Electric Boat and Ship Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Electric Boat and Ship Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

  • January 2022 •
  • 143 pages •
  • Report ID: 6223569 •
  • Format: PDF
The global electric boat and ship market reached a value of US$5.28 Billion in 2021. Looking forward, the analyst expects the market to reach US$11.22 Billion by 2027, exhibiting a CAGR of 12.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Electric boats and ships refer to small-sized ferries and passenger ships that sail using electricity. They utilize marine-grade lead-acid, nickel and lithium-iron-phosphate batteries and rugged and reliable electric propulsion motors for enhanced operational efficiency. The ships and boats are commonly available in diesel-electric, hybrid and fully electric drive variants. The diesel-electric ships consist of diesel generators to produce electricity, hybrid drive ships consist of onboard batteries that operate with an internal combustion engine and the fully electric drive ships consist only of batteries as the primary source of power. In comparison to the traditionally used marine vessels, electric boats and ships operate silently, are more cost-effective, have minimal fuel requirements and are highly environment friendly.

Electric Boat and Ship Market Trends:
The increasing demand for efficient marine transportation systems across the globe is one of the key factors driving the growth of the market. Moreover, the rising environmental consciousness among the masses is providing a thrust to the market growth. Electric boats and ships are produced with specialized hull and body specifications, along with light and durable materials, to generate minimal drag and optimal propulsion. Additionally, various technological advancements, such as the integration of dashboard monitoring, remote monitoring and warning systems, are acting as other growth-inducing factors. These systems provide an accurate overview of the overall performance of the vessel, including battery temperature, voltage and state of charge (SoC), and facilitate immediate shutdown and troubleshooting in case of a threat. Other factors, including significant growth in the tourism industry and increasing seaborne trade, along with the implementation of favorable government policies promoting the utilization of sustainable energy systems, are anticipated to drive the market toward growth.

Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global electric boat and ship market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on propulsion type, battery type and carriage type.

Breakup by Propulsion Type:
Hybrid
Pure Electric

Breakup by Battery Type:
Lead-acid
Lithium-ion
Nickel-based Batteries

Breakup by Carriage Type:
Passenger
Cargo

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:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Yamaha Motor Co. Ltd.

Key Questions Answered in This Report:
How has the global electric boat and ship market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global electric boat and ship market?
What are the key regional markets?
What is the breakup of the market based on the propulsion type?
What is the breakup of the market based on the battery type?
What is the breakup of the market based on the carriage type?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global electric boat and ship market and who are the key players?
What is the degree of competition in the industry?