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.
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.
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 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.
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. North America Electric Boat Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America 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- North America Market Analysis
6.1 North America Electric Boat Market Overview
6.2 North America Electric Boat Market Forecast and Analysis
7. North America Electric Boat Market Revenue and Forecast to 2028 - Boat Type
7.1 Overview
7.2 North America 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. North America Electric Boat Market Revenue and Forecast to 2028 - Battery Type
8.1 Overview
8.2 North America 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. North America Electric Boat Market - By Application
9.1 Overview
9.2 North America 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. North America Electric Boat Market- Country Analysis
10.1 Overview
10.1.1 North America: Electric Boat Market, by Key Country
10.1.1.1 US: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 US: Electric Boat Market, By Boat Type
10.1.1.1.2 US: Electric Boat Market, By Battery Type
10.1.1.1.3 US: Electric Boat Market, By Application
10.1.1.2 Canada: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Canada: Electric Boat Market, By Boat Type
10.1.1.2.2 Canada: Electric Boat Market, By Battery Type
10.1.1.2.3 Canada: Electric Boat Market, By Application
10.1.1.3 Mexico: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Mexico: Electric Boat Market, By Boat Type
10.1.1.3.2 Mexico: Electric Boat Market, By Battery Type
10.1.1.3.3 Mexico: 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 RAND Boats
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 Vision Marine Technologies Inc.
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 Quadrofoil D.O.O
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 LTS Marine
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
12.7 Ruban Bleu
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Budsin Wood Craft
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Candela Technology AB
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About the Publisher
13.2 Word Index
Table 1. North America Electric Boat Market, Revenue and Forecast, 2019-2028 (US$ Million)
Table 2. North America: Electric Boat Market, By Key Country- Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Electric Boat Market, By Boat Type - Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Electric Boat Market, By Boat Type- Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico: Electric Boat Market, By Boat Type - Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico: Electric Boat Market, By Battery Type - Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: Electric Boat Market, By Application- Revenue and Forecast to 2028 (US$ Million)
Table 12. List of Abbreviation
Figure 1. North America Electric Boat Market Segmentation
Figure 2. North America Electric Boat Market Segmentation - by Country
Figure 3. North America Electric Boat Market Overview
Figure 4. North America Electric Boat Market, By Boat Type
Figure 5. North America Electric Boat Market, By Country
Figure 6. North America: PEST Analysis
Figure 7. Electric Boat Market Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. North America Electric Boat Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Electric Boat Market, Forecast and Analysis (US$ Million)
Figure 11. North America Electric Boat Market, By Boat Type (2021 and 2028)
Figure 12. Pure Electric: North America Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Hybrid: North America Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Electric Boat Market, By Battery Type (2021 and 2028)
Figure 15. Nickel Based: North America Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Lead Acid: North America Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Lithium-ion: North America Electric Boat Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Electric Boat Market Revenue Share, by Application (2021 and 2028)
Figure 19. Fishing: North America Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Recreational: North America Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Others: North America Electric Boat Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. North America: Electric Boat Market, by Key Country - Revenue (2021) (US$ Million)
Figure 23. North America: Electric Boat Revenue Share, by Key Country (2021 and 2028)
Figure 24. US: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Figure 25. Canada: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Figure 26. Mexico: Electric Boat Market- Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned
- 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
- Vision Marine Technologies Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 119 |
| Published | January 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 2415.02 Million |
| Forecasted Market Value ( USD | $ 5432.19 Million |
| Compound Annual Growth Rate | 14.5% |
| Regions Covered | North America |
| No. of Companies Mentioned | 9 |
