Electric boat market grows globally as China records fastest CAGR to 2030

Asia-Pacific included in global segmentation whilst China posts highest national growth rate.

China is forecast to expand at a 33.0% compound annual growth rate (CAGR) and reach $2.5b by 2030 in the 40-feet electric boat market, according to a Research and Markets report.

The country is identified as the fastest-growing market amongst those covered, with growth linked to adoption across coastal and inland waterways.

The Asia-Pacific region forms part of the report’s regional coverage, alongside North America, Europe, Latin America, the Middle East, and Africa.

One of the drivers for the market's growth is tightening regulations on emissions for marine craft, particularly in markets like Asia, North America and Europe, pushing both manufacturers and fleet operators toward zero-emission solutions. 

Globally, the market was valued at $2.7b in 2024 and is projected to reach $10.3b by 2030, growing at a CAGR of 24.8% over the forecast period.

The report segments the market by propulsion type, including pure electric, hybrid, and sail-electric systems.

Pure electric propulsion is projected to reach $5.8b by 2030, growing at a 26.1% CAGR, whilst hybrid propulsion is expected to grow at 21.9% CAGR.

Battery technologies covered include lithium-ion, nickel-based, and lead-acid systems, with lithium-ion identified as a key segment.

Vessel types include trawlers, catamarans, yachts, power cruisers, and others. Applications include fishing, recreational use, and other marine activities.