Electric vehicle (EV) sales are predicted to increase by 35% in 2023, driven by national policies and incentives. While EV stocks have outperformed traditional vehicle manufacturers, the EV market has become increasingly crowded, leading to a price war. As a result, investors are looking for new opportunities within the EV sector, and electric boating has emerged as a promising niche.
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Electric car sales surpassed 10 million units in 2022, with their market share rising to 14%. Now, the electric revolution is making its way to the waterways. The electric boating market is less chaotic and crowded compared to the EV market, presenting a significant advantage for first-movers.
Vision Marine Technologies (NASDAQ:VMAR) is leading the way in electric boating with its proprietary PowerTrain outboard motor. The company has partnered with Four Winns to develop the H2e Bowrider, the fastest electric speedboat in its class. The boat showcases VMAR’s E-Motion 180 HP electric outboard motor, making it the first all-electric series production bowrider on the market.
The global electric boat market was valued at $5 billion in 2021 and is projected to reach $16.6 billion by 2031. Specifically, the 40-foot electric boat market is worth $1.9 billion in 2023 and is expected to grow at a rate of 14.6% by 2030.
Electric boats offer numerous advantages, including being noiseless and safer than boats with internal combustion engines. They also require less maintenance and are cheaper to operate in the long run. VMAR’s E-Motion motor is the first fully electric, production-ready, high-performance 180 HP outboard motor on the market. It offers a turn-key solution for boat manufacturers and boasts the highest horsepower engine in its class.
In addition to speedboats, VMAR is also retrofitting pontoon boats with electric propulsion and solar panels. VMAR’s Zenith pontoon will attempt the longest known electric boat run in America, showcasing the potential of electric boating as a sustainable and efficient alternative to traditional boats.
The post The Rise of Electric Boating: A New Niche in the EV Market appeared first on TS2 SPACE.
