Electric boats today

Despite ambitious targets for the transition to a zero-emission society, the electric boat market has not really taken off.  

Why is it so difficult to boost the market for electric boats? And when will zero-emission technology become a real competitor to fossil fuel powertrains?

We asked some of the players operating on an industrial scale how they perceive the market today, what is available to customers and how they think the market will develop in the coming years.

Irresistible boating on the Norwegian west coast

Evoy is a Norwegian company that has developed outboard and inboard electric motor systems that can be fitted to a range of boat types. Their brand uses the term 'irresistible boating', with an uncompromising belief that the market will only move to electric when electric alternatives are more attractive than fossil fuels in terms of both performance and price.

Sales Manager, Halvor Albjerk Hamran says that the market is somewhat hesitant after the pandemic and expensive times.

- We have chosen to position ourselves both towards the leisure boat market and the professional market. Many predict continued tough times for the leisure boat market for a while longer, but we have started exciting collaborations with established players such as Axopar, Iguana and Highfield," says Hamran.

Asked why the market is relatively slow, Hamran points out that the "hype" for electric boats is a bit over:

- We are getting slightly fewer requests for electric powertrains in the leisure boat segment. At the same time, there is a greater awareness in the market that there are electric motors across the spectrum - from small Torqueedo motors to our inboard 400 hp systems," he says.

Following the recent acquisition of Torqueedo by outboard giant Yamaha, the company announced a strong focus on electric motors in the coming years.

When the Boot Düsseldorf boat show took place in January 2024, Evoy was represented at the Axopar stand. Hamran refers to two other projects that are attracting great interest in the market.

One is an Arronet 30, with Evoy inboard Hurricane 400+hp and 4x Evoy DNV 63 kWh batteries. The boat has a conventional V-hull and does 30 nautical miles at cruising speed.

The second is the Highfields ribs for fjord guiding, equipped with the Evoys Breeze system.

Easiest to see return on investment on workboats today

Evoy supplies systems to the aquaculture industry, among others, and they see that operators in this industry can recoup the investment within 2-3 years with lower operating and service costs.

The fastest revenues at the moment are on tourist ribs. In a Norwegian context, these with Enova support have a typical payback period of 1-2 years. In this market segment, electric boats are already competitive, and especially now that charging infrastructure is becoming more available.

Candela - a Swedish boat adventure on foil

Candela's marketing manager Mikael Mahlberg is optimistic about the electric boat market, pointing out that "everyone" is sure it's coming - the only question is how fast it will happen. With its high-tech foil technology and spectacular 'take-off' experience, Candela has attracted interest, even far into the traditional boat market.

When asked what customers find most attractive today, Mahlberg is clear:

- It's a performance! Customers say they get a better experience at sea. And that's what this is all about," he says.

In addition, operating costs are reduced with this technology, as the hull is lifted out of the water. This reduces drag in the water by more than 80% compared to traditional hulls, and both range and cruising speed can be significantly increased with today's battery solutions.

Candela's "flagship" in the leisure boat market is currently selling best in the US, Sweden and Finland.

They recently set a world record for electric range when they traveled 57 nautical miles at 22 knots in the archipelago off Stockholm.

Candela is among the companies that have found a niche in the market that is more mature than others. Michael Mahlberg believes that the fastest development in the short term will be in passenger ferries:

- For us, the market is moving like a train. We have leisure boats, but we are currently experiencing enormous pressure on passenger ferries, and the interest in our Candela P-12 is exceptional," he says.

When we talk about electric boats, we are really talking about a range of different types of technologies and solutions that cover a wide spectrum of needs. For some of the categories, electric technology is today an excellent alternative to fossil fuel technology, while for others it is a long way off.

Trends in the boat market

Niels Astrup (SeaDrive and Aqua superPower) knows the trends in the boat market better than most. "The big market is in the Mediterranean, in Asia and in the US," said Astrup when he gave a presentation on the electric boat market during the Soundless conference in June 2023. He also pointed out that the market will not grow fastest in the leisure boat segment, but that they see a greater demand in defense, ferries and workboats as of today.

- France has come up with two different programs to cover part of the additional cost of choosing electricity over fossil fuels. Spain has introduced a similar incentive to accelerate electrification. At the moment it only applies to companies, but it shows that these countries are doing something that the Nordic countries could successfully adopt," he says.

The French programs are designed so that companies can get tax deductions (up to 125% of the additional cost) or get 40-60% of the additional cost covered (depending on the size of the company) through an application to public authorities. In the Spanish system, you can get up to 70% of the additional cost covered.

Astrup points out that the market, and especially the leisure boat segment, is characterized by a number of small companies:

- Combining boat and engine is tough, as some of the pioneers in the electrification of the recreational boating market have tried. We see players like Evoy, SeaDrive and Oceanvolt betting on powertrains. And boat builders are mostly staying out of the engine business, and partnering with others. Beneteau is the world's largest boat manufacturer, and they don't make engines. They are starting to work with Candela, among others," says Astrup.

Asked how he sees the market going forward, he believes that we will see growth in the professional and high-end market before the mass market and the leisure boat segment take off:

- The leisure market for electricity has been paused. That is unfortunately a reality, and we see companies that have been bleeding for this recently. No one buys an electric boat today without getting some kind of support and there are no arrangements in either Norway or Sweden that make it economically justifiable to take the risk with immature technology," he says.

Astrup points out that the situation is different in areas such as tourism, agriculture and fishing boats, where electrification provides a very different return on investment than leisure boats, which often run only a few dozen hours a year.