TMRR notes that over the period of 2019 to 2029, the global electric boats market will witness substantial growth. New opportunities will emerge and valuation will improve over the period mentioned. A number of interesting and impactful trends and drivers will be responsible for this growth over the forecast.
Improvement in disposable income, coupled with growing interest in water related recreational activities. Higher standard of living and increase in demand for outdoor activities are also contributing to this growth in the global electric boats markets. Improvement in design and function of boats is also adding to revenue.
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The market for these boats is fragmented and varied growth strategies are marking the landscape. Higher investments can be noted. Players are using alliances and product development via innovation as means to tap into higher revenues. Some of the most notable players are also deploying technological advancement and effective marketing strategies to consolidate their marketing position.
Top-tier players in the global electric boats market are Frauscher, Duffy Electric Boat Company, RAND Boats ApS, Echandia Marine AB, GardaSolar s.r.l., Lillebror Marine, Canadian Electric Boat Company, Quadrofoil d.o.o. , NavAlt boats, LTSMARINE, Symphony Boat Company, Ruban Bleu, Mechatronik und Yachtbau, Soel Yachts B.V., Torqeedo GmbH, and LEAR ELECTRIC BOATS, among others.
Some of these players are trying to focus on improving geographic reach to tap into new consumer base, penetrate better into regional markets and expand production capacity. Technology plays a major role in the global electric boats market and as mentioned above will hold a crucial place in the overall scheme of growth.
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Region wise, the markets of Europe and North America will hold a prominent place on the growth charts of global electric boats market. High adoption of recreational water activities and growing interest in the same is leading to growth in the regional market. Asia Pacific is paving way for novel and profitable growth avenues.