40-feet Electric Boat Market: Current Analysis and Forecast (2023-2030)
Emphasis on Propulsion (Pure Electric, Hybrid, and Sail Electric), Battery Type (Nickel-Based, Lead-Acid, and Lithium-Ion); Application (Fishing, Recreational, and Others); Boat Type (Trawler, Catamarans, Yachts, Power Cruisers, and Others), and Region/Country
The 40-foot Electric Boat Market was valued at 1.78 billion in the year 2022 and is expected to grow at a steady rate of around 14% during the forecast period (2023-2030), owing to the growing spending on tours and traveling in coastal regions. 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. 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. 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. Online communities and forums dedicated to boating and sailing have sprung up, providing a space for people to ask questions, share tips, and plan trips together. Furthermore, advances in technology have made both activities more accessible and safer. 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. Moreover, along with the above-stated reasons 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.
Some of the major players operating in the market include Frauscher Bootswerft GmbH & Co. KG; Duffy Electric Boat Company; RAND Boats; Vision Marine Technologies Inc.; Quadrofoil d.o.o.; Voltari Marine Electric.; Wellington Electric Boat Building Company; Ruban Bleu; aquawatt; and Cockwells. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Propulsion, the Pure Electric segment held the significant share of the market in 2022.”
Based on propulsion, the market is segmented into pure electric, hybrid, and sail electric. The pure electric segment holds most of the electric boat market, accounting for a share of over 60% in 2022. This is due to the increasing demand for zero-emission boats from governments and environmental organizations. Pure electric boats are also becoming more affordable and efficient, making them a more attractive option for boaters. The hybrid segment is the second largest, with a share of around 30%. Hybrid boats offer the best of both worlds, combining the power and range of a gasoline engine with the environmental benefits of an electric motor. This makes them a popular choice for boaters who want to reduce their environmental impact without sacrificing performance. The sail electric segment is the smallest, accounting for a share of less than 10%. However, it is growing rapidly, as more boaters are looking for sustainable ways to enjoy the water. Sail electric boats use a combination of solar power and electric motors to propel them, making them a zero-emission option that is also quiet and environmentally friendly.
“Amongst battery type, the lithium-ion battery segment is anticipated to grow at a significant CAGR during the forecast period (2023-2030).”
Based on battery type, the market is categorized into nickel-based, lead-acid, and lithium-ion. The lithium-ion batteries hold most of the market for the batteries that are used in 40-foot electric boats. The prominent factors responsible for this domination are the high energy densities of lithium-ion batteries making them an ideal choice for electric boats. Furthermore, the rising production of lithium-ion batteries and technological advancements in this sector has led to decreased cost of these batteries, making them affordable and practical to commercialize. Moreover, ongoing innovations and R&D continuously taking place in this segment have made the batteries safer, high operational life, and reliable, with increased range, further motivating the manufacturers to use lithium-ion batteries for electric boats. Adding value to both consumers as well as manufacturers and leading to rising demand for lithium-ion batteries-powered electric boats, and same can be seen from the product launches by the players operating in this segment. For instance, in November 2021, Electric Fuel launched its new 48V lithium-ion battery alongside its 12V and 24V lithium-ion NCA marine batteries. The company claims that its marine-grade smart batteries offer four times more energy than traditional lead acid batteries of similar size and can withstand thousands of charging cycles and seven to ten years of operational life.
40-Feet Electric Boat Market Report Coverage
“North America holds the significant share of the 40-feet electric boat segment market in 2022.”
North America is by far one of the biggest markets for the 40-feet electric boat market and holds most of the market share. The primary reason for this domination is the rising water-based tourism and recreation in the North American region. Moreover, the population of North American countries has higher affordability, and sailing and fishing for recreational purposes has been in their culture for a long and has been one of the prime reasons for the growing demand for 40-feet electric boats in the region. Furthermore, in North America 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the 40-Feet Electric Boat Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global 40-feet electric boat market were the three major steps undertaken to create and analyze the adoption of 40-feet electric boat in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global 40-feet electric boat market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the 40-feet electric boat market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the 40-feet electric boat market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as propulsion, battery type, application, and boat type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the 40-feet electric boat market. Further, we conducted factor analysis using dependent and independent variables such as connectivity, end-user, and application of the 40-feet electric boat market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the 40-feet electric boat market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global 40-feet electric boat market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the 40-feet electric boat market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global 40-feet electric boat market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global 40-feet electric boat market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the voltage, application, and end-user in the global 40-feet electric boat market.
The main objective of the Global 40-Feet Electric Boat Market Study
The current & future market trends of the global 40-feet electric boat market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the 40-feet electric boat market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of propulsion, battery type, application, and boat type.
- Define and analyze the regulatory framework for the 40-feet electric boat
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the 40-feet electric boat market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the 40-feet electric boat market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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