Electric Boats Will Be A $16.6 Billion Market By 2031
CLEAN TECHNICA - July 20, 2022
Allied Market Research recently published a report outlining the growth of the electric and hybrid boat market, and they’re predicting a massive, 12.9% compound annual growth rate (CAGR). The global electric boat industry generated $5 billion in 2021, which represented significant “post COVID” growth. Following that COVID bump, “boating and fishing continue to occupy the top rank as the largest leisure activity in the U.S.,” according to Allied Market Research. “(Nearly) 100 million Americans go boating each year. With continuous popularity of remote work and flexible schedules, people are exploring more adventures in water.”
If Allied Market Research is right about their 12.9% growth projections – that $5 billion in 2021 works out to more than $16.6 billion by 2031. And, while different segments of the boat industry are expected to grow at a faster rate, the most profitable market seems to be cargo boats.
Passenger electric boats operating within the 50-100 km range (31-62 miles) hold the highest market share in 2021, making up more than 40% of the global electric boat market. This segment is also projected to maintain that leadership status throughout that forecast period, with more consumers picking up on marine products that are quieter, cleaner, and less expensive to own and operate. Not to mention the fact that many lakes and rivers are now banning many forms of internal combustion engines.
