The Growing Market of Electric Boats: Projections and Trends
Overview of Electric Boat Industry Growth
According to research and market reports, the market size of the electric boat industry is projected to reach $16.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 12.9% from 2022 to 2031. The market is driven by factors such as the rise in seaborne trade activities, the growth of the marine tourism industry, and the increasing focus on reducing carbon emissions and pollution.
Insights from Market Reports
-
One report from Allied Market Research states that the global electric boat market was valued at $5.0 billion in 2021 and is estimated to reach $16.6 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031. Europe is expected to dominate the global electric boat market in 2021.
-
Another report from MarketsandMarkets projects the electric boats market to grow from $3.3 billion in 2023 to $7.7 billion by 2030, at a CAGR of 13.0% during the forecast period. The recreational boat segment is expected to dominate the market, and Europe is projected to witness the highest growth.
-
Furthermore, Statzon reports that the global electric boat market is set for impressive growth, projected to nearly double from $5.1 billion in 2022 to $10.7 billion by 2030.
Conclusion
It is important to note that the market size and growth projections may vary slightly among different reports and sources. However, the overall trend indicates significant growth in the electric boat industry in the coming years.
References: