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Summer is approaching and the boating world is gearing up for another Lake of the Ozarks Shootout in Missouri. This year, Vision Marine Technologies (NASDAQ:VMAR) will return with its most ambitious goal to date: achieving a speed of 100 mph. This would establish a new world speed record for an electric boat.

Over the last few years, most notably post COVID, the global recreational boating market, and especially the outboard engine market, has witnessed a tremendous growth spurt. According to the National Marine Manufacturers Association (“NMMA”), outboard engine sales in the United States alone reached record levels during 2020, rising for the ninth consecutive year, and up to 329,500 units. That represented a whopping 17.6% year to year increase, and the highest annual sales total since 2000. North America represented more than 40% of the worldwide outboard engine market volume share in 2020.

It is no secret that sales of recreational boats have skyrocketed in the last few years, and that trend is sure to continue for the foreseeable future. Pontoon boats have become an unusually hot commodity. In a 2021 Q4 study done by Stratview Research, pontoons represented approximately 20% of the recreational boating market, with sales of pontoons having increased between 3% to 4% annually, while other boating segment sales are rising at a rate of just 2% to 3%.

Last week, The American Boating Congress (“ABC”) took place in Washington, D.C., from May 11-13, 2022. The ABC is the marine industry’s preeminent advocacy event, led by members of Congress and administration officials, National Marine Manufacturers Association (“NMMA”), American Sportfishing Association (“ASA”), and Center for Sportfishing Policy (“CSP”). Over the course of the three day legislative conference, recreational boating industry leaders took to Capitol Hill to discuss timely political and policy updates, formulate public policies, and present a unified front on issues that impact marine businesses.

On May 3-5, the Vision Marine Technologies, Inc. (NASDAQ-VMAR) team traveled to Las Vegas for the Planet MicroCap Showcase 2022, held at Bally’s Hotel & Casino.

The global electrification of automobiles, trucks, buses, marine vessels, and in fact all vehicles, is no longer seen as a futuristic idea. We are currently in the midst of one of the biggest global industrial and technological revolutions in history. Global mandates and regulation have solidified and further enabled carbon neutral goals.

The global electrification of automobiles, trucks, buses, marine vessels, and in fact all vehicles, is no longer seen as a futuristic idea. We are currently in the midst of one of the biggest global industrial and technological revolutions in history. Global mandates and regulation have solidified and further enabled carbon neutral goals.

APRIL 12, 2022 Charging Infrastructure set to speed up Electric BOAT MARKET growth Share on facebook Facebook Share on twitter

Environmentally friendly “zero emission” goals are not the only defining issues surrounding the push for electric transition. The cost of fueling a typical gasoline powered vehicle or fueling a large marine vessel’s tank has continued to skyrocket due primarily to the recent spike in fossil fuel prices, across the board.

The electrification of global waterways continues to be at the forefront of conversations within the recreational powerboat industry. Despite recent (and most likely for the foreseeable future) supply chain issues regarding critical battery metals such as lithium, nickel, copper, cobalt and graphite, virtually all OEMs have pivoted towards utilizing lithium-ion (Li-ion) batteries.