Electric Boat and Ship Market

Market Overview:

The global electric boat and ship market size reached USD 6.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 14.5 Billion by 2032, exhibiting a growth rate (CAGR) of 9.17% during 2024-2032. Advancements in battery technology and electric propulsion systems, along with numerous government initiatives promoting sustainable maritime practices and growing environmental awareness globally and demand for eco-friendly transportation are some of the major factors impelling the market growth.

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:

Rising Demand for Efficient Marine Transportation

The growing demand for efficient marine transportation systems is a major driver of the market, particularly as global trade expands. As industries rely more on international shipping, there is an increasing need for faster, more reliable, and cost-effective marine vessels to move goods and passengers. This demand is propelling manufacturers to innovate, focusing on ship designs and technologies that enhance operational efficiency while reducing fuel consumption. Improved fuel efficiency lowers operational costs and also aligns with global efforts to reduce environmental impact. These advancements make vessels more competitive in the global market, as companies seek transportation solutions that are both economical and environmentally responsible, further boosting electric boat and ship market growth.

Environmental Consciousness and Sustainable Designs

The rising environmental consciousness is significantly boosting market growth, as more consumers and industries prioritize sustainability in their choices. With increasing awareness about climate change and environmental preservation, electric boats and ships have become a preferred option due to their eco-friendly designs. These vessels are built using specialized hull and body specifications, incorporating lightweight and durable materials that reduce drag, increase propulsion efficiency, and lower fuel consumption. As a result, they generate fewer emissions compared to traditional marine vessels, helping to reduce the environmental impact of marine transportation. This shift toward greener alternatives is particularly appealing to environmentally conscious consumers and industries aiming to reduce their carbon footprints, creating a favorable market outlook.

Technological Advancements and Government Support

As per electric boat and ship market forecast, technological advancements, such as dashboard and remote monitoring systems, are significantly boosting market growth by enhancing the safety and efficiency of marine vessels. These systems provide real-time data on key performance indicators such as battery temperature, voltage, and state of charge (SoC), allowing for immediate troubleshooting and automatic shutdowns when threats are detected. This improves operational reliability and minimizes downtime. Additionally, the rise in seaborne trade and the flourishing tourism industry are contributing to increased demand for advanced marine transportation systems. Favorable government policies promoting the use of sustainable energy solutions in the marine sector are further increasing the electric boat and ship market share, as both regulatory pressures and consumer demand shift toward environmentally friendly technologies in shipping and transportation.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global electric boat and ship market report, along with forecasts at the global, regional and country levels from 2024-2032. 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 report has also provided a comprehensive analysis of the competitive landscape in the global electric boat and ship market. Detailed profiles of all major companies have also been provided. Some of the companies covered include:

• 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.
   

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Electric Boat and Ship Market News:

• 19 August 2024: Saudi Arabia has awarded a contract to Swedish company Candela to supply hydrofoil electric ships for its ‘megacity of the future.’ As per the agreement, Candela will provide its P-12 electric hydrofoil ships to support the NEOM water network project in Northwest Saudi Arabia.
• 15 December 2023: India launched its fastest solar-electric boat, Barracuda, at the Navalt Solar and Electric Boats yard in Alappuzha. In line with governmental efforts to support environmentally friendly maritime transportation, Barracuda has been designed by Navalt and is a workboat that can transport as many as twelve passengers and cargo, even in rough weather conditions.

Report Coverage: