2023 Electric Boat Market Study - sponsored by boats.com
Are you a boating enthusiast who's also passionate about protecting the environment? Well, you're in luck! Europe is making significant strides toward becoming more eco-friendly, and the electric boat market is on the rise.
With a compound annual growth rate (CAGR) of 13.2% projected from 2022 to 2028, reaching a staggering £4.4 million by 2028, the European electric boat market is poised for an exciting future.
As European governments implement policies to combat pollution and reduce greenhouse gas emissions, eco-friendly alternatives like electric boats are gaining popularity.
By choosing an electric boat, you can satisfy your love for boating while contributing to a cleaner world. To learn more about the rapidly evolving electric boat market, check out our full 2023 Electric Boat Market Study.
Market growth of electric boats is booming!
The availability of electric boats in Europe has more than doubled in the last three years, growing 2.5 times from 2021 to 2023. This surge in listings indicates that electric boats are gaining traction and becoming more accessible to buyers. As water enthusiasts increasingly embrace electric boats for activities like marine tourism, water adventures, and fishing, the European market continues to expand.
Norway stands out as the frontrunner in the electric boating movement, with the highest number of online searches for the term "electric boats" in Europe. Following Norway, the Netherlands, and France are at the forefront of the trend, recognizing that quieter, eco-friendly, and cost-effective, electric boats offer an appealing alternative to traditional boats.
The United Kingdom leads the pack in terms of electric boat listings, demonstrating the thriving electric boating industry's response to growing demand for eco-friendly watercraft. Northern European countries overall, renowned for their adoption of green technologies, have a significantly greater number of electric boat listings. Countries like Norway, Germany and Finland have a high number of listings, while Southern European countries like Spain and Italy are following suit as they embark on their own sustainable transformation journey.
Electric boat condition and brands.
In recent years, the electric boat market has seen an equal split between new and used boats. New boat listings have gained ground since 2021, accounting for 57% of total listings in 2023.
Brands such as Silent, Rand, Alfastreet Marine, Marian, and Northman have released a significant number of new electric boat models over the past 4 years, capturing consumers' interest with advanced technology and design features. When it comes to both listings and buyer interest, Silent reigns supreme as the top electric boat brand.
Is it expensive to buy an electric boat?
Well, the short answer is “no”. Electric boats are available at various price points, ranging from £2,000 to £50 million, with 56% of listings priced below £100,000. With such a wide price range, owning an electric boat is more affordable than you may expect!
Electric boats have proven to be popular choices among buyers, with an average selling time 40% faster than diesel engine boats and 60% faster than Liquified Petroleum Gas (LPG) engines. In fact, the only engine type that sells faster than electric are gasoline engines!
If you’re ready to purchase, you may want to act quickly so you don’t miss out on your dream boat! If you’re already an electric boat owner, and you’re thinking about upgrading your boat, you can relax knowing it won’t be a long process to sell your current one.
Get ahead of the trend!
Significant growth in electric boats is anticipated in North America, Australia, and Asia, but Europe is expected to lead the pack. Europe holds the largest market share and is poised for additional growth in the coming years.
Factors such as improved battery storage systems, rising seaborne trade, and marine tourism contribute to the global expansion of the electric boat market.
Seize the opportunity!
If you're considering purchasing an electric boat, now is the perfect time to get ahead of the trend. With a wide range of listings available across our major portal boats.com, you’ll be sure to find something that suits your needs and taste. Act swiftly, as these boats tend to sell quickly!
As the electric boat market gains momentum in Europe, the industry offers boating enthusiasts an enticing blend of eco-friendliness, innovation, and affordability. With an ever-expanding range of electric boats, a shift toward sustainability is within reach for all who yearn for the open waters.
Join the movement and set sail toward a greener future!
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For more information on the latest trends and support, reach out to the Boats Group team via email at intl.customers@boats.com.
