North America Electric Boat Market

The North America electric boat market is expected to grow from US$ 2,415.02 million in 2022 to US$ 5,432.19 million by 2028. It is estimated to grow at a CAGR of 14.5% from 2022 to 2028.

Increasing Network for Charging Points in Marine Infrastructure for Small Boats is Driving the North America Electric Boat Market

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.

Market Overview

The US, Canada, and Mexico are among the major countries in North America. Increasing water sports activities and favorable government policies to promote water sport and develop boating infrastructure are among the major factors driving the North America electric boat market growth. During the COVID-19 pandemic, the imposition of restrictions on trade activities and shutdown of manufacturing facilities hampered the market growth in North America. However, from the second half of 2020, the market is witnessing growth due to the reliving of travel bans.

Furthermore, key players in North America are improving the production processes of electric boats and taking several strategic initiatives to increase the penetration of electric boats. For instance, In May 2021, Limestone Boat Company and Vision Marine Technologies, which produces outboard engines, entered a strategic partnership to develop electric outboard motors. Also, the partnership aims to increase production from 400 to 510 powerboats by the end of 2022. In March 2022, Aqua superPower and X Shore, a Swedish climate technology company and electric boat manufacturer, announced a strategic alliance to expedite electric boat adoption across the region and provide an accessible app to 150 kW superchargers specifically engineered and rated to use in marine environments. Such initiatives fuel the North America electric boat market growth.

North America Electric Boat Market Revenue and Forecast to 2028 (US$ Million)

 

North America Electric Boat Strategic Insights

Strategic insights for the North America Electric Boat provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Electric Boat Report Scope

North America Electric Boat Regional Insights

The geographic scope of the North America Electric Boat refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

North America Electric Boat Market Segmentation

The North America 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.

Based on type, the North America electric boat market is segmented into nickel based, lead acid, and lithium-ion. The lithium-ion segment registered the largest market share in 2022.

Based on application, the North America electric boat market is segmented into fishing, recreational, and others. The recreational segment registered the largest market share in 2022.

Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.  

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. are the leading companies operating in the electric boat market in the region.