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Boats.com presents the findings of its Electric Boat Market Study 2023
six main European marketplaces in UK, France, Italy, Spain, Netherlands and Germany of Boats Group. The data basis on which the study is based covers the period of the past four years (2019- 2023). Additionally, the boat sales on the platforms by over 4,000 brokers, dealers and original equipment manufacturers were analysed.
Here are the key findings of the study:
Supply increased by 2.5 times in the last two years.
Since 2021, the range of electrically powered boats on the online sales exchanges has increased two and a half times. Compared to the year 2019, the online exchanges recorded that the total electric boat listings on the platforms increased by 60 percent in 2021, 160 percent in 2022, and 190 percent in 2023.
The Dutch and French are particularly interested.
Highlights:
- Experts forecast the strongest growth for electric boats in Europe, ahead of North America
- Large differences in supply, demand and interest across Europe
- Many electric boats online available in entry-level and mid-priced
Electric motors are increasingly conquering European waters according to a study carried out by
Boats.com. Initially eyed critically, the quiet and climate friendly electric boats are beginning to gain acceptance and popularity. The latest market research forecasts average annual growth of 12.7 per cent for electric boats until 2028 (CAGR). The analysts expect the strongest growth in Europe ahead of North America and the Asia-Pacific region.
For the study,
Boats.com analysed the data of 11 leading European online sales platforms for boats that have joined forces under the umbrella of Boats Group, the leading platform for the boat trade. In total, the analysis includes the search behaviour of 46 million active potential buyers particularly across the
The Google Trend Analysis reveals that interest in electric boats is not equally strong in all countries across Europe. For example, the search engine recorded a particularly high number of searches for electric boats in the Netherlands and France.
In Belgium, Sweden, the UK and Ireland, there are also comparatively many searches for electric boats.
Interest seems to be less pronounced among Spaniards and Germans at the moment. These countries are the worst performers in the search rating.
UK, Netherlands and Germany provide the largest supply, Italy and Spain lag behind.
Most of the electric boats listed for sale on the online marketplaces have their moorings in the UK (first place), the Netherlands (second place) and Germany (third place).
While interest is also high in the UK and the Netherlands according to Google Trend Analysis, a different picture emerges in Germany. There, the industry seems to be further along than the buyers. Although the country is one of the top three suppliers of electric boats, Germany records lower search queries for electric boats than other countries.
The southern European boating industry seems to be hesitant about electric boats. Compared to the rest of Europe, it is lagging behind in the electrification of its product range.
Electric boats predominantly available in the entry to medium price range
Electric boats are catching up, especially in the lower to high price segment. Thirty eight per cent of the total electric boat supply on the online exchanges is in the entry-level and mid-price segment up to 50.000 €/GBP. So far, they are less common in the luxury segment, probably due to the overall increase in price sensitivity.
Balanced offer of new and used electric boats.
The supply of new electric boats on the European online exchanges is slightly larger (57 per cent) than the supply of used ones (43 per cent), but overall, it is balanced. It remains to be seen how the second-hand market for e-boats will develop. It is also interesting to note that electric boats sell 40 per cent faster than diesel boats on the platforms.
“The Electric Boat Market Study 2023 paints an inhomogeneous picture in Europe in terms of both demand and supply. In some markets we see a much higher interest and demand than in other European countries. Overall, we see a north-south divide on the supply side. We investigated that there is a large supply of electric boats in the lower and medium price segments on our platforms. This is important, because CO2-neutral mobility on the water should be available for every boat driver,” said Nadja Sörgel, managing director Europe at Boats Group.
In conclusion, the study reveals that the electric boat market is on the rise and shows no signs of slowing down. Now, Northern European countries are at the forefront of this trend, with the largest supply and interest from buyers. In response to increased interest, electric boat brands are expanding their supply. As the world becomes more environmentally conscious and people are looking for more renewable and sustainable options in terms of transportation, the global electric boat market will take off and gain significant market share in the next five years.
THE REPORT | DEC 2023 | ISSUE 106 | 45
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