BOATS-GROUP

Electric motors are increasingly conquering European waters. Initially eyed critically, the quiet and climate-friendly electric boats are beginning to gain acceptance and popularity. The latest market research⁽¹⁾ forecasts average annual growth of 12.7 percent for electric boats until 2028 (CAGR). The analysts expect the strongest growth in Europe ahead of North America and the Asia-Pacific region⁽¹⁾.

What is behind the hype and how is the market for electric boats developing in the individual European countries? The new 'Electric Boat Market Study 2023' by boats.com gets to the bottom of this question. It analyzed which European countries are ahead in electric boats and in which price segments electric boats are predominantly available. The study also investigated which countries have the best supply and the most buyers.

For the study, boats.com analyzed the data of eleven 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 behavior of 46 million active potential buyers, particularly across the 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 analyzed. The study is published online: https://www.boatsandoutboards.co.uk/nautical/electric-boat-market-study-2023/. Here are the key findings of the study:

1. 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.

2. The Dutch and French are particularly interested

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.

3. 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 (1st place), the Netherlands (2nd place) and Germany (3rd place).

While interest is also high in the UK and the Netherlands according to Google Trend Analysis (above), 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 3 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.

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. 38 percent of the total electric boat supply on the online exchanges is in the entry-level and mid-price segment up to 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 percent) than the supply of used ones (43 percent), 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 percent faster than diesel boats on the platforms.

6. The top 5 brands on the marketplaces

The number of electric boats brands is growing. To find out which brands are particularly popular, boats.com evaluated the search behavior of buyers on the marketplaces with the conclusion that prospective buyers look at boats from Silent particularly often. Electric boats of this brand receive the most views on the online exchanges.

"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" says Nadja Soergel, 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.

(1) ELECTRIC BOAT AND SHIP MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028), Mordor Intelligence

The study

The study is based on data collected from 2019 to 2023 from the following online marketplaces: YachtWorld, boats.com, Boats and Outboards, Boatshop24, Annonces du Bateau, Botentekoop, Botenbank, Cosas de Barcos, iNautia, Lodzie24 and Boot24.com. The following countries were considered in the analysis: UK, France, Netherlands, Italy, Spain, Greece, Croatia, Germany, Finland, Switzerland, Austria, Portugal, Belgium, Poland, Denmark, Norway and Sweden.

About Boats Group

Boats Group's brands (Boat Trader, YachtWorld, boats.com, Cosas De Barcos, iNautia, Botentekoop, Annonces du Bateau, Boats and Outboards, Boatshop24 and Boot24) are the world's leading online marketplaces for boats by connecting the most boat buyers, sellers and manufacturers globally. For almost three decades, Boats Group has been helping its partners in the boating industry to sell their boats faster. In doing so, Boats Group provides unmatched support through a suite of seamless online solutions for the trade, including proprietary web-based contracting tools and best-in-class digital marketing strategies and services. Owned by Permira Funds, Boats Group is headquartered in Miami, in the state of Florida in the United States. The company has additional offices in Fareham, England and offices in Padua, Italy, Barcelona, Spain and Amsterdam, Netherlands.

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