Recent delays in the launch of electric boats will not stop the market trebling in size over the next 10 years

Mar 23, 2023 | Insights

The global electric boat market was valued at $5 billion dollars in 2021 and is projected to reach $16.6 billion by 2031, according to a 2022 market report from Allied Market Research.

The report highlights that certain macro events including the COVID-19 pandemic has resulted in delayed development and launches of electric boats and propulsion systems, a slowdown in the operation of key players and a shortage of components.

The pandemic has resulted in supply-chain disruptions causing delayed production of electric boats.

Regulation changes associated with the import and export of goods has also contributed adversely to the supply of components, impacting development, manufacturing and the launch of electric boats.

Travel limitations caused by the COVID-19 pandemic is also cited as a cause of these supply-chain delays and disruptions.

The report highlights that the market is now experiencing significant growth as post pandemic economic conditions improve.

Like many other players, the launch of the Furyan F35 project had also been adversely impacted by these delays and disruptions.  However in line with supply-chains normalising and projected market growth, Furyan is now preparing to once again move forward to meet this demand.