The global electric pontoon boats market is anticipated to grow at a considerable CAGR of 5.0% during the forecast period (2024-2031). The market growth is driven by the increasing demand for eco-friendly and sustainable watercraft, rising interest in recreational boating and water sports activities, and advancements in electric motor and battery technology. Additionally, the rising demand for battery charging via renewable energy sources is also presenting an opportunity for market growth. The market is also growing owing to the introduction of stringent emission regulations, the rise in seaborne trade activities, and the growth in the marine tourism industry. New product launches and contracts are also expected to present lucrative opportunities to the market players.
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The global electric pontoon boats market is segmented by motor type (into inboard motor and outboard motor), application (into sports, fishing, and others such as cruising, water transportation, and water safety and rescue, among others) and geographies (into agriculture, water supply, and others), and regions (into North America, Europe, Asia-Pacific, and the Rest of the World).
Market Highlights
- The outboard motor segment is expected to hold the largest market share, owing to the easier installation and maintenance, better maneuverability, and speed control. It also allows for the efficient use of space and weight distribution on the pontoon boat.
- The North American region is anticipated to generate a prominent market share during the forecast period. This is attributed to the large presence of electric solution manufacturers and integrators. Additionally, the region has a vast network of waterways, including lakes, rivers, and coastal areas, which makes pontoon boats a popular choice for recreational boaters and fishermen.
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- Furthermore, North America is driven by a strong economy, increasing disposable income, and a high level of interest in leisure and outdoor activities leading to industry growth. Also, the popularity of pontoon boats in North America is reflected in the growth of rental companies and tour operators that offer pontoon boat experiences to tourists and locals alike.
- Additionally, the Asia-Pacific market is predicted to grow significantly owing to the growth of tourism in countries such as China and India. The major players in the market include Sun Tracker, Apex Marine, and Brunswick Corporation. These are expanding their presence in the region to capitalize on the growing market potential.
- However, the market growth is restrained by the limited availability and high cost of batteries. It is further challenged by the inadequate charging infrastructure for the electric boats.
The major players in the global electric pontoon boats market include Duffy Electric Boat Company, Forza X1, Hercules Electric Marine, JT Boats, Kennedy Pontoons Inc., and others. These players are contributing considerably to the industry’s growth by the adoption of various business strategies. For instance, in October 2022, Forza X1, Inc., designed the FX3, an electric pontoon boat, to add to its portfolio. The fiberglass hull platform from the company’s FX1 electric boat models is used for the FX3 pontoon boat.
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