat leasing and boat transportation is impelling the market at a sturdy pace.
Electric Boats Market - Restraints
- Higher cost associated with the high horse-powered motors is likely to restrain the market growth.
- Limited scope or runtime and longer time for a battery charge can significantly hurt growth in the market.
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COVID-19 Impact on Electric Boats Market
The COVID-19 had a devastating impact on the electric boats market. This was mainly due to loss of consumer travel and expending as well as production shutdown all over the world. However, FMI in its recent study states that the market is anticipated to gain momentum with the gradual reopening of the market and will recovery its pre-crisis sales by the end of 2021 or beginning of 2022.
Competitive Landscape
Leading companies operating in the global electric boats market include ALFASTREET d.o.o., Stratasys Ltd., Canadian Electric Boat Company, Cobalt Boats, Duffy Electric Boat Company, FERRETTI S.P.A., Dalian ODC Marine Manufactory Co., Ltd., Grove Boats SA, RAND Boats ApS, White River Marine Group, LLC., Ruban Bleu, Habbeké Shipyard, Naviwatt, ElectraCraft Boats, Misty Harbor Boats and Greenline Yachts. The global market is becoming highly competitive with entrance of new players. With innovation as a prominent driving aspect, the electric boat players are in plans to extend their regional share. These innovations will further support the players by increasing flexibility in naval architecture and simplifying system set-up.
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About the Study
The study offers readers a comprehensive assessment of the electric boats market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of type(pure electric and hybrid), boat type (small size, medium size and large size), battery type(lead acid, lithium ion, and nickel based batteries), power output (below 5KW, between 5KE to 30KW and above 30KW), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights