Rising Inclination Toward Solar-Electric Boats is Driving Asia-Pacific Electric Boat Market
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.
A 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 Asia-Pacific Electric Boat market growth.
Asia-Pacific Electric Boat Market Overview
The Asia-Pacific Electric Boat market growth is mainly driven by the flourishing marine tourism industry across Asian countries such as Singapore, China, Thailand, the Philippines, and Vietnam. The electric boat market in Asia Pacific is estimated to grow at the fastest pace during the forecast period. Stringent rules for emission control and the rising adoption of speedboats are expected to bolster the growth of the market in this region in the coming years. In June 2020, the Chinese Ministry of Transport (MOT) announced its strategic development guidelines and targets for inland waterway transportation until 2050. Decarbonization initiatives—coupled with the rising demand for waterborne transportation, especially across China, Thailand, Vietnam, and Indonesia—are expected to boost the adoption of electric boats in Asia Pacific in the future.
Asia Pacific Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Electric Boat Market Segmentation
The Asia Pacific electric boat market is segmented into boat type, battery type, application, and country. Based on boat type, the market is segmented into pure electric and hybrid segment. The pure electric segment registered a larger market share in 2022.
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 are the leading companies operating in the Asia Pacific electric boat market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 460.63 Million |
| Market Size by 2028 | US$ 947.92 Million |
| CAGR (2022 - 2028) | 12.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Boat Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia-Pacific Electric Boat Market is valued at US$ 460.63 Million in 2022, it is projected to reach US$ 947.92 Million by 2028.
As per our report Asia-Pacific Electric Boat Market, the market size is valued at US$ 460.63 Million in 2022, projecting it to reach US$ 947.92 Million by 2028. This translates to a CAGR of approximately 12.8% during the forecast period.
The Asia-Pacific Electric Boat Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Electric Boat Market report:
The Asia-Pacific Electric Boat Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Electric Boat Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Electric Boat Market value chain can benefit from the information contained in a comprehensive market report.
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