Globally, the green initiative has propelled the business models of numerous industries, including the boating industry. Due to the fact that standard gasoline and diesel-powered boats dramatically increase pollution levels, manufacturers have been compelled to provide eco-friendly boats to the global market. As a result of their emission-free operation, solar-powered hybrid boats are quickly gaining popularity as an alternative to traditional vessels. Moreover, the installation of solar panels on boats significantly decreases their weight and has the extra benefit of noise reduction. Therefore, solar-powered boats are ideal for leisure purposes. In response to the increasing market demand, manufacturers are creating solar hybrids with higher passenger capacity.

Historically, boats’ propulsion systems were powered by lead acid batteries. The downsides of using lead acid batteries in electric boats include increased weight and a short cycle life. The latest trend in boat power generation is the use of lithium ion batteries. Phosphate-based lithium ion batteries are the newest trend on the global market. In addition to having a lifespan that is 10 times longer than lead acid batteries, lithium ion batteries are lightweight, charge quickly, have low levels of toxicity, and require minimal maintenance. Unlike lead acid batteries, these batteries can be disposed of in an environmentally acceptable manner. These features have moved the preference of boat makers towards lithium ion batteries.

The favorable development trajectory of the worldwide market for electric boats is being defined by these factors at the moment, which, according to a recent reports, is predicted to increase from US$ 106,029.4 Trillion in 2017 to US$ 327,678.2 Trillion by the end of 2028, at a CAGR of 11.0 percent.