Electric motors are becoming increasingly popular in European waters, according to a new study conducted by Boats Group.

The Electric Boat Market Study 2023 examines supply, demand and price segments of electric boats across Europe.

The study concludes that — overall — electric boats are beginning to gain mainstream popularity. (Market research forecasts by Mordor Intelligence predict average annual growth of 12.7 per cent for electric boats until 2028.)

The strongest growth is expected in Europe, ahead of North America and the Asia-Pacific region. However, there are still large differences in supply, demand and interest across different countries within Europe.

SILENT Tender 400

Silent Tender 400

The main findings of the Electric Boat Market Study 2023 are:

1. Supply increased by 2.5 times in the last two years

Since 2021, the range of electrically powered boats on the group’s 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 per cent in 2021, 160 per cent in 2022, and 190 per cent in 2023.

2. The Dutch and French are particularly interested

A 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.

The report finds that interest seems to be less pronounced among Spaniards and Germans currently, with these countries ranking lowest in the search rating.

3. UK, Netherlands and Germany provide the largest supply, Italy and Spain lag behind

The study finds most of the electric boats listed for sale on the online marketplaces have their moorings in the UK (1st place), the Netherlands (2nd place) and Germany (3rd place).

While interest is also high in the UK and the Netherlands, according to the 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 thre 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, the report finds it is ‘lagging behind’ in the electrification of its product range.

4. Electric boats predominantly available in the entry to medium price range

Electric boats are catching up, especially in the lower to high-price segment. The report concludes that 38 per cent of the total electric boat supply on the Boat Group’s online exchanges is in the entry-level and mid-price segment (up to €50,000/£50,000). So far, they are less common in the luxury segment, probably due to the overall increase in price sensitivity.

5. 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), according to the report, 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.

6. The top five brands on the marketplaces

The number of electric boat brands is growing. To find out which brands are particularly popular, boats.com evaluated the search behaviour of buyers on its marketplaces, with the conclusion that prospective buyers look at boats from Silent Yachts most often. Electric boats built by the Austrian solar-electric catamaran brand receive the most views across all online exchanges.

“The Electric Boat Market Study 2023 paints an inhomogeneous picture in Europe in terms of both demand and supply,” says Nadja Soergel, European managing director at Boats Group. “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.”

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, it appears the global electric boat market will take off and gain significant market share in the next five years.

Electric boat market report criteria

Researchers analysed the data of eleven leading European online sales platforms for boats that have joined forces under the umbrella of Boats Group, which operates numerous online boat marketplaces, including YachtWorld, boats.com, Boatshop24 and iNautia.

In total, the analysis for the electric boat market in Europe includes the search behaviour of 46 million active potential buyers, particularly across Boats Group’s six main European marketplaces in the UK, France, Italy, Spain, Netherlands and Germany.

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.

The post Electric boating rockets in Europe, according to new report appeared first on Marine Industry News.