PUBLISHER: The Business Research Company | PRODUCT CODE: 1760097
PUBLISHER: The Business Research Company | PRODUCT CODE: 1760097
An electric boat is a type of watercraft powered either fully or partially by electric motors, which draw energy from batteries, fuel cells, or solar panels, as opposed to traditional internal combustion engines. These boats utilize electricity for both propulsion and onboard systems, offering quieter operation, lower emissions, and higher energy efficiency compared to diesel or gasoline-powered boats.
The primary propulsion types of electric boats are hybrid and pure electric. Hybrid propulsion combines two different power sources to create an integrated system. Electric boats utilize various battery types, including lead-acid, lithium-ion, and nickel-based batteries, with different range capabilities, such as less than 50 km, 50-100 km, 101-1,000 km, and over 1,000 km. These boats are used in a wide range of applications, including passenger transport, cargo shipping, and specialized uses. The end users of electric boats include recreational boaters, commercial operators, military forces, law enforcement agencies, and others.
The electric boats market research report is one of a series of new reports from The Business Research Company that provides electric boats market statistics, including the electric boats industry's global market size, regional shares, competitors with the electric boats market share, detailed electric boats market segments, market trends and opportunities, and any further data you may need to thrive in the electric boats market. These electric boats market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electric boat market size has grown rapidly in recent years. It will grow from $5.05 billion in 2024 to $5.62 billion in 2025 at a compound annual growth rate (CAGR) of 11.4%. The growth during the historic period can be attributed to stricter environmental regulations, the rising adoption of electric propulsion systems, increasing investment in clean water tourism, the expansion of marinas with electric charging infrastructure, and the growth of urban water transport networks.
The electric boat market size is expected to see rapid growth in the next few years. It will grow to $8.60 billion in 2029 at a compound annual growth rate (CAGR) of 11.2%. The growth during the forecast period can be attributed to the increasing availability of high-capacity lithium-ion and solid-state batteries, the rising demand for zero-emission vessels, the growing deployment of electric boats in urban canal transport, heightened concerns over underwater noise pollution, and the increasing popularity of solar-powered marine vessels. Key trends in the forecast period include advancements in battery management systems, technological upgrades in electric propulsion, the development of high-energy-density batteries, the progress of solid-state battery technology, and the integration of renewable energy systems.
The growth in seaborne trade is expected to drive the expansion of the electric boat market in the coming years. Seaborne trade involves the transportation of goods and commodities by ships across international waters. This increase in seaborne trade is largely driven by the enhanced integration of supply chains, leading to a greater demand for efficient and cost-effective transportation of bulk goods and containers across global markets. Electric boats play a key role in seaborne trade by providing a sustainable, cost-efficient alternative to traditional vessels, reducing fuel dependence, and supporting environmentally compliant operations. For example, in October 2024, the UN Trade and Development, a Switzerland-based intergovernmental organization, reported that global maritime trade grew by 2.4%, reaching 12.3 billion tons in 2023. The growth is projected to continue at 2.4% through 2029. As a result, the rise in seaborne trade activities is contributing to the growth of the electric boat market.
Companies in the electric boat market are focusing on developing innovative products, such as eco-friendly recreational boats, to meet the rising consumer demand for sustainable, low-emission marine transportation solutions. Eco-friendly recreational boats foster the growth of electric boats by promoting sustainable practices, reducing fossil fuel dependency, and making electric boats a more attractive option for environmentally conscious consumers. For instance, in March 2024, Genevo Marine Pty Ltd, an Australia-based private company, launched the Genevo E8, Australia's first high-performance electric motor yacht. This 8.2-meter luxury vessel is powered by a 400kW electric motor and a 132kWh lithium-ion battery, offering an estimated range of over 100 nautical miles at cruising speeds. The E8 features a composite hull made from recycled aerospace carbon fiber, highlighting sustainability. Additional features include a 1kW integrated solar system, a 16-inch Garmin touchscreen, and a Polk audio sound system.
In April 2024, Yamaha Motor Co. Ltd., a Japan-based mobility manufacturer, acquired Torqeedo for an undisclosed amount. This acquisition strengthens Yamaha's electric marine propulsion capabilities, accelerates its carbon neutrality initiatives, and advances its Marine CASE Strategy to lead the development of sustainable, zero-emission marine products. Torqeedo GmbH, based in Germany, is a leading manufacturer and distributor of electric boat motors, batteries, and related accessories.
Major players in the electric boat market are ABB LTD, GardaSolar srl, Damni Yachts, Pure Watercraft Inc, Candela Technology AB, Echandia Marine AB, RAND Boats ApS, Nautique Boat Company Inc., Duffy Electric Boat Company, Frauscher Bootswerft GmbH And Co KG, ElectraCraft Power Boats, Navalt Solar and Electric Boats Pvt Ltd, AQUAWATT Green Marine Technologies GmbH, Boote Marian GmbH, Eco Marine Power Co Ltd, Greenline Yachts, Grove Boats SA, Oceanvolt Oy, Ruban Bleu SARL, Soel Yachts B.V., X Shore AB, Vision Marine Technologies Inc.
North America was the largest region in the electric boat market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in electric boat report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the electric boat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric boat market consists of sales of electric motor systems, battery packs, electric drive systems, solar panels, and electric boat hulls and vessels. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The electric boat market value is defined as the revenues that enterprises gain from the sale of goods and services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Boat Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric boat market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric boat ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric boat market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.