Electric Water Craft Market to Become a $6.3 Billion Industry by 2023


Research and Markets has released its latest report titled “Electric Boats, Small Submarines and Autonomous Underwater Vehicles (AUV) 2014-2024: Forecasts, Players, Opportunities.”

Electric Submarine

Electric Submarine

In the report, Research and Markets predicts the future of the electric water craft industry.  According to the report, the “market for electric water craft, including those on and under water, will increase rapidly from $2.6 billion to $6.3 billion in 2023.”

Additionally, Research and Markets states the following:

“Marine electric vehicles are now a rapidly growing market due to new capability, affordability and legislation banning or restricting internal combustion engines. In addition there is a market for electric outboard motors that will more than triple in value as high power pure electric versions become increasingly viable.”

“Marine electric vehicles make new things possible and increasingly they have lower cost of ownership and are the only practicable way of meeting the newer, more onerous pollution regulations for inland waterways and harbours.

It now seems that electric is the future for travel on land, sea or even in the air.

Categories: General

Tags: ,

Leave a Reply

9 Comments on "Electric Water Craft Market to Become a $6.3 Billion Industry by 2023"

newest oldest most voted

If you’ve ever been on a lake house with motor boats/jet-skis, you can appreciate the amount of noise and air pollution generated by boats as soon as the lake opens up for traffic.

Electric boats and jet-skis would be very welcome and let one sleep in a bit better if they wanted!

Anyone know what the options are today for electric boats? Range, size, cost, availability etc? I have some friends who own boats that they just use on a small lake, rarely going more than 50 km and almost never more than 100 km in a day. I would love to pitch them some options…

Please note himbo and bimbo standing on top of submarine too scared to go in side to be photographed because someone told them it might sink.

On a more serious note these estimates sound quite conservative if you include military submarines. Although I suspect that the definition police that roam this site will get very excited about how best to classify a nuclear submarine – is really that different to a Nissan leaf in France, both powered by electricity from nuclear power one just happens to carry the power station around with it. Is it an ev or a hybrid? I read some where that they can be plugged in to the grid to power small towns in an emergency (the submarine, I know the leaf can be too) but I am not sure if they can take power out to charge its batteries.

It gets really interesting when you look at diesel / battery subs as they charge at the surface and then operate under water on pure battery mode. Is that an EV with a Rex? What about fuel cell submarines, they are quite popular with brown water navies, do they count?

Funny 😛

This would be good for English Narrow boats in that fuel is really expensive in England and the narrow boat only has to go less then five miles on hour most of the time. They could even mount solar panels on the roof of it to make it more self sustaining. Also English narrow boats run into things like mile long underground narrow tunnels where oil powered boats would kill the navigators of them.


Check out the Efusion outboard electric motor. 0-50mph in under 10sec.

I’ve been boating electric since 2011. I have the Torqeedo brand outboard and love it. (in fact, you can see my electrified boat in the background of my avatar). I am still waiting for the prices on the spare batteries to come down, though. You’d think they would have by now.