Dublin, Nov. 14, 2022 (GLOBE NEWSWIRE) — The “Electric Boat Market By Propulsion, By Battery Type, By Range, By Power, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.

According to the report the electric boat market was valued at $5.0 billion in 2021, and is estimated to reach $16.6 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031.

Electric boats utilize battery power to carry off marine operation. They often utilize renewable energy sources such as wind turbines, solar panels, and towed generators. They utilize marine-grade lead-acid, nickel-based and lithium-ion batteries for enhanced operational efficiency. Electric boats or vessels are generally available in diesel-electric, pure electric, or hybrid variants. In addition, electric boats comprise key components such as electric charger, battery bank, controller, and electric motor.

They operate silently as they do not use internal combustion; are cost-effective; have minimal fuel requirements; and are highly environment friendly. Moreover, these boats are mainly used for recreational purposes and ferrying a small number of passengers. Sometimes these boats are also utilized as rescue vessels to carry out sea operations efficiently.

The market is driven by introduction of regulations regarding emission of greenhouse gases, increase in demand for luxury vehicles with greater cabin comfort, and rise in…