Electric Boat Market Forecast To Grow by 12%
Gas-powered engines have been the backbone of boating since the advent of the internal combustion engine, but electric-powered boats could soon be claiming a significant share of the market.
Most of the fuel used in transportation is petroleum-based, but initiatives by many governments to reduce carbon emissions and to encourage consumers to adopt eco-friendly boats and ships is expected to boost growth of the electric boat market. The electric boat industry is still in early stages of development and there is a potential for growth.
Electric boats are defined as marine vessels with electric drive as propulsion. Electric boats can be only electric, hydrogen fuel cell electric, or hybrid electric.