Electric boats utilize battery power to propel the rotor in order to achieve movement. Batteries used in electric boats are same as batteries of electric vehicles. Electric boats have been popular since their invention in 1839. Demand for electric boats was drastically reduced after the invention of fuel-powered boats. Presently, governments of several nations are focusing on the expansion of battery-based transportation, as emission is considered as a primary global problem.
The global electric boats market is primarily driven by the surge in recreational activities across well-developed nations such as the U.S., Canada, and several countries in Europe. Increase in disposable income, higher standards of living, tendency to indulge in recreational activities, and income stability are propelling the demand for recreational boating services, which is fueling the demand for electric boats.
Increasing awareness about environmental safety, government initiative toward reducing reliability over fossil fuels, advanced technology, development of batteries having longer life and reliability, and consumer preference for economically effective boats are prominently driving the global electric boats market. Increase in boat transportation and boat leasing is propelling the global electric boats market at a steady pace.
Electric boats are expensive and hence, middle class people do not prefer them. Electric boats have high horse-powered motors, which require fast speed chargers, which in turn increases the cost of the boat. Higher cost of the electric boat is a key factor restraining the global electric boats market.
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The global electric boats market can be segmented based on boat type, battery type, power output, and region. Based on boat type, the global electric boats market can be segmented into two segments. Hybrid electric vehicles are widely employed owing to their reliable performance and ability to handle higher loads.