Electric Boat and Ship Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Electric Boat and Ship Market is Segmented by Propulsion Type (Hybrid and Pure Electric), Battery Type (Lead-acid, Lithium-ion, and Nickel-based Batteries), Carriage Type (Passenger and Cargo), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the market size and forecast for all the above segments in value (in USD million).

Market Snapshot

Electric Boat and Ship Market Size
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: North America
Largest Market: Europe
CAGR: 12.65 %
Electric Boat and Ship Market Major Players

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Market Overview

The electric boat and ship market was valued at USD 4,9964.04 million in 2021, and it is expected to reach USD 10150.4 million by 2027, registering a CAGR of 12.65% during the forecast period, 2022-2027.

The COVID-19 pandemic hampered the growth of the electric boat and ship market due to the shutdown of manufacturing facilities and trade restrictions imposed worldwide. However, with relaxations allowed by governments to improve economic conditions, the market is expected to revive during the forecast period. However, limited range anxiety and high purchase costs may act as restraints to the growth of the market.

Factors such as the increasing boat and ship fleet and governments' focus on encouraging the adoption of eco-friendly boats and ships to reduce emissions are anticipated to propel the demand in the market. The high installation cost of electric propulsion systems and limited battery capacity may act as restraints for the market.

Germany being a significant contributor to the market growth, Europe is expected to hold the largest share in the market due to the highest demand for new electric ships and boats in the region. In addition, the United Kingdom became the first country among the 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. The batteries used in electric boats 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, and 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 million).

Propulsion Type
Hybrid
Pure Electric
Battery Type
Lead-acid
Lithium-ion
Nickel-based Batteries
Carriage Type
Passenger
Cargo
Geography
North America
United States
Canada
Rest of North America
Europe
United Kingdom
Germany
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Growing Adoption of Electric Boats and Ships due to Environmental Concerns

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 the 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.

Electric Boat and Ship Market Share

Europe is Expected to Hold the Largest Market Share During the Forecast Period

Europe is expected to hold the largest market share, and it is anticipated to witness considerable growth over the forecast period. Germany is playing a significant role along with the United Kingdom in propelling the adoption of electric boats and ships in the region in the wake of growing environmental regulations and emission standards. 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 the regional market growth.

However, the COVID-19 pandemic, which recently spread across European countries, especially Italy, the United Kingdom, Spain, and Germany, is expected to have a short-term impact on the market growth. Next to Europe, North America is expected to witness the highest growth, followed by Asia-Pacific. In North America, the United States is considered a big place for boaters as the majority of the US population is fond of boating and leisure activities.

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.

Electric Boat and Ship Market Growth

Competitive Landscape

The electric boats and ships market is moderately consolidated due to the presence of several major and local players in the market. Several key market players are entering collaborations and engaging in mergers and acquisitions with other electric ship companies to strengthen their positions in the market. Furthermore, the market participants focus on improving the battery technology to attain a competitive edge over other players. For instance:

  • 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 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.
  • In February 2019, the 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 industries.

Some of the key players in the market are ABB Limited, Siemens AG, Kongsberg Gruppen, General Dynamics Electric Boat, Corvus Energy, and many more.

Recent Developments

  • In October 2021, Groupe Beneteau announced the acquisition of STARFISHER, which has become GB PORTUGAL, thereby strengthening its production capacity for 25 to 35-foot powerboats by establishing itself in Portugal.​
  • 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 May 2021, Limestone Boats and Vision Marine Technologies partnered to produce electric outboard motors equipped to the powerboats produced by Limestone Boats, with an aim to increase up to 510 powerboats in 2022.
  • In December 2020, Daewoo Shipbuilding & Marine Engineering announced that it received an order for a 91,000 square meter-sized Very Large Gas Carrier (VLGC) from a shipowner in the Americas. The ship is expected to be built at the OkpoShipyard and delivered to shipowners by the first quarter of 2023.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Propulsion Type

      1. 5.1.1 Hybrid

      2. 5.1.2 Pure Electric

    2. 5.2 Battery Type

      1. 5.2.1 Lead-acid

      2. 5.2.2 Lithium-ion

      3. 5.2.3 Nickel-based Batteries

    3. 5.3 Carriage Type

      1. 5.3.1 Passenger

      2. 5.3.2 Cargo

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 Italy

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 India

        3. 5.4.3.3 Japan

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 South America

        2. 5.4.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Vision Marine Technologies Inc.

      2. 6.2.2 Grove Boats SA

      3. 6.2.3 Ruban Bleu

      4. 6.2.4 ElectraCraft Boats

      5. 6.2.5 Greenline Yachts

      6. 6.2.6 Domani Yachts

      7. 6.2.7 Ganz Boats GmbH

      8. 6.2.8 Quadrofoil

      9. 6.2.9 Duffy Electric Boats

      10. 6.2.10 Groupe Beneteau

      11. 6.2.11 Hyundai Heavy Industries (Hyundai Electric Limited)

      12. 6.2.12 Daewoo Shipbuilding and Marine Engineering (DSME)

      13. 6.2.13 ABB Ltd

      14. 6.2.14 Corvus Energy

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Electric Boat and Ship Market market is studied from 2018 - 2027.

The Electric Boat and Ship Market is growing at a CAGR of 12.65% over the next 5 years.

The Electric Boat and Ship Market is valued at 4966 Million USD in 2018.

The Electric Boat and Ship Market is valued at 10150 Million USD in 2027.

North America is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

ABB Limited, Siemens AG, Kongsberg Gruppen, General Dynamics Electric Boat, Corvus Energy are the major companies operating in Electric Boat and Ship Market.

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