Electric Boat and Ship Market Overview
The electric boat and ship market was valued at USD 4,581.3 million in 2020, and it is expected to reach USD 9010.5 million by 2026, registering a CAGR of 12.65% during the forecast period, 2021-2026. The growing government focus on encouraging consumers to adopt eco-friendly boats and ships to meet environmental rules and regulations anticipated to propel demand in the market. In addition, rising interest among electric vehicle (EV) manufacturers to capture the growing market by increasing the production of electric boats is expected to supplement the growth of the market during the forecast period.
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Electric Boat and Ship Market – Geographical Overview
Europe is expected to hold the largest electric boat and ship market share
Germany is a significant contributor to market growth in the region. The growing popularity of electric recreational and leisure vessels in marine tourism, water adventures, and fishing activities in the region is expected to propel regional market growth. In addition, the United Kingdom became the first country in major G7 countries to target net-zero greenhouse gas emissions by 2050, which includes the adoption of electric boats and ships.
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Key Highlights of the Electric Boat and Ship Market
- The market of electric boats and ships is moderately consolidated due to the presence of several major and local players in the market. Several key market players are entering into collaborations and engaging in mergers and acquisitions with other electric ship companies to strengthen their position in the market.
- New technologies, such as improved battery storage systems, rising seaborne trade, and marine tourism drive growth in the Asia-Pacific region. India, China, and Japan are anticipated to contribute significantly to the market growth in the region.
Recent Developments in the Electric Boat and Ship Market
- In June 2021, South Korea’s first commercialized hydrogen-electric boat was unveiled at the 2021 Busan International Boat Show, where the Hydrogenia vessel is powered by a Danfoss Editron electric drivetrain and sub-system.
- In June 2021, Discover Battery launched Lithium Blue Series batteries for marine boat and ship applications. These batteries also have a high current Battery Management System (BMS) that manages safety and lightning-fast charge performance. The BMS also has a connectivity feature enabling users to check various parameters via a smartphone app.
- In December 2020, India’s first greenfield and largest shipbuilding yard, Cochin Shipyard Ltd, selected Siemens Energy to provide advanced marine solutions for the country’s first fleet of 23 boats equipped with electric propulsion drive trains with energy storage integration (batteries) and vessel automation technologies.
Related Reports and Links
- Recreational Boating Market – Growth, Trends, COVID-19 Impact, and Forecast (2021 – 2026)
- Inflatable Boat Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
List of Key Players in the Electric Boat and Ship Market
- Vision Marine Technologies Inc.
- Grove Boats SA
- Ruban Bleu
- ElectraCraft Boats
- Greenline Yachts
- Domani Yachts
- Ganz Boats GmbH
- Quadrofoil
- Duffy Electric Boats
- Groupe Beneteau
- Hyundai Heavy Industries (Hyundai Electric Limited)
- Daewoo Shipbuilding and Marine Engineering (DSME)
- ABB Ltd.
- Corvus Energy
*List Not Exhaustive
Mordor Intelligence has segmented the global electric boat and ship market on the basis of propulsion type, battery type, carriage type, and geography:
- Propulsion Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Hybrid
- Pure Electric
- Battery Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Lead-acid
- Lithium-ion
- Nickel-based Batteries
- Carriage Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Passenger
- Cargo
- Geography (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- Rest of Europe
- Rest of the World
- South America
- Middle-East and Africa
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