Report : Middle East & Africa 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 11.1% CAGR, the MEA Electric Boat Market is speculated to be worth US$ 196.25 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA 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 MEA 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 MEA electric boat market growth.
On the contrary, high cost of batteries and range limitations hurdles the growth of MEA electric boat market.
- Based on boat type, the MEA electric boat market is segmented into pure electric and hybrid segment. The pure electric segment held 83.8% market share in 2022, amassing US$ 87.59 million. It is projected to garner US$ 159.36 million by 2028 to expand at 10.5% CAGR during 2022–2028.
- Based on battery type, the MEA electric boat market is segmented into nickel based, lead acid, and lithium-ion. The lithium-ion segment held 91.9% market share in 2022, amassing US$ 96.08 million. It is projected to garner US$ 183.10 million by 2028 to expand at 11.3% CAGR during 2022–2028.
- Based on application, the MEA electric boat market is segmented into fishing, recreational, and others. The recreational segment held 51.2% market share in 2022, amassing US$ 53.45 million. It is projected to garner US$ 98.32 million by 2028 to expand at 10.7% CAGR during 2022–2028.
- Based on country, the MEA electric boat market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. Our regional analysis states that the Rest of MEA captured 34.5% market share in 2022. It was assessed at US$ 36.00 million in 2022 and is likely to hit US$ 70.93 million by 2028, exhibiting a CAGR of 12.0% during the forecast period.
Key players dominating the MEA electric boat market are 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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