The company Vision Marine Technologies Inc highlighted sales and business opportunities in pleasure boats, particularly in the United States.
To size the market: In North America, 75 million people sail each year with 12 million pleasure boats registered with the United States Coast Guard in 2018.
From a broader perspective, the size of the global recreational boating market is projected to exceed $ 63 billion by 2026, according to a research report from Global Market Insights, Inc., referred to by Vision Marine Technologies.
Within the boating market, there is an outboard motor market and an electric boat market.
As for Vision Marine Technologies, their products fall into each of those categories and, if produced, their electric powertrains will be used on ships in both markets.
Vision Marine Technologies is dedicated to the design and manufacture of electric outboard powertrain systems and related technology.
The company believes that its electric outboard powertrain systems are significantly more efficient and powerful compared to those currently offered on the market.
In particular, the company has recorded powertrain efficiencies of more than 94%, well above the 54% efficiency it recorded for its main competitor’s product.
Increases in powertrain efficiency allow for more power and range, both of which are highly desirable characteristics for consumers in the marketplace.
Although Vision Marine Technologies’ primary focus is outboard electric powertrain technology, the company will continue to design, manufacture and sell its high-performance all-electric vessels to commercial and retail customers.
According to Research and Markets, the global market for electric boats will reach $ 12.32 billion in 2027, significantly more than $ 4.5 billion in 2018.
Vision Marine Technologies has developed its first fully electric outboard powertrain system that combines an advanced battery pack, inverter, high-efficiency motor with a proprietary linkage between transmission and electric motor design, and extensive control software.
The technologies used in this powertrain system are designed to improve the efficiency of the external powertrain and, as a result, increase range and performance.
In its last two fiscal years, Vision Marine Technologies manufactured 47 and 46 motorboats, respectively, and expects to manufacture approximately 150 motorboats in the 2021 calendar.