Solar boats are operated with battery power and have solar panels for charging the battery. Solar boats are eco-friendly boats that are free from noise, vibration, and exhaust gases. Solar boats have several benefits, including less engine maintenance, fuel economy, less vibrations, avoid local contamination, and also reduce the weight of the boats. Demand for hybrid electric boats is increasing with significant growth rate, which compels the manufacturers of boats to develop new and innovative hybrid boats. Therefore, these factors lead to the growth of the solar boat market.

Market scope and structure analysis:

COVID-19 scenario analysis:

• COVID-19 has severely impacted the solar industry due to shortage of cells, modules, and other ancillary products.
• More population results in more demand for marine tourism. However, due to COVID-19, there is no transportation and no demand for solar boats.
• COVID-19 pandemic has restricted travel & tourism and use of boats. They are expected to restart at only when the situation is becomes stable.
• Original equipment manufacturers (OEMs) have also halted production, which has further decreased the demand for solar boats.
• Technological restrictions, maintenance issues, and high prices are expected to hamper the steady growth of the solar boat market over the forecast period.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The significant factors that supplement the growth of the solar boat market are increase in use of safe alternative of conventional propulsion system of boats and increase in demand for recreational purposes and tourism. Moreover, high procurement costs and relatively low speed compared to IC engine boats hamper the growth of the automotive solar boat market. Furthermore, increase in demand for hybrid boats and technological innovation is expected to fuel the growth of the solar boat market. 

Increase in use of safe alternative of conventional propulsion system of boats

Increase in use of conventional boats rapidly contaminates water bodies and related emissions. Density of polluting agents, such as SOx and Nox, increases significantly due to the use of conventional boats. However, solar boat leads to the reduction of harmful emissions, which drives the growth of the market in near future.

Increase in demand for recreational purposes and tourism

Demand for electric boats increases for recreational purpose due to increase in spending in maritime vehicles in developed economies. This is attributed to rise in concerns regarding environmental safety, which leads to the growth of the solar boat market in near future.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the solar boat market share.
• The current market is analyzed from 2020 to 2027 to highlight the solar boat market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed solar boat market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the solar boat market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?