Electric Boat Market Size, Share & Trends Analysis Report By Boat Type (Leisure Boats, Fishing Boats, Pontoon & Deck Boats), By Propulsion Type (Outboard Electric, Inboard Electric, Hybrid), By Battery Type, By Power Source, By Region, And Segment Forecas

Electric Boat Market Summary

The global electric boat market size was estimated at USD 6.78 billion in 2024 and is projected to reach USD 14.09 billion by 2030, growing at a CAGR of 13.5% from 2025 to 2030. The market is gaining momentum, driven by stringent environmental regulations aimed at reducing emissions and achieving global carbon neutrality goals.

Advances in lithium-ion battery technology and high-efficiency electric motors have enhanced vessel range, performance, and reliability, making electric boats increasingly viable. Rising demand from environmentally conscious consumers and commercial operators further supports market expansion. However, the high upfront costs and limited charging infrastructure pose significant barriers, while concerns regarding range and overall performance continue to limit broader market penetration.Integration of solar-powered systems and smart propulsion technologies represents a major opportunity for the electric boat market.

Rising environmental regulations are significantly driving the growth of the electric boat market. Governments worldwide are implementing stricter emission standards and carbon reduction targets, such as the International Maritime Organization’s (IMO) 2020 sulfur cap and the European Union’s Green Deal aiming for climate neutrality by 2050. These regulations mandate reduced greenhouse gas emissions and lower levels of water and air pollution from marine vessels. Consequently, boat manufacturers and operators are increasingly adopting electric propulsion systems to comply with these standards. As a result, demand for electric boats has been accelerated across both recreational and commercial sectors, with compliance serving as a key catalyst for market expansion.

Technological advancements in battery and motor efficiency are playing a pivotal role in accelerating the adoption of electric boats. These innovations are enhancing vessel range, speed, and overall reliability, making electric alternatives increasingly viable for both recreational and commercial use. For instance, in November 2022, Samsung Heavy Industries developed a liquid hydrogen fuel cell propulsion system for ships, receiving approval in principle from DNV. This milestone, achieved in collaboration with hydrogen technology partners, underscores growing momentum toward next-generation sustainable marine propulsion and highlights the industry’s focus on high-efficiency, low-emission alternatives to traditional marine engines.

Growing consumer demand for sustainable and quiet boating is a key driver for the electric boat market, as both recreational and commercial users increasingly seek environmentally friendly and low-noise alternatives. This trend is reinforced by strategic industry collaborations and significant capital investments to accelerate the adoption of electric propulsion technologies. For example, in November 2024, the International Electric Marine Association (IEMA) established an exclusive partnership with the Electric & Hybrid Marine Expo to promote maritime electrification through education and industry-wide cooperation. Also, in April 2022, Swedish electric boat manufacturer X Shore secured USD 50 million in funding to scale production of its Eelex 8000 model and advance research and development of zero-emission maritime solutions, underscoring the market’s strong growth potential.

The adoption of solar-powered boats and smart propulsion systems is creating significant innovation opportunities within the electric boat market, aimed at extending battery life and enhancing the overall user experience. Industry players are increasingly investing in advanced solar-electric technology and production capacity to meet the growing demand for sustainable maritime solutions. For instance, in December 2023, Navalt introduced the Barracuda, India’s fastest solar-electric boat, featuring twin 50 kW motors and a 6 kW solar panel, designed for challenging sea conditions and seating 10 passengers. Additionally, in June 2022, Silent Yachts expanded its production capabilities by acquiring a new facility in Fano, Italy, to scale manufacturing of its luxury Silent 60 and 80 solar-electric yachts, demonstrating strong market traction in Europe.

High initial purchase costs and limited charging infrastructure remain significant challenges for the electric boat market, restricting broader adoption among both commercial operators and recreational users. Electric boats typically carry a premium price compared to traditional combustion-powered vessels, with entry-level models often starting above USD 100,000 and luxury or high-performance boats exceeding several hundred thousand dollars. For example, the Arc One electric wake sport boat, launched in 2022, is priced at around USD 300,000, reflecting the high cost of cutting-edge battery and motor technology. Additionally, insufficient widespread charging stations and marina infrastructure impede convenient recharging, limiting operational range and user flexibility. These factors collectively hinder market growth despite increasing technological advancements and environmental regulations.

Global Electric Boat Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global electric boat market report based on boat type, propulsion type, battery type, power source, and region.

• Boat Type Outlook (Revenue, USD Million, 2018 - 2030)
• Leisure Boats
• Fishing Boats
• Pontoon & Deck Boats
• Yachts & Cruisers
• Commercial & Utility Boats
• Propulsion Type Outlook (Revenue, USD Million, 2018 - 2030)
• Outboard Electric Propulsion
• Inboard Electric Propulsion
• Hybrid Propulsion
• Solar-Integrated Systems
• Battery Type Outlook (Revenue, USD Million, 2018 - 2030)
• Lithium-ion Batteries
• Lead-acid Batteries
• Other Advanced Chemistries
• Power Source Outlook (Revenue, USD Million, 2018 - 2030)
• <10 kW
• 10-50 kW
• 50-150 kW
• >150 kW
• Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Middle East & Africa (MEA)
• UAE
• Kingdom of Saudi Arabia (KSA)
• South Africa