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A Game Changer in the $700 Billion Electric Vehicle Market
FN Media Group Presents Oilprice.com Market Commentary
LONDON, Aug. 1, 2023 /PRNewswire/ — China is the ‘800-pound gorilla’ of global EV supplies, and it dominates this market in every way, including sales. Last year, China’s exports of EVs increased 131.8% YoY to some 680,000 units, based on official data. In the first half of 2023, the Chinese sold 2,093,000 EVs. Companies mentioned in this release include: Rivian Automotive Inc. (NASDAQ: RIVN), Boeing Company (NYSE: BA), Honeywell International Inc. (NASDAQ: HON), REV Group, Inc. (NYSE: REVG), QuantumScape Corporation (NYSE: QS).
Last year’s and this year’s global EV markets are breaking all kinds of records, but China is the clear frontrunner—by miles—accounting for around 60% of global electric car sales, according to the International Energy Agency (IEA). More than half of the EVs on the roads today, are in China, and it’s already exceeded its 2025 target for new energy vehicles.
Electric vehicle sales are set for a 35% year-on-year increase in 2023, with national policies and incentives providing further impetus for producers and consumers. So far, overall, this has been rewarding for investors, especially considering that the top 14 EV stocks with only a fraction of the market capitalization of their traditional auto giant peers ended up outperforming them on the stock market.
The recreational electric boat playing field is far less chaotic and crowded, and the first-mover advantage goes to Vision Marine Technologies (VMAR), which offers a proprietary PowerTrain outboard motor that is being used in the launch of the fastest electric speedboat in its class on the market.
As the electric vehicle playing field shifts to the waterways, it’s not surprising to find celebrity figures such as NFL superstar Tom Brady joining in by buying an electric boat racing team for the inaugural UIM E1 World Championship, which will launch in early 2024. But Vision Marine is already on the waterways with, with a first-of-its-kind proprietary outboard motor and powertrain powering the newly unveiled H2e Bowrider speed boat, which made its official debut in February in Miami, with deliveries set to start this summer.
VMAR’s proprietary electric motor and powertrain system can turn any boat into an electric boat. And its sales strategy removes any notion of the unwanted cash burn that EV manufacturers are burdening investors with right now. VMAR plans to sell motors (not boats) to OEMs in an incredibly savvy move in a market flooded with struggling, cash-negative EV makers. VMAR is expecting first revenues from PowerTrain this year.
The World’s Most Powerful Electric Powertrain
Vision Marine has already made history once. Last fall, the company broke the world electric boat speed record at 109 MPH in a 100% electric boat in the Lake of the Ozarks Shootout, the largest boating event of the year in North America.
Armed with cutting-edge electric propulsion technology, Vision Marine (VMAR), is equipping its Zenith pontoon with electric propulsion and solar panels for the longest known electric boat run in America. This month, they will embark on a 1,050-nautical-mile journey from Norfolk, Virginia, to Miami, Florida.
Vision Marine’s E-Motion is the first fully electric, production-ready, high-performance 180 HP outboard motor on the market. The 180E Electric Powertrain can provide a consistent 180 HP of pure electric power, with cutting-edge high voltage power when you need it most, and a completely scalable powerbank.
The proprietary technology is end-to-end: It includes the batteries, the engine and the software, making it the only turn-key solution for boat manufacturers in its class.
The E-Motion outboard motor can fully charge overnight with no additional infrastructure and boasts the highest horsepower engine in its class. And from a pricing perspective, it beats everyone else, which should help it to capture new market share. For Vision Marine, this first-mover advantage is key, and it’s already received advance orders from OEMs.
Last September, right out of the gate, VMAR received an initial purchase order from the North America’s Limestone Boat Company for $2 million worth (25 units) of E-Motion 180E outboard motors and Powertrain systems. Limestone is now moving into scheduled production, with delivery target to dealers set to begin in 2024.
VMAR also plans to completely transform the massive, global boat rental market already valued at well over $18 billion and on its way to topping $30 billion by 2031.
Here, too, Vision Marine (VMAR) is in a leadership position, with its flagship Newport business serving 300,000 clients in the first three years, and annualizing $4 million in revenues with a 35% profit margin. The plan for the rest of this year is to build this out with two more fully-owned electric boat rental locations and the launch of a franchise model. After that, it’s smooth sailing and all about scaling, scaling, scaling.
