Big Opportunity for EV & Recreational Industries as Global Electric Boat Market Expected to Reach $20.2 Billion By 2032
PALM BEACH, Fla., Nov. 18, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Industry experts are predicting that the Global Electric Boat market is expected to continue to its substantial growth at a for years to come. A recent report released on November 9, 2024 said that: “The Electric Boat market is expected to grow from USD 7,964.355 million in 2024 to USD 20,217.86 million by 2032, at a compound annual growth rate (CAGR) of 12.35%. As sustainability becomes a top priority for consumers, there is a noticeable shift towards eco-friendly transportation options like electric boats. These vessels cater to those seeking peaceful recreational experiences such as fishing, cruising, and sightseeing, while also appealing to individuals who prioritize environmental impact. Electric boats are also gaining traction among high-end consumers due to their association with luxury, exclusivity, and innovative design, offering a premium, sustainable boating experience. The Electric Boat market is driven by the increasing demand for eco-friendly transportation solutions, advancements in battery technology, and government regulations promoting sustainable maritime practices. The growing focus on reducing carbon emissions and operating costs is accelerating the adoption of electric boats across commercial and recreational sectors. Additionally, the rise in consumer awareness regarding environmental issues and the shift towards renewable energy sources further fuel market growth. Key trends include the development of more efficient and longer-lasting batteries, expanding electric boat infrastructure, and the introduction of innovative designs to improve performance and affordability.” Active companies in the markets this week include: Vision Marine Technologies Inc. (NASDAQ: VMAR), Tesla, Inc. (NASDAQ: TSLA), Winnebago Industries, Inc. (NYSE: WGO), Brunswick Corporation (NYSE: BC), MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT).
The article continued: “The electric boat market is witnessing notable growth across key regions, primarily driven by environmental policies and rising consumer interest in sustainable marine solutions. North America and Europe lead in electric boat adoption due to stringent environmental regulations, government incentives, and established recreational boating cultures. In Europe, countries like Norway and the Netherlands are pioneering sustainable marine infrastructure, while North America sees increasing demand for eco-friendly watercraft. Key players… are actively driving innovation, expanding their product offerings, and enhancing the electric boating experience worldwide.”
Vision Marine Technologies Inc. (NASDAQ: VMAR) Partners with a Major Pontoon Manufacturer to Produce Cutting-Edge Electric Pontoons - Vision Marine Technologies Inc. (the “Company”, “Vision Marine”, “we”, “us”, “our”), a pioneer in electric marine propulsion, is pleased to announce a new production initiative with Smoker Craft Inc., a U.S.-based pontoon manufacturer known for its precision engineering and advanced manufacturing capabilities. This collaboration is expected to produce a state-of-the-art pontoon platform specifically designed to integrate Vision Marine’s high-performance (180 HP) electric propulsion systems, specifically the pontoon-designed P-Powerpack. We believe the powerpack will merge cutting-edge technology and exceptional craftsmanship into a transformative product for the marine industry.
Vision Marine and its manufacturing partner will leverage their combined expertise to redefine electric pontoon capabilities. Smoker Craft manufacturing facilities provide precision engineering, laser cutting technology, and stringent quality control, making it an ideal collaborator to bring Vision Marine’s innovative E-Motion™ 180E Electric Powertrain to market with high efficiency and craftsmanship.
“Our mission is to deliver a product of unparalleled quality and craftsmanship, which is why we partnered with a top-tier pontoon manufacturer possessing high-volume production capabilities,” said Alexandre Mongeon, CEO of Vision Marine. “Having successfully integrated our electric propulsion systems into various pontoons over the past three years, we are certain this electric pontoon will set a new benchmark on the water and redefine the pontoon boating experience.”
This new pontoon platform, intended primarily for rental operations, boat clubs and commercial applications, exemplifies Vision Marine’s commitment to delivering high-voltage electric propulsion solutions that are both scalable and accessible. The collaboration is expected to enable Vision Marine to meet increasing market demand and provide rental operators with a high-performance electric boating option, setting a precedent for broader adoption and sustainable growth across the industry.
