boats.com presents its next market study on electric boats for the nautical industry.
Electric boats are a sector of boats that has been gaining popularity and traction over the last few years.
To learn more about this ever-growing part of the industry, click ahead to read about the top facts we've gathered!
Recent market research shows that the European electric boat market is projected to grow at a compound annual growth rate (CAGR) of 13.2% from 2022 to 2028, reaching whopping €5.1 million by 2028*.
With a focus on reducing greenhouse gas emissions, European governments are implementing policy initiatives to decrease pollution levels. As a result, eco-friendly options such as electric boats are becoming increasingly popular. By choosing an electric boat, you can indulge in the pleasures of boating while also being environmentally conscious!
In this market study, we’ll reveal some of the top facts about the growing electric boat market.
From 2021 to 2023, the number of listings available more than doubled, showing that electric boats are gaining traction in the boating industry, and are becoming more widely available for purchase. As more people are choosing electric boats for leisure and recreational activities such as marine tourism, water adventures, and fishing, there has been- and will continue to be- growth in the European market.
The electric boating industry is thriving in the UK as a response to the growing demand for eco-friendly watercraft in the region. The UK has the highest number of electric boat listings in comparison to other European countries, so if you would like to take a look at the inventory available, you can find it here: boats.com.
Sellers located in Northern European countries have a much larger amount of electric boat listings for sale, attributed to the fact that countries in Northern Europe are at the forefront of adopting green technologies. Southern European countries have fewer listings, while these countries begin their shift in this direction.
It’s interesting to note that electric boats sell faster than some other engine types. On average, electric boats sell 1.4x faster than diesel engine boats. Meanwhile, gasoline engines sell the fastest, 1.6x faster than diesel engines, leaving boats with Liquified Petroleum Gas (LPG) engines taking the longest to sell.
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 rest assured that it won’t be a long process to sell your current one.
In 2023, electric boats are available at all price ranges, ranging from €2k to €50m. The great news is that there’s something for almost every price range! Whether you have a small, medium or large budget, you’ll be able to find an electric boat within the amount you’d like to spend. With 56% of listings priced under €100k, owning an electric boat is more affordable than you may expect.
New or used boat? What’s your preference?
According to recent data, listings for electric boats have been split rather evenly between new and used boats, with the share of new boats being slightly higher in the last three years. The increase of listings for new boats first began in 2021 and in 2023, now stands at 57% new vs. 43% used.
Over the past 4 years, five brands - Silent, Rand, Alfastreet Marine, Marian, and Northman - have released a significant number of new electric boats into the market, causing new boat listings to be in the majority. These new electric boats offer the latest advancements in technology, making them highly desirable among consumers who are willing to pay a premium for advanced features to enjoy being on the water in a more sustainable way.
By both number of listings and buyer views, Silent ranks as the top electric boat brand.
The shift towards brands releasing sustainable products into the market can be seen with Silent furnishing the market with the largest number of electric boats, followed by Rand in second place, and Alfastreet Marine closely in third. When we look at audience interest, the ranking of top brands changes. While Silent remains in first place as the most viewed electric boat brand, Sunreef takes second place and Northman comes in third.
Potential buyers in the Netherlands are more active in looking at potential boat listings for purchase. Buyers from this country had the largest number of boat listing views, showing interest in purchase!
As interest in sustainable boating practices grows, the electric boat market will continue growing on a global scale. Europe is expected to hold the largest market share, and it is anticipated to witness considerable growth over the forecast period. Next to Europe, North America is expected to witness the second highest growth, followed by Asia-Pacific. New technologies, such as improved battery storage systems, rising seaborne trade, and marine tourism are expected to drive global growth.
With 150% more availability compared to 2021, the electric boat market is clearly on the rise. Northern European countries are at the forefront of this trend, with the largest supply from the UK and highest buyer interest coming from the Netherlands, while southern Europe begins to catch on to the trend.
Brands are increasing their supply, ensuring more new boats for purchase. With the majority- 56%- of electric boats priced under €100,000, it's no surprise that this boat type sells faster than diesel boats! As more people begin looking into sustainable ways to enjoy the water, the global electric boat market is expected to gain significant market share over the next 5 years, with Europe at the forefront of this growth.
Want an expert opinion? This is the best time for you to get ahead of the game and make your electric boat purchase before everyone hops on the trend. If you’re ready to make your electric boat purchase, you now know the countries where you can focus your search! You can also search directly on our portal: boats.com
Our data shows that the largest share of electric boat listings in 2023 can be found on our Dutch portal, Botentekoop. Completing the top 3 of portals with the most electric boat listings are Boatshop24 based in the UK, and Boot24, our German portal. Not based in any of these countries? Not to worry! Up to 47% of boat trade in Europe is cross-border, so you can easily access and purchase from any of these portals from wherever you call home.
Interested to learn more? Please reach out to the Boats Group team to learn more about the latest trends, and how best we can support you or your business.
Get in touch now!