MarketDigits has released the Global Electric-Boat Market Size, Status, and forecast for 2025-2032 report which predicts that the global electric boat market size is projected to reach US$16.7bn by 2032, growing at a CAGR of 12.10% from 2024 to 2032. It also states that the global electric boat market size was valued at US$5.1bn in 2024.
Growing tourism sector
According to the report, the surge in demand for recreational boating is one of the main drivers for the growth of the electric ship market. Recreational boating offers a high level of customization and personalization, as tourists can choose the type of boat, duration and activities and tailor their experience, and boat-sharing platforms, organized tours and rental services make it easier for individuals to experience boating without owning a boat. This convenience has opened recreational boating to many tourists who may have not considered it.
The tourism industry is also embracing sustainability and eco-friendly practices to meet the growing demand for environmentally responsible travel experiences. As a result, tourism operators are adopting electric marine vehicles to provide tourists with eco-friendly recreational boating experiences.
Regional trends
The report also states that Europe is the most significant global electric boats market shareholder and is estimated to grow at a CAGR of 13.7% over the forecast period, and maintain its lead throughout the forecast period.
The report highlights that the European Union government is primarily concerned with reducing fuel emissions and is launching initiatives to promote clean and zero-emission power sources, which in turn is driving up the demand for electric boats.
In related news, the latest report from Business Market Insights recently predicted that the European electric ship market will grow to US$3.273bn by 2028, at a CAGR of 8.3% from 2021 to 2028. Click here to read the full story.