
Published On: Jan 2023
Published On: Jan 2023
At 11.1% CAGR, the Middle East & Africa Electric Boat Market is projected to be worth US$ 196.25 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa electric boat market was valued at US$ 104.49 million in 2022 and is expected to reach US$ 196.25 million by 2028, registering a CAGR of 11.1% from 2022 to 2028. Rising inclination toward solar-electric boats and increasing installation of superchargers at smaller Ports are the critical factors attributed to the Middle East & Africa electric boat market expansion.
Solar-electric boats have numerous benefits, including less maintenance requirement due to no oil change, impeller change, or diesel filter change; fewer vibrations; good fuel economy; avoiding local contamination; and a decrease in the boats' overall weight. Solar energy helps control the flow of electricity to rechargeable batteries such as Lithium-ion. Further, solar-electric boats can run at low operational costs, which makes them the most preferred option for users compared to fuel-based boats wherein there is high need for regular maintenance. These benefits are expected to bolster the demand for solar-electric boats in the coming years. Diesel boat purchase cost is approximately US$ 2,500 for fishing activities, lower compared to electric boats. However, the operational diesel-based boat costs them around ~US$ 3,000–4,000 annually, as the rising fuel prices right now. The solar-electric boat would cost user around US$ 21,000 to 25,000 at one time, which is the price without any government subsidy that can be recovered in a span of four to five years, with lower operational costs. Furthermore, the rising product development in solar boat manufacturing is supporting market growth. Thus, the manufacturers growing inclination towards developing solar-electric boats is anticipated to provide new growth opportunities for Middle East & Africa electric boat market growth.
On the contrary, high cost of batteries and range limitations hurdles the growth of Middle East & Africa electric boat market.
Key players dominating the Middle East & Africa electric boat market are Duffy Electric Boat Company, Frauscher Bootswerft GmbH & Co KG, Quadrofoil D.O.O, and Vision Marine Technologies Inc., among others.
Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com