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[Research Report] The 40-Ft Electric Boat Market expected to grow from US$ 1.90 billion in 2023 to US$ 4.93 billion by 2030; it is estimated to register a CAGR of 14.6% from 2023 to 2030.
Analyst Perspective
Growing concerns about greenhouse gas (GHG) emissions and rising inclination toward recreational boating in the tourism sector are expected to drive the demand for electric boats over the forecast period. In addition, supportive government initiatives for controlling GHG emissions are expected to boost the demand for electric boats. For instance, in Europe, the UK became the first G7 country to target net-zero greenhouse gas emissions by 2050, including adopting electric boats and vehicles. Research and developments to improve battery capacity and durability and customizations of hybrid boats to boost efficiency and operational capabilities are supporting market growth. In addition, the rising emphasis on eco-friendly or fully electric boats to reduce greenhouse gas emissions is contributing to the growth of the 40-Ft Electric Boat Market. For instance, in June 2021, South Korea’s first commercialized hydrogen-electric boat was launched at the 2021 Busan International Boat Show by Danfoss.
Market Overview
Electric boats are marine vessels that utilize electric propulsion systems for their operation. These boats rely on battery power to drive the rotor and achieve optimal speed. The key components of an electric boat include the electric charger, battery bank, controller, and electric motor. One of the major advantages of electric boats is their reliance on clean energy, resulting in zero emissions. The global 40-Ft Electric Boat Market is witnessing substantial growth due to the increasing popularity of seaborne activities and the thriving marine tourism industry. The key market players are engaged in developing technologically advanced electric boats. For instance, X Shore offers one model called Eelex 8000, equipped with a 120-kWh lithium-ion battery pack and an electrical inboard motor, with a top speed of 35 knots and a range of 35 nautical miles at 20–24 knots. The Eelex 8000 is eight meters long, has a conventional planning hull, and is designed for a functional boating life, with open spaces and a steering wheel with a sunroof in the middle. Electric boat companies are growingly focusing on improving battery efficiencies and range by enhancing charging infrastructure. The presence of large number of electric boat manufacturers are competing at large scale primarily based on charging technology (features) and availability of presence across the globe.
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40-Ft Electric Boat Market: Strategic Insights
Market Size Value in US$ 1.90 billion in 2023 Market Size Value by US$ 4.93 billion by 2030 Growth rate CAGR of 14.6% from 2023 to 2030 Forecast Period 2023-2030 Base Year 2023
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40-Ft Electric Boat Market: Strategic Insights
| Market Size Value in | US$ 1.90 billion in 2023 |
| Market Size Value by | US$ 4.93 billion by 2030 |
| Growth rate | CAGR of 14.6% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2023 |
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Market Driver
Increasing Network for Charging Points in Marine Infrastructure for Small Boats to Drive Growth of 40-Ft Electric Boat Market
In Europe and North America, there has been a significant rise in the demand for electric boats, mainly due to the increasing number of leisure boats and watersport activities. Growing tourism and rising fishing activities are expected to boost the demand for electric boats. In addition, the development of speedboats is expected to fuel innovations in charging infrastructure. The average speed of an electric speedboat is around 60 mph (100 km/h). Major global speedboat manufacturers include Candela, X Shore, and Orust E-boats. Further, the increasing government support for the electrification of leisure boats is expected to boost the demand for a network of charging stations across marine lines or seaports. For instance,, the Swedish government plans to speed up the electrification of the transport sector to reach the climate goals with emission control, including projects for electricity roads, marine infrastructure for charging, and an electrification commission by 2030. The major focus on electrification of all transportation type is expected to contribute to the demand for electric boats.
In addition, the increasing collaboration between market players to build charging stations is a key factor contributing to the growth of the 40-Ft Electric Boat Market. To electrify leisure boats, cities, municipalities, and companies along the European coastline have taken many projects and initiatives. For instance, in 2021, Candela partnered with solar energy supplier Nordsol Energi 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 Norway. 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.
Segmental Analysis
Based on the battery type, the market is segmented into nickel based, lead acid, and lithium-ion. Lithium-ion battery segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Lithium-ion battery is most prominent and advanced solution for the electric boats, as it offer enhanced performance and storage capacity with limited space. A lithium-ion battery features smaller, lighter, long-lasting, and faster-charging features. Lithium-ion boat battery is gaining popularity because it excels significantly at high-performance battery tasks and is suitable for storing high-capacity power. In October 2021, Electric Fuel—a leading manufacturer of professional high-performance batteries—launched its new 48V high energy density lithium-ion marine battery at the METSTRADE 2021 show. These new marine-grade smart batteries offer four times more energy than traditional lead-acid batteries of a comparable size. Also, these batteries are largely used in commercial marine applications, supporting rigid-hulled inflatable boats, yachts, and racing sailboats. However, sensitivity to high temperatures and vulnerability to external factors are among the major factors limiting the adoption of lithium-ion batteries in electric boats. In October 2019, the Norwegian Maritime Authority published an alert concerning a small fire that erupted in a passenger ferry after a gas explosion on board in Norway. The authority warned operators, shipowners, and other stakeholders about the dangers associated with lithium-ion battery systems.
