Electric Boats Manufacturers are Eying Opportunities in Solar Hybrids Boats with Augmented Passenger Capacity: Future Market Insights
DUBAI, UAE : As per FMI the global electric boats market will grow at a robust CAGR of 11.0% over the forecast period, 2018-2028. The market growth is spurred by growing adoption of small size boats for purposes of maritime security as well as advancement of lightweight boats fueled by electric power. At present, the market is negatively impacted by the COVID-19 outbreak, however, the market is anticipated to gradually regain its status with the reopening of tourist places and ports.
“Growing adoptability of electric boats due to rise in polluting agents such as NOx and Sox as well as increased investment on tourism activities is boosting the demand for electric boats ” states the FMI analyst.
Electric Boats Market – Important Highlights
- Pure electric boats type will be accounting for over 80% of the market share by the end of 2028.
- Lithium Ion technology will continue to lead among other battery type in the global market.
- North America will continue to remain lucrative throughout the forecast period, followed by Europe.
Electric Boats Market – Drivers
- Surge in recreational activities all over well-developed as well as emerging nations is propelling the demand for electric boats.
- Growing awareness about environmental safety and government initiative for limiting dependability over fossil fuels, are majorly fueling the market
- Rise in boat leasing and boat transportation is impelling the market at a sturdy pace.
Electric Boats Market – Restraints
- Higher cost associated with the high horse-powered motors is likely to restrain the market growth.
- Limited scope or runtime and longer time for a battery charge can significantly hurt growth in the market.
Source : finance
