Market Research Reports Search Engine (MRRSE) has recently updated its massive report catalog by adding a fresh study titled "Electric Boats Market - Analysis, Size, Share, Trend & Growth Projections Studied during 2018-2028". This business intelligence study encapsulates vital details about the market current as well as future status during the mentioned forecast period of 2028. The report also targets important facets such as market drivers, challenges, latest trends, and opportunities associated with a growth of manufacturers in the global market for Electric Boats. Along with these insights, the report provides the readers with crucial insights on the strategies implemented by leading companies to remain in the lead of this competitive market.
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.
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.
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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.
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