Asia-Pacific Electric Boat Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Boat Type (Pure Electric and Hybrid), Battery Type (Nickel Based, Lead Acid, and Lithium-ion), and Application (Fishing, Recreational, and Others)

Asia-Pacific Electric Boat Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Boat Type (Pure Electric and Hybrid), Battery Type (Nickel Based, Lead Acid, and Lithium-ion), and Application (Fishing, Recreational, and Others)

The Asia-Pacific Electric Boat market is expected to grow from US$ 460.63 million in 2022 to US$ 947.92 million by 2028. It is estimated to grow at a CAGR of 12.8% from 2022 to 2028.

Rising Inclination Toward Solar-Electric Boats is Driving APAC Electric Boat Market

Solar-electric boats have numerous benefits, including less maintenance requirement due to no oil change, impeller change, or diesel filter change; fewer vibrations; good fuel economy; avoiding local contamination; and a decrease in the boats' overall weight. Solar energy helps control the flow of electricity to rechargeable batteries such as Lithium-ion. Further, solar-electric boats can run at low operational costs, which makes them the most preferred option for users compared to fuel-based boats wherein there is high need for regular maintenance. These benefits are expected to bolster the demand for solar-electric boats in the coming years.

A diesel boat purchase cost is approximately US$ 2,500 for fishing activities, lower compared to electric boats. However, the operational diesel-based boat costs them around ~US$ 3,000–4,000 annually, as the rising fuel prices right now. The solar-electric boat would cost user around US$ 21,000 to 25,000 at one time, which is the price without any government subsidy that can be recovered in a span of four to five years, with lower operational costs. Furthermore, the rising product development in solar boat manufacturing is supporting market growth. Thus, the manufacturers growing inclination towards developing solar-electric boats is anticipated to provide new growth opportunities for APAC electric boat market growth.

APAC Electric Boat Market Overview

The APAC electric boat market growth is mainly driven by the flourishing marine tourism industry across Asian countries such as Singapore, China, Thailand, the Philippines, and Vietnam. The electric boat market in Asia Pacific is estimated to grow at the fastest pace during the forecast period. Stringent rules for emission control and the rising adoption of speedboats are expected to bolster the growth of the market in this region in the coming years. In June 2020, the Chinese Ministry of Transport (MOT) announced its strategic development guidelines and targets for inland waterway transportation until 2050. Decarbonization initiatives—coupled with the rising demand for waterborne transportation, especially across China, Thailand, Vietnam, and Indonesia—are expected to boost the adoption of electric boats in APAC in the future.

APAC Electric Boat Market Revenue and Forecast to 2028 (US$ Million)

APAC Electric Boat Market Segmentation

The APAC electric boat market is segmented into boat type, battery type, application, and country. Based on boat type, the market is segmented into pure electric and hybrid segment. The pure electric segment registered a larger market share in 2022.

Based on type, the APAC electric boat market is segmented into nickel based, lead acid, and lithium-ion. The lithium-ion segment registered the largest market share in 2022. Based on application, the APAC electric boat market is segmented into fishing, recreational, and others. The recreational segment registered the largest market share in 2022. Based on country, the APAC electric boat market is segmented into China, Japan, India, South Korea, Australia, and the Rest of APAC. The Rest of APAC dominated the market share in 2022. Aquawatt Mechatronik und Yachtbau; Candela Technology AB; Duffy Electric Boat Company; Frauscher Bootswerft GmbH & Co KG; Quadrofoil D.O.O; and Vision Marine Technologies Inc are the leading companies operating in the APAC electric boat market.

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