Global Electric Boat Market Expected to More Than Double by 2030

The global electric boat industry is on a steep growth trajectory. According to a new report from Research and Markets, the market is forecast to grow from USD 6.78 billion in 2024 to USD 14.09 billion by 2030, reflecting a compound annual growth rate of 13.5%. This surge underscores the increasing momentum behind clean propulsion technologies across both leisure and commercial boating. This momentum reflects a market that is steadily maturing, with electric boating moving beyond the early-adopter phase and into broader acceptance.

What is Driving Growth

Several trends are shaping the market:

• Technological advancements: Improvements in lithium-ion batteries and onboard power management systems are extending range, reducing charging times, and lowering costs.

• Fuel and maintenance costs: Higher operating costs for combustion-powered boats are making electric alternatives more appealing.

• Consumer demand: More recreational boaters and fleet operators are prioritizing quiet, low-maintenance, and sustainable options.

• Environmental regulations: Governments are tightening emissions standards and creating incentives that encourage the adoption of electric propulsion.

Market Segments

The report highlights strong growth across several boat categories:

• Leisure boats such as pontoons and day cruisers

• Fishing boats that benefit from quiet operation and lower running costs

• Hybrid propulsion systems that combine efficiency with range flexibility

The report indicates that North America and Europe will continue to be key markets, while Asia-Pacific is expected to see rising demand as supporting infrastructure develops.

Key Industry Players

Competition is intensifying as established companies and new entrants expand their electric offerings. Companies mentioned in the report include Yamaha Motor Co., Ltd., Vision Marine Technologies, Duffy Electric Boat Company, RAND Boats ApS, SVP Yachts d.o.o. (Greenline), ElectraCraft, Inc., Frauscher Bootswerft GmbH, X Shore AB, Pure Watercraft Inc., and Volvo Penta Corporation. Each is pursuing different strategies, from developing new battery technologies to launching complete electric model lines.

The Road Ahead

As global regulations, customer expectations, and technological innovation converge, the next five years will be a defining chapter for electric boating. By working together, industry leaders and stakeholders can turn this momentum into lasting change, making clean, quiet, and efficient boating the norm for the next generation.

For full details, see the original Research and Markets report here.