Report : Europe 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 13.2% CAGR, the Europe Electric Boat Market is speculated to be worth US$ 4,404.83 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe electric boat market was valued at US$ 2,090.69 million in 2022 and is expected to reach US$ 4,404.83 million by 2028, registering a CAGR of 13.2% from 2022 to 2028. Increasing network for charging points in marine infrastructure for small boats and stringent government regulations for controlling greenhouse gas emissions are the critical factors attributed to the Europe electric boat market expansion.
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). 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 electric boat market. 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 which in turn will drive Europe electric boat market.
On the contrary, high cost of batteries and range limitations hurdles the growth of Europe electric boat market.
- Based on boat type, the Europe electric boat market is segmented into pure electric and hybrid segment. The pure electric segment held 79.6% market share in 2022, amassing US$ 1,664.25 million. It is projected to garner US$ 3,401.34 million by 2028 to expand at 12.7% CAGR during 2022–2028.
- Based on battery type, the Europe electric boat market is segmented into nickel based, lead acid, and lithium-ion. The lithium-ion segment held 91.7% market share in 2022, amassing US$ 1,916.63 million. It is projected to garner US$ 4,078.36 million by 2028 to expand at 13.4% CAGR during 2022–2028.
- Based on application, the Europe electric boat market is segmented into fishing, recreational, and others. The recreational segment held 53.0% market share in 2022, amassing US$ 1,108.43 million. It is projected to garner US$ 2,302.90 million by 2028 to expand at 13.0% CAGR during 2022–2028.
- Based on country, the Europe electric boat market is segmented into France, Germany, UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 35.7% market share in 2022. It was assessed at US$ 747.36 million in 2022 and is likely to hit US$ 1,584.07 million by 2028, exhibiting a CAGR of 13.3% during the forecast period.
Key players dominating the Europe electric boat market are Aquawatt Mechatronik und Yachtbau; Budsin Wood Craft; Candela Technology AB; Duffy Electric Boat Company; Frauscher Bootswerft GmbH & Co KG; Quadrofoil D.O.O; RAND Boats; Ruban Bleu; 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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