According to the new research report on "40-Foot Electric Boat Market Forecast to 2030 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 4,929.58 million by 2030 and register a CAGR of 14.6% from 2023 to 2030.

The tourism industry is growing across the world due to the rising number of high-net-worth individuals. These individuals prefer spending their free time on luxury yachts and power cruisers to release the stress of everyday life. Also, people travel on boats to visit historical places and scenic natural destinations. Thus, due to the growing ocean tourism, the demand for electric yachts and cruises has increased in various countries, fueling the growth of the 40-foot electric boat market. As the growing tourism industry brings national and international investments, employment opportunities, foreign exchange income, business volumes, and socioeconomic and sociocultural benefits to national economies, the governments of various countries are focusing on the expansion of the industry. Governments of different countries are investing significant resources in the growth of ocean tourism. European Commission has published the Guide on EU funding for the tourism sector, which particularly focuses on coastal and maritime tourism projects. Also, under this guide, the European Commission will fund the development of cruising and yachting facilities. Furthermore, the natural landscape of various popular European countries, such as the Netherlands, the UK, and Italy, have the sea as a border, which significantly attracts many international tourists, especially from the affluent segment of the population, every year. In addition, in these countries, power cruisers and luxury yachts are provided on lease for various events, including celebratory functions and meetings, which is increasing the demand for electric boats in recreational tourism. Thus, the growing tourism contributes to the proliferation of the 40-foot electric boat market.

The 40-foot electric boat market in North America is segmented into the US, Canada, and Mexico. In terms of 40-foot electric boat market share, US is dominating the regional market. The 40-foot electric boat market growth in this region is attributed to the growing ocean-based tourism & recreation sector. The rising ocean tourism is due to the growing disposable income of the people in the region. According to the US Bureau of Economic Analysis, the disposable personal income of the US in Q1 of 2023 was US$ 19,707.2 billion, which increased from US$ 18,174.4 billion in Q1 of 2022. Moreover, North America has the best cruising destinations, such as the San Juan Islands, Block Island, Rhode Island, Chicago, and Florida, which are contributing to the increased demand for electric boats. Thus, the growing tourism in the region is leading to the growth of the 40-foot electric boat market.

In addition, various electric boat charging stations are also being constructed in the region. For instance, in June 2022, Tahoe City Marina (US) introduced clean electric boating with the installation of the first Aqua superPower marine fast charger. This new high-power DC charger at Tahoe City Marina will be the first smart network of chargers that will be constructed along the shores of Lake Tahoe. The construction of this charging infrastructure will support boat users to choose electric boats over fuel-based boats. Also, in January 2022, BCI Marine announced that it had partnered with Aqua superPower to install fast-charging points throughout Canada. This rapid charger will provide DC charging of ~150 kW, and marina users will be able to access it via the Aqua secure app or RFID card. Thus, the rising installation of boat charging infrastructure is fueling the 40-foot electric boat market growth in the region. Furthermore, the region consists of various players, such as LTS MARINE Inc, Vision Marine Technologies Inc, and Duffy Electric Boat Co, which continuously work on developing advanced electric boats.

Based on propulsion, the 40-foot electric boat market is segmented into pure electric, hybrid, and sail electric. Based on battery type, the market is segmented into nickel-based, lead-acid, and lithium-ion. Based on application, the 40-foot electric boat market is segmented into fishing, recreational, and others. Based on voltage architecture, the market is segmented into 12 V, 24 V, and 48 V. Based on boat type, the market is segmented into trawlers, catamarans, yachts, power cruisers, and others.

Key Findings of Study:

In terms of global 40-foot electric boat market share, North America is expected to dominate the market in 2023. The growing disposable income of the people is fueling the growth of the ocean-based tourism & recreation sector in North America. In addition, the increasing construction of electric boat charging infrastructure in the region is propelling the market's growth. In June 2022, a new marine fast-charging infrastructure was constructed at Tahoe City Marina (US) by Aqua superPower. Thus, growing tourism and increasing construction of fast-charging infrastructure in the region are boosting the growth of the 40-foot electric boat market.

Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com