The Start of a $12-Billion Transition in the Water
From NFL superstar Tom Brady and the first-ever electric boat racing world cup to two history-making VMAR records, the waterways are undergoing a sea change. This is the biggest transition in boating history since the first gasoline-powered outboard motors came on the market in 1896.
The global electric boat market was valued at $5 billion in 2021, and is projected to reach $16.6 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031. More specifically, the 40-foot electric boat market alone is worth $1.9 billion as of 2023, and is poised to reach $4.93 billion by 2030 for a growth rate of 14.6% over the next 8 years. The marine battery market, too, is explosive, and represents a $2-billion opportunity for investors over the next five years.
All the hype isn’t just about climate change, either—though that is the driving impetus. Water-lovers appreciate the absence of extremely noisy gasoline-powered boat motors and enjoy the peaceful quiet of electric, as well as the fact that from a safety perspective, there is no risk of gasoline leakage or carbon monoxide poisoning. Also adding to the attraction is longer-term savings, not just in gasoline, but also in maintenance costs. Electric outboard motors are said to require far less maintenance, making them cheaper overall to operate.
The world is at the beginning of a ~$12-billion transition to electric boats, and Vision Marine (VMAR) seems to be the frontrunner in this new, fast-moving space, breaking all kinds of records and following a sales strategy that avoids the cash-burn typical of this space.
Boating Isn’t The Only EV Niche Poised Growth
Rivian Automotive Inc. (RIVN) is an American electric vehicle manufacturer that focuses on producing electric adventure vehicles. It’s renowned for its all-electric pickup truck, the R1T, and its SUV, the R1S, both of which have received critical acclaim for their off-road capabilities and high-tech features. Rivian also has a contract with Amazon to deliver 100,000 electric delivery vans by 2030, marking a significant move in the electrification of commercial vehicles. Rivian’s unique positioning in the market as a maker of electric adventure vehicles distinguishes it from most other EV manufacturers, who typically focus on sedans or SUVs for urban driving.
Boeing Company (BA) is one of the world’s largest aerospace manufacturers and a leading producer of commercial jetliners, defense, space, and security systems. The company has been actively researching and developing technology for more sustainable aviation, which includes the exploration of electric and hybrid propulsion systems.
As part of its efforts to reduce the aviation industry’s environmental impact, Boeing is working on projects related to electric planes. The company, through its subsidiary Aurora Flight Sciences, has been developing the Aurora eVTOL, an electric vertical take-off and landing aircraft, as a step towards electric air travel.
Honeywell International Inc. (HON) is a multinational conglomerate with diverse operations, including aerospace, building technologies, performance materials, and safety. While not a traditional player in the automotive industry, Honeywell has entered the EV market through its Honeywell Transportation Systems division, which provides parts such as turbochargers for many different vehicle manufacturers. The company has begun developing new technologies to support the electric vehicle market, such as advanced cooling solutions for electric vehicle chargers. In addition, Honeywell’s expertise in automation and efficiency can help automakers and suppliers optimize the manufacturing of electric vehicles and their components.
REV Group, Inc. (REVG) is a leading manufacturer of specialty vehicles, including buses, fire trucks, ambulances, and recreational vehicles. It operates through three segments: Fire & Emergency, Commercial, and Recreation. While traditionally known for their diesel and gas-powered vehicles, REV Group has also made strides in the electric vehicle market.
In response to the increasing demand for sustainable transportation solutions, REV Group has started to offer electric versions of some of its vehicles. For instance, the company has introduced zero-emission, all-electric buses, such as the ENC Axess Electric Bus, which are used in public transit across numerous cities in the US.
QuantumScape Corporation (QS) is a developer of next-generation solid-state lithium-metal batteries for use in electric vehicles. The company’s proprietary technology aims to significantly improve the energy density and charging speed of batteries while enhancing safety by eliminating the flammable liquid electrolyte found in conventional lithium-ion batteries.
QuantumScape’s focus on solid-state batteries places it at the forefront of a potential revolution in battery technology, key to the EV market. If successful, solid-state batteries could address some of the biggest challenges facing electric vehicles, such as range anxiety and long charging times, thereby accelerating the adoption of EVs.
By. Tom Kool
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