By 2031, The Electric Boats Market Will Be Worth $16.6 Billion

In Electric Mobility, Clean Facts, Environment, News, Products
electric boat

The electric and hybrid boat industry is expected to rise at a staggering 12.9 percent compound annual growth rate (CAGR), according to Allied Market Research.

Electric Boat

If Allied Market Research’s 12.9 percent growth estimates are correct for electric boat market, then $5 billion market in 2021 will be worth more than $16.6 billion by 2031. And, while diverse divisions of the boat business are likely to develop at a quicker rate, cargo boats appear to be the most profitable market.

Passenger electric boats operating in the 50-100 km (31-62 mile) range will have the biggest market share in 2021, accounting for more than 40% of the worldwide electric boat industry.

This category is also expected to continue its leadership position over the projection period, as more consumers opt for quieter, cleaner, and less costly to purchase and run maritime equipment.

Not to add that many lakes and rivers have banned numerous types of internal combustion engines. That is the heart of the consumer market, and the leaders (X Shore, Flux, Ingenity, and so on) are projected to continue their advantage over the projection period.

Longer-range cargo electric boats are likely to account for the majority of growth, owing to their capacity to protect marine transport operations from volatile fuel costs. And, while Europe is now dominating, the study predicted that American growth will exceed it.

This is attributed to rise in environment concerns, high fuel cost, and government rules & regulations toward reducing emission in marine transport.

Reference- Allied Market Research Report, Clean Technica, X Shore website, Oregon Live Story

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