Report : Asia-Pacific Electric Boat Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Boat Type (Pure Electric and Hybrid), Battery Type (Nickel Based, Lead Acid, and Lithium-ion), and Application (Fishing, Recreational, and Others)
At 12.8% CAGR, the Asia Pacific Electric Boat Market is speculated to be worth US$ 947.92 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific electric boat market was valued at US$ 460.63 million in 2022 and is expected to reach US$ 947.92 million by 2028, registering a CAGR of 12.8% from 2022 to 2028. Increasing installation of superchargers at smaller ports and rising inclination toward solar-electric boats are the critical factors attributed to the Asia Pacific electric boat market expansion.
Superchargers have a cAsia Pacificity of 150 kW, which reduces the average charging time of electric boats from six hours to one hour. With developments in battery-powered systems, superchargers, boat owners are shifting toward high-kilowatt cruising models as they offer extended kilometer ranges and reduce charging time. Boat owners used to charge their boat batteries overnight; however, the supercharger has reduced this time with high power cAsia Pacificity. Also, growing recreational boating activities and rising government support for electric boats are expected to offer lucrative growth opportunities for improving charging infrastructure at smaller and medium-sized ports using superchargers in the coming years. Hence, the rising installation of superchargers at ports is expected to provide growth opportunities for the Asia Pacific electric boat market.
On the contrary, high cost of batteries and range limitations hurdles the growth of Asia Pacific electric boat market.
- Based on boat type, the Asia Pacific electric boat market is segmented into pure electric and hybrid segment. The pure electric segment held 82.0% market share in 2022, amassing US$ 377.65 million. It is projected to garner US$ 753.19 million by 2028 to expand at 12.2% CAGR during 2022–2028.
- Based on battery type, the Asia Pacific electric boat market is segmented into nickel based, lead acid, and lithium-ion. The lithium-ion segment held 90.6% market share in 2022, amassing US$ 417.17 million. It is projected to garner US$ 862.36 million by 2028 to expand at 12.9% CAGR during 2022–2028.
- Based on application, the Asia Pacific electric boat market is segmented into fishing, recreational, and others. The recreational segment held 51.7% market share in 2022, amassing US$ 238.23 million. It is projected to garner US$ 487.00 million by 2028 to expand at 12.7% CAGR during 2022–2028.
- Based on country, the Asia Pacific electric boat market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that Rest of Asia Pacific captured 41.5% market share in 2022. It was assessed at US$ 191.16 million in 2022 and is likely to hit US$ 398.15 million by 2028, exhibiting a CAGR of 13.0% during the forecast period.
Key players dominating the Asia Pacific electric boat market are Aquawatt Mechatronik und Yachtbau; Candela Technology AB; Duffy Electric Boat Company; Frauscher Bootswerft GmbH & Co KG; Quadrofoil D.O.O; and Vision Marine Technologies Inc, among others.
- In 2021, Frauscher has introduced the TimeSquare 20, a catamaran measuring 8.30 m long and 2.50 m wide.
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