Global 40-feet Electric Boat Market Seen Soaring 14% Growth to Reach USD 4.27 Billion by 2030, Projects Univdatos Market Insights
- Himanshu Patni
- November 18, 2023
- AUTOMOTIVE, NEWS
- 40-feet Electric Boat Market, 40-feet Electric Boat Market Share, 40-feet Electric Boat Market Size, 40-feet Electric Boat Market Trends
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According to a new report by Univdatos Market Insights, the Global 40-feet Electric Vehicle Market, is expected to reach USD 4.76 Billion in 2030 by growing at a CAGR of 14%. The 40-foot Electric Boat Market is expected to grow at a strong CAGR owing to the increasing number of tours and travel. Furthermore, the growing popularity of recreational activity is also driving up the demand for 40-foot electric boats. Boating and sailing are two popular recreational activities that have seen significant growth in recent years. One reason for the growing popularity of boating and sailing is the desire for a more relaxed and tranquil lifestyle. Both activities allow individuals to enjoy the great outdoors while experiencing a sense of freedom and adventure. Additionally, many people view owning a boat or sailboat as a luxury item, like buying a car or a vacation home. Another factor driving the growth of boating and sailing is the rise of social media, which has made it easier than ever before to share experiences and connect with other enthusiasts.
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The report suggests that the Continuous Development in Technology, Making Activities Such as Sailing and Boating More Accessible and Safer is one of the major factors driving the 40-feet Electric Boat Market during the forthcoming years. Furthermore, Modern boats and sailboats come equipped with advanced safety features like GPS tracking systems, emergency position-indicating radio beacons (EPIRBs), and even autonomous navigation software. This has helped to alleviate concerns about safety and security, making it easier for people to try out these activities for themselves, which in turn is driving up the demand for the 40-foot electric boats.
Figure 1: The Recovery Scenario of the Tourism Industry Post COVID-19
Apart from this, the demand for electric boats is also rising due to factors such as sustainability, where electric boats offer a cleaner and more sustainable alternative to traditional gas-powered boats. Additionally, electric boats are known for their quiet operation, smooth ride, and low maintenance requirements, making them a practical choice for daily use. And the riding demand scenario can also be seen from the new launches that the companies are undertaking providing consumers with varied choices.
· In July 2023, Hanse Yachts Germany, announced the new Hanse 410, a 40-feet sailboat. The Hanse 410 offers an optional electric propulsion with a claimed range of up to 55nm. The boat can also match with an optional lithium-ion battery, solar, and new hydrogen fuel cells as a spare source of energy maximizing the energy and minimizing the environmental impact.
Several big companies are seeing a golden opportunity for growth in this field due to these factors and launching their products catering to the increased demand that’s been generated due to increased spending for recreational activities, especially sailing, boating, and fishing. For example, as per the National Marine Manufacturing Association (NMMA), sales of recreational boats in the USA had risen by 12% in 2020 from the prior year, with an additional 310,000 units sold in 2020. Furthermore, annual US sales of boats, marine products, and services have generated USD 47 billion in 2020, up 9% from 2019.
Expanding Use Case Verticals of 40-feet Electric Boats are Generating Maximum Traction for These Electric Boats in the Market
The advent of electric boats has opened a plethora of opportunities for businesses and individuals alike. With their faster speeds, no emissions, increased range, safe and reliable operations, and silent movement on the water, electric boats are poised to revolutionize numerous sectors. Furthermore, electric boats are finding new applications beyond just recreational purposes. One of the most promising use cases is in the commercial sector, where they are used for tasks such as cargo transportation, passenger ferry services, and even search and rescue missions. Another area where electric boats are seeing increased demand is in the military sector, where they are used for reconnaissance, patrol, and surveillance missions. Additionally, electric boats are also being explored for use in offshore wind farms, oil rigs, and other industrial settings, hence raising the demand for electric boats in the market. This widening of applications of electric boats is going to further drive growth of the segment in the forthcoming years.
• For instance, according to a report by the National Marine Manufacturers Association, the number of boats in use in the United States grew by 12% between 2019 and 2020, reaching a record high of nearly 15 million vessels. Similarly, the number of active sailboaters in the country increased by 10% during the same period.
• For instance, in April 2023, the Water Emergency Transportation Authority (WETA), in San Francisco, announced that it had given a USD 13.8 million grant to electrify its fleet of ferries.
• For instance, in April 2023, Candela, a Swedish electric boat manufacturer announced the development of 30 passenger 40-feet catamaran that will be called the P-12 shuttle. The P-12 shuttle will use foils to lift its hull to fly above waves at 35 miles per hour and will have a range of 60 nautical miles on a single charge.
Click Here To View the Report Description & TOC – https://univdatos.com/report/40-feet-electric-boat-market/
Conclusion
In conclusion, the future of 40 feet electric boats looks promising with advancements in technology and increasing environmental concerns. The benefits of owning an electric boat such as reduced noise pollution, lower operating costs, and improved safety will continue to attract more buyers. As battery technology improves, range anxiety will be alleviated, making long-distance travel on electric boats more feasible. Additionally, the growing popularity of eco-friendly products and services will drive demand for environmentally friendly transportation options like electric boats. However, it is important to note that there may still be challenges such as limited charging infrastructure and high upfront costs that need to be addressed. Nonetheless, with continued innovation and investment, the future of 40 feet electric boats holds much promise.
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