According to our latest market study, titled "Electric Boat Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Boat Type, Batter Type, and Application," the market is expected to grow from US$ 5,260.52 million in 2022 to US$ 11,359.85 million by 2028; it is expected to grow at a CAGR of 13.7% from 2022 to 2028.

The electric boat market players are being presented with potential opportunities due to the increasing installations of superchargers in smaller ports. These superchargers are capable of charging at a rate of 150 kW, resulting in a significant reduction of the average charging time for electric boats from six hours to one hour. The advancements in battery-powered systems and superchargers are leading boat owners to switch to high-powered cruising models that offer improved power ranges and reduced charging time. Previously, boat owners would charge their boat batteries overnight, but the high power capacity of superchargers has eliminated the need for this activity. In addition, the growing popularity of recreational boating activities and increasing government support for electric boats are expected to boost the development of charging infrastructure at smaller and medium-sized ports through the use of superchargers in the near future.

Various countries are adopting the supercharging technology to reduce the average charging period of electric boats. For instance, in May 2019, the world's first network of electric boat superchargers was launched in Monaco, augmenting the demand for fast chargeable electric boats.

Impact of COVID-19 Pandemic on APAC Electric Boat Market
The COVID-19 pandemic has had a detrimental impact on emerging economies in the Asia Pacific region, including China, Indonesia, India, South Korea, and others. In Western Australia, where 25% of the state's population engages in recreational fishing every year, the Boat Industry Association (BIA) cancelled boat shows scheduled for March 2020 in Sydney, Brisbane, Adelaide, and Rosehill in response to the pandemic. Consequently, the decline in the tourism sector and the cancellation of boat shows have impeded regional growth

The COVID-19 pandemic had a significant impact on the tourism industry in Asia Pacific, which has been a major contributor to the European economy. Countries such as Hong Kong, Thailand, China, and the Yasawa islands that heavily relied on tourism witnessed a decline in their economies. The pandemic had an immediate effect on the tourism industry as most island ports in countries such as China, Singapore, Malaysia, and Indonesia were closed to boats and ships. Additionally, in March 2020, all Pacific Island borders were shut, and land-based tourism activities were halted. In April 2020, many resorts and related activities such as restaurants, diving shops, and travel agents were closed down. However, in 2021, there has been a strong growth in retail activity across the boating industry as people have started opting for outdoor recreational and leisure activities.

The electric boat market is segmented on the basis of boat type, battery type, and application. Based on boat type, the electric boat market is bifurcated into pure electric and hybrid. Based on battery type, the electric boat market is categorized into nickel-based, lead acid, and lithium-ion. Based on application, the market is segmented into fishing, recreational, and others. By geography, the electric boat market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Further, North America accounted for the largest share of the electric boat market in 2021.

Key Findings of Study:
While the global electric boat market is composed of companies with diverse product portfolios, each with established key players, it is difficult to identify the top five players in the overall market due to the different markets in which they compete. However, using parameters such as overall revenue, current product offerings for electric boats, brand reputation, geographic reach, technology adoption and integration, customer base, new product/service/feature launches, mergers and acquisitions, partnerships, and other market-related activities, we can identify the top five global players in the electric boat market.

Frauscher Bootswerft GmbH & Co KG, Candela Technology AB, Rand Boats A/S, Duffy Electric Boat Co, and Vision Marine Technologies Inc. are the five key players operating in the global electric boat market. Quadrofoil D.O.O, Ruban Bleu, Aquawatt Mechatronik and Yachtbau, and Budsin Wood Craft. are a few other notable players profiled in this market study. Several other market players, market disruptors, multiple other leading global, emerging companies, and niche market players were studied and analyzed during the course of this study to gather a holistic view of the global electric boat market.

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