In the report prepared by the Izmir Development Agency (IZKA) under the coordination of the General Directorate of Development Agencies of the Ministry of Industry and Technology, it was predicted that Turkey, which ranks third in the world in terms of number and length in superyacht production, could assume a leading role in the production of electric boats.
According to the Pre-Feasibility Report for Shipyard Investment for Electric Boat and Yacht Production in Izmir, the ship and yacht building industry in Turkey is among the sectors that are recognized in international markets, have high competitiveness and provide significant foreign currency inflows.
High pollution and rising fuel prices caused by internal combustion boats using gasoline and diesel are shifting boat builders' priorities to battery technologies and electric solutions, while the development of battery technology that offers longer runtime and higher speed is increasing the demand for the electric boat market worldwide.
Rising to $4.5 billion as of 2018, the global electric boat market is projected to increase by 12 percent each year until 2027, reaching $12.3 billion. If hybrid boats are added to this market, the market size reaches 20 billion dollars. Significant developments especially in battery technologies and the decrease in battery prices accelerate the development of the market.
Turkey, which has shown a steady rise in superyacht construction since 2007 and ranks third in the world in terms of the number and length of superyachts delivered since 2010, has the potential to be a pioneer in this field with its advantages such as its know-how in electric boat production, the developing structure of the market and competitive production costs.
The report predicts that the target market in the electric boat market will be Europe and North America in the first phase due to their high share in Turkey's current exports. It is stated that Turkey's yacht production is more expensive than Far East countries but cheaper than Europe and America, and that it has an advantage over European yacht manufacturers and brands with its high quality and customized production.
According to the pre-feasibility study's 10-year medium-term and 25-year long-term demand scenarios, production is projected to increase at a low rate in the first five years of the electric boat market, while production is expected to exceed the global demand rate for electric boats by 2045 due to the maturity of the market and the effect of Izmir's branding in production. It is stated that a shipyard to be established in Izmir in accordance with the pre-feasibility study for the production of electric boats and yachts can produce 1000 boats annually.
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