“We are glad to provide Vision Marine with high quality pontoons, best suited for their innovative electric solutions integration,” said Phil Smoker, Vice President of Sales, Smoker Craft Inc.
This partnership is expected to empower Vision Marine to scale production to meet demand. By offering high-performance solutions for the commercial and rental markets with world-class recreational boat finish and quality, Vision Marine believes it will transform the marine industry through electric propulsion. CONTINUED… Read this full press release for Vision Marine Technologies at: https://investors.visionmarinetechnologies.com/news/
Other recent developments in the markets of note include:
Tesla, Inc. (NASDAQ: TSLA) recently released 2024 Third Quarter information, saying that In the third quarter, we produced approximately 470,000 vehicles, delivered approximately 463,000 vehicles and deployed 6.9 GWh of energy storage products.
Tesla posted its financial results for the third quarter of 2024 after market close on Wednesday, October 23, 2024. At that time, Tesla also issued a brief advisory containing a link to the Q3 2024 update, which will be available on Tesla’s Investor Relations website. Tesla management held a live question and answer webcast that day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company’s financial and business results and outlook.
Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle product manufacturer, recently reported financial results for the Company's fourth quarter and full year Fiscal 2024.
“Winnebago Industries’ fourth quarter performance fell short of our expectations, primarily reflecting the sluggish retail demand environment and operating inefficiencies within our Winnebago branded businesses,” said Michael Happe, the Company’s President and Chief Executive Officer. “The RV industry continues to face various headwinds, including uncertain retail conditions, higher inventory carrying costs and slightly elevated inventories in the motorhome segment, leading to continued dealer hesitancy and increased promotional efforts. Despite the challenging operating conditions, in the fourth quarter we continued to focus on the variables within our control. We prioritized profitability and cash generation, aggressively managed inventory, and invested in new products and technologies to drive future growth.
“As evidenced by the recent launch of the Lineage Series M, Grand Design’s first motorized RV, product innovation remains a centerpiece of our long-term strategy,” Happe said. “We are continuously evolving our offerings to strike the right balance between cutting-edge features and the growing consumer preference for affordability, highlighted by products such as the Grand Design Reflection 100 Series, the Grand Design Influence and the Winnebago Access. As we begin Fiscal 2025, our RV and marine brands are intensifying their efforts to deliver exceptional value to consumers across a range of price points.
Brunswick Corporation (NYSE: BC) recently revealed another record-breaking performance at the 2024 Ft. Lauderdale International Boat Show (FLIBS), with continued outboard engine market share growth and record unit sales for several of its premium brands
“Ft. Lauderdale has been an outstanding venue for Brunswick, especially for Mercury Marine and our premium brands and products, and the 2024 show was no exception, with several record performances,” said Dave Foulkes, Brunswick Corporation CEO. “FLIBS surpassed expectations despite the ongoing market challenges and changeable weather all week. Sea Ray and Boston Whaler saw strong global interest and sales, Mercury continues to grow share in US saltwater markets, and Navico Group remains a key partner for most US and international OEMs.”
MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) recently announced financial results for its fiscal 2025 first quarter ended September 29, 2024. The overview, commentary, and results provided herein relate to our continuing operations, which exclude our former Aviara segment.
Brad Nelson, Chief Executive Officer, commented, “Our business executed well during the first quarter as we delivered results above expectations despite facing a backdrop of continued economic and industry headwinds. Our strong quarter was led by significant progress rebalancing dealer inventories and sets a strong foundation for the rest of the fiscal year. With the summer selling season now complete, we are focused on shipping our enhanced product ahead of the boat show season, while we continue to carefully manage dealer health.”
Nelson continued, “We maintain a disciplined approach to capital allocation as we prioritize balance sheet resilience throughout the business cycle. Our strong balance sheet and cash flow generation is a significant advantage which provides us with abundant financial flexibility. We are well positioned to pursue our capital allocation priorities, including targeted investment in long-term growth through focused innovation, product, and brand development.”
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