CHICAGO, Dec. 8, 2023 /PRNewswire/ -- The Hybrid Boats Market is estimated to be USD 1.7 billion in 2023 to USD 2.7 billion by 2028, at a CAGR of 10.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The hybrid boats market is on a trajectory for substantial growth, fueled by Increasing demand for sustainable marine vessels and technologically advanced vessels along with increasing demand for maritime transportation, are driving the growth of the hybrid boats market.
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237 – Pages
Hybrid Boats Market Report Scope:
Market Revenue in 2023
$ 1.7 billion
Estimated Value by 2028
$ 2.7 billion
Poised to grow at a CAGR of 10.4%
Market Size Available for
Value (USD Million/Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Hull Design, Propulsion, Platform, Material, Boat Size and Region
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial cost of hybrid boats
Key Market Opportunities
Ongoing developments in charging infrastructure
Key Market Drivers
Increasing demand for green boating solutions propels the demand for hybrid boats
The growing trend towards hybridization models is shaping the future of the hybrid boats market. Hybrid vehicles are gaining popularity across all industries, this trend is extended in marine sector. Personalized hybrid boat customization options are becoming more prevalent, allowing boaters to build their vessels to their specific needs and preferences. These trends are further diversifying the hybrid boats market.
Based on hull design, the rigid inflatable segment is estimated to have the second highest CAGR during the forecast period.
The rigid inflatable segment is projected to grow at the second highest CAGR in the hybrid boats industry during the forecasted period. Rigid inflatable boats (RIBs) are a type of boat that combines the hull of a traditional rigid boat with inflatable tubes or collars around the edges. This design provides increased stability, buoyancy, and shock absorption, making RIBs highly versatile and suitable for various applications. Hybrid RIBs incorporate electric or hybrid propulsion systems, offering a combination of fuel efficiency, performance, and environmental benefits. Hybrid RIBs offer significant fuel savings compared to conventional gasoline-powered RIBs, reducing fuel consumption and associated emissions. This aligns with the growing demand for sustainable boating solutions and environmental consciousness among boaters. Advancements in hybrid propulsion technology have led to improvements in battery capacity, range, and overall performance. This makes hybrid RIBs a viable choice for longer excursions and activities that demand more power. RIBs are known for their versatility, excelling in various marine environments, including coastal waters, lakes, and rivers. Hybrid RIBs combine this versatility with the advantages of hybrid propulsion, providing both performance and eco-friendly operation. This is driving demand for rigid inflatable boats in the hybrid boats market resulting in the second highest CAGR During the forecast period.
Based on boat size, the > 50 Feet segment is estimated to have the highest CAGR in the forecasted period.
The > 50 Feet boats significantly consume more fuel and emit more pollutants compared to smaller boats. The adoption of hybrid propulsion systems in this segment has a more substantial impact on reducing the overall environmental footprint of boating. Larger boats often undertake longer voyages and require extended ranges. Advancements in battery technology and hybrid propulsion systems have improved the range and autonomy of hybrid boats, making them a viable option for larger vessels. Luxury yacht owners prioritize quiet operation, fuel efficiency, and environmental consciousness. Hybrid propulsion systems align with these preferences, offering a balance of luxury and sustainability. These are the reasons which contribute to the > 50 Feet boats having the second highest CAGR for boat size segment of hybrid boats market.
Based on material, the aluminium segment is estimated to have the highest CAGR in the forecasted period.
Aluminium is a lightweight, strong, and corrosion-resistant material that is increasingly being used in the construction of hybrid boats. Its unique properties make it an ideal choice for this application, and it is expected to experience the highest CAGR among all boat hull materials in the hybrid boats market. Aluminium is significantly lighter than traditional boat hull materials like fiberglass or steel. This weight reduction translates into improved fuel efficiency and extended range for hybrid boats, a crucial factor in their adoption. Aluminium's exceptional corrosion resistance is particularly valuable in marine environments, where hybrid hulls are constantly exposed to saltwater. This corrosion resistance extends the lifespan of boats and reduces maintenance costs. Aluminium offers high strength-to-weight ratio, making it a strong and durable material for boat hulls. It can withstand the stresses of various marine conditions, ensuring the structural integrity of hybrid boats. Hence, owing to these reasons we could see the aluminium segment hold the highest CAGR during the forecasted period.
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Based on region, the Europe region is estimated to have the highest CAGR during the forecast period.
The Europe region is projected to grow at the highest CAGR during the forecast period. Various technological advancements, increased demand for maritime transportation, and government support have propelled the expansion of the hybrid boats market in this region. Europe region has one of the world's largest and fastest-growing maritime industries. This is driving demand for hybrid boats for use in a variety of applications, such as recreational boats, commercial boats and Military and law enforcement boats. Europe region is among major maritime trade routes, but it is also a region with rising environmental concerns. This is driving demand for hybrid boats for use in maritime recreational and commercial applications. This growth is expected to bring about a transformative shift in marine industry, revolutionizing the future of the hybrid boats market.
Major players operating in the hybrid boats companies are Brunswick Corporation (US), Groupe Beneteau (France), Greenline Yachts (Slovenia), Candela Technology AB (Sweden), and Silent Yachts (Austria) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, and Rest of the World.
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Autonomous Ships Market by Autonomy (Fully Autonomous, Remotely Operated, Partially Autonomous), Ship Type (Military, Commercial), Solution, End User, Propulsion and Region (North America, Europe, APAC and Rest of the World) - Forecast to 2030
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