Regional Analysis
The electric boat in North America was valued at US$ 2.1 billion in 2021 and is projected to reach US$ 5.4 billion by 2028; it is expected to grow at a CAGR of 14.5% from 2022 to 2028. The US, Canada, and Mexico are among the major countries in North America. Increasing water sports activities and favorable government policies to promote water sport and develop boating infrastructure are among the major factors driving the 40-Ft Electric Boat Market growth in North America. During the COVID-19 pandemic, the imposition of restrictions on trade activities and shutdown of manufacturing facilities hampered the market growth in North America. However, from the second half of 2020, the market is witnessing growth due to the reliving of travel bans.
Furthermore, key players in North America are improving the production processes of electric boats and taking several strategic initiatives to increase the penetration of electric boats. For instance, In May 2021, Limestone Boat Company and Vision Marine Technologies, which produces outboard engines, entered a strategic partnership to develop electric outboard motors. Also, the partnership aims to increase production from 400 to 510 powerboats by the end of 2022. In March 2022, Aqua superPower and X Shore, a Swedish climate technology company and electric boat manufacturer, announced a strategic alliance to expedite electric boat adoption across the region and provide an accessible app to 150 kW superchargers specifically engineered and rated to use in marine environments. Such initiatives fuel the 40-Ft Electric Boat Market growth in North America.
With providing higher speeds that helps lift the boat hull, as well as available in a longer range; demand for electric boats is growing tremendously. Also, companies in the market innovate, design, manufacture, and sell handcrafted and environmentally friendly electric recreational power boats. Cruising, water-sports, and fishing are some of the most popular and preferable activities among citizens. The market caters to several opportunities for the vendors toward expanding 40-Ft Electric Boat Market in the country. In November 2021, Arc Boat Company, which has a team of former SpaceX engineers invested US$ 30 million in venture capital financing and built a luxury power boats in Los Angeles, US. However, switching to an all-electric boat model across several individual boat owners or ferry operators has become a challenging factor and higher expenses stopping most prospective buyers, even with the lower maintenance and energy costs. In February 2021, National Marine Electronics Association (NMEA) has announced NMEA 2000 certification for its new CANverter gateway device provided by VETUS, which is a complete boat systems supplier. In addition, the launch of the CANverter enables connection of the proprietary VETUS Controller Area Network (V-CAN) into the NMEA 2000 network. These growing number of initiatives and investment thereby propels the market growth in the country.
Key Player Analysis
The 40-Ft Electric Boat Market analysis consists of the players such as Frauscher, Duffy Electric Boat Company, Rand Boats APS, Vision Marine Technologies, Quadrofoil D.O.O, Ruban Bleu, Aquawatt Mechatronik and Yachtbau, Candela, and Budsin Wood Craft. Among the players in the electric boat Duffy Electric Boat Company and Budsin Wood Craft are the top two players owing to the diversified product portfolio offered.
40-Ft Electric Boat Market Report Scope
Recent Developments
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the 40-Ft Electric Boat Market. A few recent key market developments are listed below:
- In August 2022, Polestar Automotive Holding—an electric car maker—agreed to share battery technology with Candela Speed Boat AB, a startup trying to electrify leisure boats and water taxis. In addition to those listed previously, several other important companies have been studied and analyzed during this research study to get a holistic view of the ecosystem.
- In 2022, Canadian tech firm vision marine technologies are testing the traditional boating world with its powerful electric motor.
- In 2022, The Electric-car maker company Polestar Automotive Holding has agreed to share battery technology with Candela Speed Boat AB, a startup trying to electrify leisure boats and water taxis.
- In 2022, Danish boat builder Rand Boats has introduced a new electric runabout boat called the Spirit 25, also available in a gas-powered version.
- In 2021, The company has raised $24 million to accelerate production of its existing small craft and a larger commercial one in pursuit of a cleaner and generally more future-proof waters.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Propulsion, Battery Type, Application, Voltage Architecture, and Boat Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The US is expected to hold a major market share of 40-Ft Electric Boat market in 2023.
UK, US, and Canada are expected to register high growth rate during the forecast period.
The global market size of 40-Ft Electric Boat market by 2030 will be around US$ 4.93 billion
Pure electric segment is expected to hold a major market share of 40-Ft Electric Boat market in 2023.
Frauscher Bootswerft GmbH & Co KG, Natural Yachts BV, ESMARIN LTD, Cockwells Modern & Classic Boatbuilding Ltd, and Navalt Inc are the key market players expected to hold a major market share of 40-Ft Electric Boat market in 2023.
The estimated global market size for the 40-Ft Electric Boat market in 2023 is expected to be around US$ 1.90 billion
1. Growing Tourism Industry
2. Rising Installation of Charging Infrastructure
The 40-Ft Electric Boat market is expected to register an incremental growth value of US$ 3,029.22 million during the forecast period.
North America is expected to register highest CAGR in the 40-Ft Electric Boat market during the forecast period (2023-2030).
Increasing Demand for Solar-Powered Electric Boat
The List of Companies - Electric Boat Market
- Frauscher Bootswerft GmbH & Co KG
- Duffy Electric Boat Co
- RAND Boats Aps
- Vision Marine Technologies Inc
- Quadrofoil DOO
- LTS MARINE
- RUBAN BLEU SAS
- aquawatt Mechatronik und Yachtbau
- Wellington Electric Boat Building Co
- Cockwells Modern & Classic Boatbuilding Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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