Vision Marine: Revolutionizing the Recreational Boating Industry with Electric Power
Jul. 9, 2021
Vision Marine (Nasdaq: VMAR) is the distributer and manufacturer of the world’s fastest electric boat powertrain, the only one capable of reaching 60mph. The company’s ground-breaking E-Motion powertrain is the only truly disruptive series production high powered electric outboard system for watercraft available in the market today. Vision Marine’s partnership with The Limestone Boating Company provides it with a leading technological advantage as its moves to establish itself as the leader in transitioning the recreational boating industry to electric Powertrains. The focus of the U.S. Environmental Protection Agency on cleaning up U.S. waterways is driving significant demand for electric boats and powertrains. The fact that Vision Marine has the only electric boats certified by the European Conformity, the United States Coast Guard and the Canadian Coast Guard gives them another important competitive advantage. Outboard engine sales in the U.S. reached a record level, increasing for the ninth consecutive year, in 2020. Outboard sales were up 17.6% year-over-year in 2020, reaching 329,500 units, the highest annual sales total since 2000, according to the National Marine Manufacturers Association (NMMA). According to BlueWeave Research, the global electric boat market is expected to reach $18 billion in 2026, up from $8.3 billion in 2019, growing at a CAGR of 11.7%. In 2020, despite the COVID pandemic, growth continued and, in fact, accelerated due to increased consumer demand of “staycations” and family safety. Despite the pandemic, Vision has over 1,100 LOI’s (“Letters of Interest”) from OEM (“Original Equipment Manufacturer”) customers and are moving quickly to convert the LOI’s to orders. Vision Marine has an enormous opportunity to be a leader in the global recreational boating market which is expected to reach $63B by 2026. Visit VMARinfo.com to learn more.
