Report : North America 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 14.5% CAGR, the North America Electric Boat Market is speculated to be worth US$ 5,432.19 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America electric boat market was valued at US$ 2,415.02 million in 2022 and is expected to reach US$ 5,432.19 million by 2028, registering a CAGR of 14.5% from 2022 to 2028. Stringent government regulations for controlling greenhouse gas emissions and increasing network for charging points in marine infrastructure for small boats are the critical factors attributed to the North America electric boat market expansion.
Electric boats are rapidly replacing fuel-powered boats due to rising environmental concerns and stringent government regulations to control greenhouse gas emissions. Conventional boats produce many exhaust gases such as sulfur oxide, carbon dioxide, and nitrogen oxide. Thus, the growing pollution levels across marine lines and seaports enable government authorities to shift toward eco-friendly options such as electric boats. Electric hybrid boats help reduce pollution levels and maintain environmental sustainability goals. Thus, government regulations for eliminating greenhouse gas (GHG) emissions are propelling the demand for electric boats. These include the implementation of Emission Control Areas (ECAs), setting sulfur content limits in marine fuels, and the international convention for preventing pollution from boats and ships. These policy initiatives have encouraged the development and adoption of various eco-friendly electric and hybrid boats, thereby driving the North America electric boat market.
On the contrary, high cost of batteries and range limitations hurdles the growth of North America electric boat market.
Based on boat type, the North America electric boat market is segmented into pure electric and hybrid segment. The pure electric segment held 76.9% market share in 2022, amassing US$ 1,857.50 million. It is projected to garner US$ 4,046.20 million by 2028 to expand at 13.9% CAGR during 2022–2028.
Based on battery type, the North America electric boat market is segmented into nickel based, lead acid, and lithium-ion. The lithium-ion segment held 92.1% market share in 2022, amassing US$ 2,223.54 million. It is projected to garner US$ 5,074.58 million by 2028 to expand at 14.7% CAGR during 2022–2028.
Based on application, the North America electric boat market is segmented into fishing, recreational, and others. The recreational segment held 54.4% market share in 2022, amassing US$ 1,312.99 million. It is projected to garner US$ 2,902.17 million by 2028 to expand at 14.1% CAGR during 2022–2028.
Based on country, the North America electric boat market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.3% market share in 2022. It was assessed at US$ 2,060.83 million in 2022 and is likely to hit US$ 4,680.00 million by 2028, exhibiting a CAGR of 14.6% during the forecast period.
Key players dominating the North America electric boat market are Budsin Wood Craft; Candela Technology AB; Duffy Electric Boat Company; Frauscher Bootswerft GmbH & Co KG; LTS Marine; 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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