As 2022 winds down, investors are already looking to 2023 and the potential opportunities that await. One area that is set up for a big 2023 is the electric vehicles market. According to Reuters and other news outlets, 2023 is shaping up to see a big kickstart in mass production efforts for the EV market.

However, the growth in EVs will not be limited to just cars, vans, and trucks. Electric boats continue to see heightened demand, as consumers look for alternatives to traditional combustible-engine-powered boats. A big portion of this demand is from potential big savings from less maintenance, no gas costs, and more eco-friendly compared to traditional boats.

According to ResearchandMarkets, the global electric boating market is estimated to grow from $5 billion in 2021 to an estimated $16.6 billion by 2031. This represents a compound annual growth rate (CAGR) of 12.9% between 2022 to 2031.