According to the latest report by IMARC Group “Electric Boat and Ship Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global electric boat and ship market reached a value of US$5.28 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$11.22 Billion by 2027, exhibiting at a CAGR of 12.1% during 2022-2027.
Electric boats and ships represent small-sized passenger ships that sail using electricity. They utilize marine-grade lead-acid, lithium-iron-phosphate, and nickel batteries in addition to rugged and reliable electric propulsion motors to enhance operational efficiency. Electric boats and ships are commonly available in hybrid, diesel-electric, and fully electric drive variants. Diesel-electric ships consist of diesel enerators that produce electricity, hybrid drive ships comprise of onboard batteries that operate with an internal combustion (IC) engine, and fully electric drive ships rely on electric batteries as the primary source of power. Compared to the traditional marine vessels, electric boats and ships are more cost-effective, operate silently, have minimal fuel requirements, and are environmentally friendly.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The escalating demand for efficient marine transportation systems is one of the key factors driving the electric boat and ship market. Furthermore, the growing environmental concerns and the elevating need to reduce reliance on fossil fuels are also propelling the market growth. Besides this, the rising integration of dashboard monitoring, remote monitoring, and warning systems with electric boats and ships is acting as another significant growth-inducing factor. Moreover, the introduction of advanced vessel variants that facilitate immediate shutdowns and troubleshooting in case of emergencies is further augmenting the global market. In addition to this, the rising levels of seaborne trade activities and the launch of favorable government policies aimed at promoting the adoption of sustainable energy systems in the marine sector are projected to stimulate the global electric boat and ship market in the coming years.
Breakup by Propulsion Type:
- Hybrid
- Pure Electric
Breakup by Battery Type:
- Lead-acid
- Lithium-ion
- Nickel-based Batteries
Breakup by Carriage Type:
- Passenger
- Cargo
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- ABB Ltd.
- Corvus Energy Ltd.
- Domani Yachts
- Duffy Electric Boat Company
- ElectraCraft Boats
- General Dynamics Corporation
- Hyundai Heavy Industries Co. Ltd.
- Kongsberg Gruppen ASA
- Siemens AG
- Vard Group AS (Fincantieri S.p.A.)
- Vision Marine Technologies Inc.
- Yamaha Motor Co. Ltd.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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