The global electric boat market size was US$ 5.0 billion in 2021. The global electric boat market size is estimated to reach US$ 14.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.9% during the forecast period from 2022 to 2030.
Electric boats are seagoing vessels with an electric drive as a propulsion technology. These boats use battery power for rotor propulsion to gain top speed as it can be hydrogen fuel cell electric, pure electric, or hybrid electric. The major components of an electric boat include an electric charger, battery bank, controller, and electric motor. The electric charger controls and operates the charge according to the capacity of the battery. The battery bank is accountable for storing energy to power the electric boat. A transformer controller is a static electrical device that transmits energy between two circuits. The motor controller alters direct current to alternating current, while the electric motor permits the boat to function, showing raised exposure and control of the boat. Moreover, it does not cause any pollution and operates on clean energy.

Factors Affecting Market Growth

Increasing adoption of electric boats due to rising environmental concerns and stricter emission regulations, increase in maritime business activities, and boost in the cruise tourism industry are the primary factors driving the global market.
Restricted battery capacity in electric boats and the high cost of electric propulsion systems are hindering the global market.
Development and growth to boost charging infrastructure, government approval to increase the adoption of electric boats, and technological improvements are forecast to offer lucrative opportunities for the global market during the forecast period.
Initiatives by governments to facilitate these carbon emissions and concentrate on motivating customers to adopt eco-friendly boats and ships as most of the fuels used in transportation are petroleum-based, driving the global market.

Impact Analysis of COVID-19

The impact of the COVID-19 pandemic has resulted in delayed development and launches of electric boats and propulsion systems, a downshift in the function of key players, and a lack of components.
It has resulted in supply-chain disorders, which have slowed the production of electric boats. The shipping industry is dependent on manufacturing, which was halted to guard people against SARS-CoV-2, causing substantial disruptions. The construction and launch of electric boats have been delayed due to a shortage of components due to regulations related to the import and export of goods. A direct issue facing the shipping and boating sector is the failure to repair ships, which leads to operational failure. Accidental breakdowns cause uncertainties and inconvenience to the shipping industry. Travel restrictions due to the COVID-19 pandemic were also a challenge for the makers while conducting routine maintenance. As a result, the COVID-19 pandemic had a negative impact on the global market.

Regional Analysis

Europe holds the largest share of the global market in 2021 and is anticipated to maintain its highest position in the forecast period. This is due to the rising government concentration on decreasing the fuel emission that is affecting the environment, governments are also taking action to promote clean and zero-emission power heads, which generate a high need for electric boats in this region. Moreover, manufacturing companies are also operating towards producing advanced battery systems to deliver high-performance and longer-range batteries for boats and multiple cities in this region are adjoining to seas and water bodies, which increased the adoption of the electric boat. Thus, these factors drive the global market in the region.

Leading Competitors
The prominent players in the global electric boat market are:
Yamaha Motor Co. Ltd.
X Shore
Vision Marine Technologies Inc
Torqeedo GmbH
NavAlt Solar & Electric Boats Pvt. Ltd
RAND Boats ApS
Soel Yachts B.V.
Ruban Bleu
Corvus Energy
Greenline Yachts
Others
Segmentation Analysis
The global electric boat market segmentation focus on Propulsion, Battery Type, Range, Power, Application, and Region.
Segmentation on the basis of Propulsion
Hybrid Electric Boats
Pure Electric Boats

Segmentation on the basis of Battery Type
Nickel-based Battery
Lithium-ion Battery
Lead-acid Battery

Segmentation on the basis of Range
Less than 50 km
50 to 100 km
101 to 1,000 km
More than 1,000 km

Segmentation on the basis of Power
Below 5 KW
Between 5 KW to 30 KW
Above 30 KW

Segmentation on the basis of Application
Cargo Boats
Passenger Boats
Others

Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America