|Study Period:||2018 - 2026|
|Fastest Growing Market:||North America|
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The Electric Boat and Ship Market were valued at USD 5 billion in 2020, and it is expected to reach USD 10 billion by 2026, registering a CAGR of above 11% during the forecast period, 2021-2026.
The COVID-19 pandemic has rapidly affected demand for mobility, thus, hampered the growth of the market. Due to decreased demand, most companies have stopped their production process and innovation of electric boats and ships due to the shutdown of manufacturing units during COVID-19. However, the market is expected to regain its momentum post-pandemic as production facilities resumed operations worldwide.
The demand for the electric boat was reduced after the invention of fuel-powered boats, but governments are focusing on innovation, leading to the increased usage of electric boats. These boats are expected to reduce the cost of fuel and the emission of harmful gases. Therefore, increased demand for such boats is estimated to enhance electric vehicle (EV) manufacturers to increase the production of electric boats, thus, supplementing the growth of the market.
Europe is expected to dominate the market due to the highest demand for new electric ships & boats, with Germany being a significant contributor to market growth in the region. 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.
Scope of the Report
An electric boat is a form of electric vehicle designed to carry off marine operations by propelling the boat through batteries rather than by fuel. Batteries used in the electric boat are similar to the batteries used in electric vehicles. Electric ships are mainly ferries and small passenger ships on inland waterways that sail completely with electricity. They sail only short distances and dock often.
The scope of the report covers segmentation based on propulsion type, battery type, carriage type, and geography. By propulsion type, the market is segmented into hybrid and pure electric. By battery type, the market is segmented into lead-acid, lithium-ion, and nickel-based batteries.
By carriage type, the market is segmented into passenger and cargo, while by geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World. For each segment, market sizing and forecast have been done on the basis of value (in USD billion).
|By Propulsion Type|
|By Battery Type|
|By Carriage Type|
Key Market Trends
Growing Adoption of Electric Boats and Ships due to Pollution
The driving factors of the electric boat and ship market include factors, like increased maritime tourism and increased seaborne trade, as most of the world’s goods are carried by ships. As the global economy is dependent on the shipping market, the electric boat market is expected to play a bigger role in this sector as environmental causes have increasingly come to the forefront in this sector. Electric and hybrid types of ships cause less emission and save the environment from getting polluted more.
Moreover, growing government support to promote the usage of electric boats and ships to reduce emissions is likely to help market growth during the forecast period. For instance,
- In 2020, the South Korean government announced a USD 870 million initiative to encourage the development of eco-friendly shipping to reduce pollution caused by the country’s marine sector.
- The 2030 Green Ship-K Promotion Strategy, a central part of South Korea’s plans to achieve carbon-neutrality by 2050, specifically targets the advancement and wider use of low-carbon ship technology, including hydrogen fuel cells and propulsion systems. The initiative has set a goal of reducing the country’s shipping greenhouse gas emissions by 40% in the next 25 years and 70% by 2050.
Additionally, international regulations, like The International Maritime Organization, deployed the global sulfur cap in January 2020. Under this regulation, ships, mainly commercial ships and marine vessels, may require low sulfur fuels to operate outside the emission control areas, which may propel electric ship adoption.
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Europe Expected to Hold Largest Market Share During Forecast Period
Europe is expected to hold the largest market share and is anticipated to witness considerable growth over the forecast period. Germany is a significant contributor to the development of the European market to witness growth at a faster pace, coupled with environmental regulations. Moreover, 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.
However, the COVID-19 pandemic, which recently spread across European countries, especially Italy, United Kingdom, Spain, and Germany, is expected to have a short-term impact on market growth. Next to Europe, North America dominates the market, where technology adoption continues to drive the market, followed by the Asia Pacific.
New technologies, such as improved battery storage systems, are expected to drive the market during the forecast period. Due to strong economic growth and high manufacturing rates, the Asia-Pacific region is expected to act as a manufacturing hub, globally.
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The market of electric boats and ships is moderately consolidated due to the presence of major and minor players in the market. Key market players are entering into collaborations and engaging in mergers and acquisitions of other electric ship companies to capture a greater market share. Furthermore, the market participants focus on improving the battery technology to attain a competitive edge over other players. For instance,
- In February 2019, Energy storage systems supplier, Corvus Energy Holding, acquired all shares in Grenland Energy, a maker of lightweight lithium-ion batteries for the maritime, offshore, and subsea industry.
- In September 2020, Holland Ship Electric selected Corvus Energy to deliver lithium-ion battery-based energy storage systems (ESS). The company is meant for five new all-electric ferries developed by Holland Shipyards Group for GVB, the municipal public transport operator for Amsterdam.
Some of the key players in the market are Groove Boats, Ruben Bleu, Electra Craft Boats, Greenline Yachts, and many more.
- 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 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.
- In November 2020, Hyundai Motors partnered up with Vinssen, a start-up based in Korea, to develop a new vessel powered by hydrogen fuel cells by December 2021. Vinssen is expected to supply 95kW hydrogen fuel cells. If the eco-friendly ship reaches the expected level in terms of performance, it may be produced on a large scale.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Propulsion Type
5.1.2 Pure Electric
5.2 By Battery Type
5.2.3 Nickel-based Batteries
5.3 By Carriage Type
5.4 By Geography
5.4.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.4.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia Pacific
5.4.4 Rest of the World
188.8.131.52 South America
184.108.40.206 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Canadian Electric Boat Company
6.2.2 Grove Boats SA
6.2.3 Ruban Bleu
6.2.4 ElectraCraft Boats
6.2.5 Greenline Yachts
6.2.6 Domani Yachts
6.2.7 Ganz Boats GmbH
6.2.9 Duffy Electric Boats
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Electric Boat And Ship Market market is studied from 2018 - 2026.
What is the growth rate of Electric Boat And Ship Market?
The Electric Boat And Ship Market is growing at a CAGR of >11% over the next 5 years.
What is Electric Boat And Ship Market size in 2018?
The Electric Boat And Ship Market is valued at 5 Billion USD in 2018.
What is Electric Boat And Ship Market size in 2026?
The Electric Boat And Ship Market is valued at 10 Billion USD in 2026.
Which region has highest growth rate in Electric Boat And Ship Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Electric Boat And Ship Market?
Europe holds highest share in 2020.
Who are the key players in Electric Boat And Ship Market?
Grove Boats SA, Ruban Bleu, ElectraCraft Boats, Greenline Yachts, Duffy Electric Boats are the major companies operating in Electric Boat And Ship Market.