The Asia-Pacific Electric Boat market is expected to grow from US$ 460.63 million in 2022 to US$ 947.92 million by 2028. It is estimated to grow at a CAGR of 12.8% from 2022 to 2028.
Rising Inclination Toward Solar-Electric Boats is Driving APAC 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 APAC electric boat market growth.
APAC Electric Boat Market Overview
The APAC 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 APAC in the future.
APAC Electric Boat Market Segmentation
The APAC 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 APAC 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 APAC electric boat market is segmented into fishing, recreational, and others. The recreational segment registered the largest market share in 2022.
- Based on country, the APAC electric boat market is segmented into China, Japan, India, South Korea, Australia, and the Rest of APAC.
- The Rest of APAC dominated the 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 APAC electric boat market.
Table of Contents
1. Introduction1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Electric Boat Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Electric Boat Market- Key Market Dynamics
5.1 Market Drivers
5.1.1 Stringent Government Regulations for Controlling Greenhouse Gas Emissions
5.1.2 Increasing Network for Charging Points in Marine Infrastructure for Small Boats
5.2 Market Restraints
5.2.1 High Cost of Batteries and Range Limitations
5.3 Market Opportunities
5.3.1 Increasing Installation of Superchargers at Smaller Ports
5.4 Future Trends
5.4.1 Rising Inclination Toward Solar-Electric Boats
5.5 Impact Analysis of Drivers and Restraints
6. Electric Boat Market- APAC Market Analysis
6.1 APAC Electric Boat Market Overview
6.2 APAC Electric Boat Market Forecast and Analysis
7. APAC Electric Boat Market Revenue and Forecast to 2028 - Boat Type
7.1 Overview
7.2 APAC Electric Boat Market, By Boat Type (2021 And 2028)
7.3 Pure Electric
7.3.1 Overview
7.3.2 Pure Electric: Electric Boat Market Revenue and Forecast To 2028 (US$ Million)
7.4 Hybrid
7.4.1 Overview
7.4.2 Hybrid: Electric Boat Market Revenue and Forecast To 2028 (US$ Million)
8. APAC Electric Boat Market Revenue and Forecast to 2028 - Battery Type
8.1 Overview
8.2 APAC Electric Boat Market, By Battery Type (2021 And 2028)
8.3 Nickel Based
8.3.1 Overview
8.3.2 Nickel Based: Electric Boat Market Revenue and Forecast To 2028 (US$ Million)
8.4 Lead Acid
8.4.1 Overview
8.4.2 Lead Acid: Electric Boat Market Revenue and Forecast To 2028 (US$ Million)
8.5 Lithium-ion
8.5.1 Overview
8.5.2 Lithium-ion: Electric Boat Market Revenue and Forecast To 2028 (US$ Million)
9. APAC Electric Boat Market - By Application
9.1 Overview
9.2 APAC Electric Boat Market, by Application (2021 and 2028)
9.3 Fishing
9.3.1 Overview
9.3.2 Fishing: Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Recreational
9.4.1 Overview
9.4.2 Recreational: Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others: Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
10. APAC Electric Boat Market- Country Analysis
10.1 Overview
10.1.1 Asia Pacific: Electric Boat Market, by Key Country
10.1.1.1 Australia: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Australia: Electric Boat Market, By Boat Type
10.1.1.1.2 Australia: Electric Boat Market, By Battery Type
10.1.1.1.3 Australia: Electric Boat Market, By Application
10.1.1.2 China: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 China: Electric Boat Market, By Boat Type
10.1.1.2.2 China: Electric Boat Market, By Battery Type
10.1.1.2.3 China: Electric Boat Market, By Application
10.1.1.3 India: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 India: Electric Boat Market, By Boat Type
10.1.1.3.2 India: Electric Boat Market, By Battery Type
10.1.1.3.3 India: Electric Boat Market, By Application
10.1.1.4 Japan: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Japan: Electric Boat Market, By Boat Type
10.1.1.4.2 Japan: Electric Boat Market, By Battery Type
10.1.1.4.3 Japan: Electric Boat Market, By Application
10.1.1.5 South Korea: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 South Korea: Electric Boat Market, By Boat Type
10.1.1.5.2 South Korea: Electric Boat Market, By Battery Type
10.1.1.5.3 South Korea: Electric Boat Market, By Application
10.1.1.6 Rest of APAC: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of APAC: Electric Boat Market, By Boat Type
10.1.1.6.2 Rest of APAC: Electric Boat Market, By Battery Type
10.1.1.6.3 Rest of APAC: Electric Boat Market, By Application
11. Industry Landscape
11.1 Overview
11.2 New Product Development
12. Company Profiles
12.1 Frauscher Bootswerft GmbH & Co KG
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Duffy Electric Boat Company
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Vision Marine Technologies Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Quadrofoil D.O.O
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Aquawatt Mechatronik und Yachtbau
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Candela Technology AB
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
13. Appendix
13.1 About the Publisher
13.2 Word Index
Table 1. APAC Electric Boat Market, Revenue and Forecast, 2019-2028 (US$ Million)
Table 2. Asia Pacific: Electric Boat Market, By Key Country- Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Electric Boat Market, By Boat Type - Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 6. China: Electric Boat Market, By Boat Type - Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 8. China: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 9. India: Electric Boat Market, By Boat Type - Revenue and Forecast to 2028 (US$ Million)
Table 10. India: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 12. Japan: Electric Boat Market, By Boat Type - Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 14. Japan: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 15. South Korea: Electric Boat Market, By Boat Type - Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 17. South Korea: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of APAC: Electric Boat Market, By Boat Type - Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of APAC: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 20. Rest of APAC: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 21. List of Abbreviation
Figure 1. APAC Electric Boat Market Segmentation
Figure 2. APAC Electric Boat Market Segmentation - by Country
Figure 3. APAC Electric Boat Market Overview
Figure 4. APAC Electric Boat Market, By Boat Type
Figure 5. APAC Electric Boat Market, By Country
Figure 6. APAC: PEST Analysis
Figure 7. Electric Boat Market Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. APAC Electric Boat Market: Impact Analysis of Drivers and Restraints
Figure 10. APAC Electric Boat Market, Forecast and Analysis (US$ Million)
Figure 11. APAC Electric Boat Market, By Boat Type (2021 and 2028)
Figure 12. Pure Electric: APAC Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Hybrid: APAC Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Electric Boat Market, By Battery Type (2021 and 2028)
Figure 15. Nickel Based: APAC Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Lead Acid: APAC Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Lithium-ion: APAC Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC Electric Boat Market Revenue Share, by Application (2021 and 2028)
Figure 19. Fishing: APAC Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Recreational: APAC Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Others: APAC Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. APAC: Electric Boat Market, by Key Country - Revenue (2021) (US$ Million)
Figure 23. Asia Pacific: Electric Boat Market Revenue Share, By Key Country (2021 and 2028)
Figure 24. Australia: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Figure 25. China: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Figure 26. India: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Figure 27. Japan: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Figure 28. South Korea: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Figure 29. Rest of APAC: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned
- Aquawatt Mechatronik und Yachtbau
- Candela Technology AB
- Duffy Electric Boat Company
- Frauscher Bootswerft GmbH & Co KG
- Quadrofoil D.O.O
- Vision Marine Technologies Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | January 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 460.63 Million |
| Forecasted Market Value ( USD | $ 947.92 Million |
| Compound Annual Growth Rate | 12.8% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 6 |
